Congress Pass Extended Unemployment Benefits
| Good News for all of us, the employee. The congress has recently passed the Unemployment Compensation Extension Act. |
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The new Bill gives thirteen extra weeks of unemployment benefits. It is estimated that this new bill will help over three hundred thousand workers in high unemployment states across the country. Lawmakers say that they want to help people to provide for families during the economy hardship.
The economists say that extending unemployment benefits is perhaps of the most effective to pump the money into the system. The benefits for unemployment will be used quickly without a doubt. The statistics show that for every dollar that is used for unemployment will create $1.63 in new economic demand. Today, people who live in a high unemployment rate have a hard time finding a new job. This bill is designed to change that.
Another advantage to this bill is that it will not add the deficit to the government. The expense will be paid for by federal unemployment tax. In addition, this bill can improve accountability for employment. Employer will be required to report all newly hired employees to reduce unemployment insurance overhead cost.
The extended unemployment benefit is reported to last until the end of 2010.
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