Today the Senate has passed a $149 billion packaged aimed at aiding the jobless by providing unemployment benefits and tax cuts. The unemployed will still receive their benefits and healthcare subsidies until the end of 2010 while businesses will still be exempt from $25 billion worth of taxes. Although unemployment aid does not create new jobs, economists say "it is one of the most cost-effective ways to stimulate the economy because recipients spend the money quickly". Unfortunately, extending these benefits come at a high cost, about $70 billion, but Democrats are making job creation their number one priority.
Although this will cost us a lot now, I know that in the future it will be really beneficial. Unfortunately people want to see progress immediately, but with unemployment so high in the nation, it may take years to bring down the numbers.
TGIFriday Morning Open Thread: Almost At the Weekend
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Yeah! Jobless aid. I'm glad the government is picking it up a notch and helping reboot the economy. However, I feel like many corporations also need to pick it up a notch and help out too. I know a company that got a bonus and a raise in salary. People were really happy and their morales went skyrocketing. However, in the afternoon, another company a block away dismissed 250 people from their job. I feel like this is not right. With this economy, we shouldn't be really giving out BIG bonuses because those bonuses can be better used to employ some 200 people or so. What I'm trying to say is that everyone has to play their part. The government is trying and so do companies and other businesses.
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