by Teh Nutroots | According to The New York Times, the only thing standing between many Americans and complete ruin is just about to come to an end.
Because of emergency extensions already enacted by Congress, laid-off workers in nearly half the states can collect benefits for up to 79 weeks, the longest period since the unemployment insurance program was created in the 1930s. But unemployment in this recession has proved to be especially tenacious, and a wave of job-seekers is using up even this prolonged aid.Tens of thousands of workers have already used up their benefits, and the numbers are expected to soar in the months to come, reaching half a million by the end of September and 1.5 million by the end of the year, according to new projections by the National Employment Law Project, a private research group.
There's pressure on Congress to allow a further 13-week extension. (NYT) Thirteen weeks?
At Crooks and Liars, Susie Madrak says dryly, "Yep. I've had exactly one job interview in an entire year."
Despite the turnaround in the Dow, the reality is that the economy will be stuck in the doldrums for a very, very long time.
Calculated Risk -- where you can see a chart -- says:
There are now an all-time high of 4.4 million Americans who have been out of work for more than six months, up dramatically from 2.6 million in February. That translates into 29% of jobless workers who have been out of work for six months, a record since data were first reported in 1948....
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