Millions of people are about to lose their unemployment insurance. Starting Feb. 28, people will not be able to file for federal unemployment benefits or COBRA (health insurance subsidy). By March, 1.2 million workers will be forced to survive one way or another. By June, that number will blossom to nearly 5 million Americans. What happens when you have 5 million people lose their unemployment insurance and their are no full-time jobs to provide relief?
I think we all know deep down inside. I think we're going to see an unprecedented amount of homelessness sweep across the nation that will shake the very foundation of our society. The decades of debt, excess, corruption and thief is going to lead to a great depression that will dramatically lower our standard of living for decades.
Let's hope I'm wrong, but continue to stock up on food and water just in case.
http://money.cnn.com/2010/02/26/news/economy/unemployment_insurance/
They are going to extend it retroactively soon. Everytime they have done it its gotten wide bipartisan support. This congress is hell bent on buying votes so you can expect them to extend it. You can take that to the bank.
ReplyDeleteI agree. But I still think that's are going to unravel.
ReplyDeleteJust take a look at the 2010 budget. Extension of unemployment benefits will increase the welfare payments so that the deficit will increase. Right now, defense and what is paid to the seniors consumes all of the tax receipts.
ReplyDeleteAll of the excess is paid for with a scheme between the Fed, the top banks and the treasury. It amounts to more debt for the federal government that is financed by money manufactured in the Fed's computers. As with any scheme it may go on for a long time before it comes crashing down. The longer it takes to crash, the more people who are going to get hurt by it.