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$252B In Jobless Benefits During 5 Yr ‘Recession’

From the Washington Times:

Feds paid $252 billion in unemployment benefits during recession

By Stephen Dinan | October 30, 2013

The federal government has paid out 881 million weekly unemployment benefit checks during the current economic slowdown, totaling $252 billion since 2008, according to a new memo released Wednesday by the House Ways and Means Committee.

During and after recessions, federal taxpayers step in to pick up the tab for long-term unemployment benefits when state benefits expire. It’s considered to be a temporary program, but in this case it’s run for five years and has paid out far more than in the previous three recessions.

We would like to see their beginning and end dates for the recession period. The ‘Great Recession’ only lasted from December 2007 until June 2009, even by the left’s new definition of a recession.

By the former standard of ‘two successive negative GDPs,’ the recession began in the last quarter of 2008. But by any measure it didn’t last five years. So they are probably just talking about the jobless benefits that have been paid out under Obama. Which was just part of his income redistribution scheme.

Committee Republicans said 24 million people have received long-term unemployment benefits, compared with 8 million during and after the 1982 and 2002 recessions and 9 million after the 1991 recession.

So the number is three times higher than the number under Reagan’s (which was worse) and W’s recessions. And more than twice the number for GHWB’s recession. It’s too bad they couldn’t come up with a dollar figure comparison as well.

Still, how come we roared back from those three recessions and not this one? Nancy Pelosi said unemployment benefits are the best stimulus in the world for the economy. So we should have grown the GDP like crazy after $252 billion in jobless benefits.

And the average recipient is out of a job for far longer, collecting 38 weeks of benefits, compared with a high of 17 weeks after the 1991 recession.

"Is"? The recession ended more than four years ago.

This article was posted by Steve on Thursday, October 31st, 2013. Comments are currently closed.

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