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Economy faces a jolt as benefit checks run out

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Economy faces a jolt as benefit checks run out

Post by Guest on Mon Jul 11, 2011 12:47 am

An extraordinary amount of personal income is coming directly from the government.

Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics. In states hit hard by the downturn, like Arizona, Florida, Michigan and Ohio, residents derived even more of their income from the government.

By the end of this year, however, many of those dollars are going to disappear, with the expiration of extended benefits intended to help people cope with the lingering effects of the recession. Moody’s Analytics estimates $37 billion will be drained from the nation’s pocketbooks this year.

While some of that growth was in Social Security and disability benefits as the population aged, the majority resulted from payments to people continuing to suffer from the recession, said Mr. Zandi. Unemployment benefits, including emergency and extended benefits, are more than three times their prerecession level, he said. The nearly 20 percent of personal income now provided by the government is close to a record high.

http://www.msnbc.msn.com/id/43707491/ns/business-us_business/

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Re: Economy faces a jolt as benefit checks run out

Post by Guest on Mon Jul 11, 2011 9:16 am

When you consider the income of the 99ers and their lack of spending, how is it these genius legislators do not see that 1-1/2 years of 99erhood have additionally hurt the already limping economy to say nothing of the debt being incurred by us and our inability to pay bills. Why they don't get that hurting us with no benefits doesn't just hit our families hard, landlords and mortgages don't get paid, utilities don't get paid, insurance (if you still have it) doesn't get paid, any purchasing is done on a strict budget which generally includes only the bare necessitites, to say nothing of those who can't even afford those. Wake up DC, you are not just hurting individuals, you are hurting the economy and the businesses you fight so hard to protect.

Business before the bell, Euro Zone - first Greece, now Italy. What kind of pressure do you think this Congress is under to get this Debt Ceiling done and they seem to be laughing in the face of it. Here is the problem with people like Cantor, Ryan, Bachmann et al. They may know their base and the small amount of constituents that elected them, they don't know how to play ball or know the consequences of playing ball in the part of the US Congress which is part of the World Economy. They know their backyard. While they may feel their intentions are good and most of us feel that it would be nice to just take care of our own, we are a major player in a world market which makes it our responsibility to get this done. With legislation allowing companies to trade and do business around the world and borrow and lend across the world we are responsible not just for us but the world economy as well. We may not like it, we may want it to change, but letting it collapse? To do so could set us back for years, and as one person in a group of many who have been riding this wave of joblessness and no benefits for over a year, we can't wait several more for help and if the world economy collapses we will see nothing, along with many others. This is why the Tea Party, even with their contributors will never become the party of this country, they will have their believers and backers, but when it comes to the "Big Game" they will be benched. At some point this week, they will be called to a meeting and the real situation of default will be explained to them and the consequences will be explained as well. If they walk again, don't vote to extend, they will be the Party that collapsed a world economy, they will be gone. The very people who contributed including big business will not support them, the Republican Party will completely seperate from them. The Republicans brought this on themselves, they needed the money and this faction raises money and raises a good bit of it, not from big business but from small contributions from individuals and they saw an opportunity there. Now it's backfiring. The phoniness within this party is ridiculous. They have showed their hand and walked from every talk. They don't want a deal, they want their big business tax cuts, period end of story. This morning they want to make a deal that cuts nothing from the deficit that will really not help to reduce the deficit and protects the tax loopholes. All this theater and we are back to the deal they walked out on two weeks ago.

This is 2008 all over again, making huge monetary decisions that have far reaching consequences on not just this country, but the world. They are trying to race to the finish like they did in 2008 and they did not learn from the mistakes made in 2008. They are on the record saying they don't want to kick the can and they don't want the future children of American paying our bills and they are doing exactly that.

Get the millions of unemployed back to work and our revenues will increase, less spending on unemployment, food stamps, medicaid etc.

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Re: Economy faces a jolt as benefit checks run out

Post by Guest on Mon Jul 11, 2011 10:01 am

MaryKay wrote:
This is 2008 all over again, making huge monetary decisions that have far reaching consequences on not just this country, but the world. They are trying to race to the finish like they did in 2008 and they did not learn from the mistakes made in 2008. They are on the record saying they don't want to kick the can and they don't want the future children of American paying our bills and they are doing exactly that.

Get the millions of unemployed back to work and our revenues will increase, less spending on unemployment, food stamps, medicaid etc.

What is going to happen in the next few months is going to make 2008 look like an "economic boom". It is going to be a disaster. I just don't understand why they can't figure that out. They can make all the cuts they want right now and propose all the out of touch job programs they want, if nothing happens to help ALL the unemployed by the end of the year, there is nothing preventing a Depression worse than the 1930's.

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Re: Economy faces a jolt as benefit checks run out

Post by lendmeflight2 on Mon Jul 11, 2011 1:29 pm

DesperateInRI wrote:
MaryKay wrote:
This is 2008 all over again, making huge monetary decisions that have far reaching consequences on not just this country, but the world. They are trying to race to the finish like they did in 2008 and they did not learn from the mistakes made in 2008. They are on the record saying they don't want to kick the can and they don't want the future children of American paying our bills and they are doing exactly that.

Get the millions of unemployed back to work and our revenues will increase, less spending on unemployment, food stamps, medicaid etc.

What is going to happen in the next few months is going to make 2008 look like an "economic boom". It is going to be a disaster. I just don't understand why they can't figure that out. They can make all the cuts they want right now and propose all the out of touch job programs they want, if nothing happens to help ALL the unemployed by the end of the year, there is nothing preventing a Depression worse than the 1930's.

In response to both posts, the republicans basic tactic is to do something that Americans don't like and then say the other side did it. Everyone seems to believe that so they keep doing it. I cannot imagine what 2012 will be like if all the unemployment benefits running out. The only thing that might save the hit on the economy is that the benefits will run out gradually and not all at once.


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Re: Economy faces a jolt as benefit checks run out

Post by Guest on Mon Jul 11, 2011 1:41 pm

They will run out gradually until mid-June 2012. After that, no matter what your balance is, benefits stop. That will be a crisis point if they don't do something now about JOBS.

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Re: Economy faces a jolt as benefit checks run out

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