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Jobless Benefits Only Until Nov Elections

From CNN’s Money.Com:

Unemployment benefits, ‘doc fix’ scaled back in Senate bill

By Tami Luhby, senior writer

June 16, 2010

NEW YORK (CNNMoney.com) — Seeking to appease deficit hawks, Senate Democrats scaled back unemployment benefits and Medicare physician reimbursement measures on Wednesday.

The revised jobs bill eliminates a $25 weekly supplement for the jobless that had been part of the last year’s stimulus act. Those currently receiving the supplement in their unemployment benefits check will continue to do so until they exhaust their extended benefits, or until the week of Dec. 7, whichever comes first.

So finally stopping a “temporary” $25 ‘stimulus’ supplement is considered scaling back.

That cut will reduce the bill’s cost by $5.8 billion over the next decade.

Huh? So all of the other federal extensions of unemployment benefits are going to last through the next decade? Or are the just pretending that they will, so that

The new version of the bill would also freeze a 21% cut to Medicare physician reimbursement rates only through November, instead of through 2011. This will reduce the bill’s size by $16.4 billion over 10 years.

As is delaying yet again a mandated Medicare reimbursement reduction only through the midterm elections, instead of until the end of the year is hailed as a major cut back.

And again, the Senate is pretending they were going to put off this mandated cut for ten years? These savings numbers are pure window dressing.

The legislation, which has been stuck in the Senate for more than a week, originally came in at about $140 billion and would have added about $78.7 billion to the deficit. The overall impact of the revised bill on the deficit has not yet been determined

The grab-bag legislation pushes back the deadline to file for federal unemployment benefits until the end of November, renews expired tax provisions, lengthens a small business lending program and adds to infrastructure investments…

Only extending unemployment benefits until election day was probably seen as a little too obvious, even for the Democrats.

The revised bill further hiked a tax on oil that finances the Oil Spill Liability Trust Fund to 49 cents, up from the 34 cents in the House version. The current tax is 8 cents. This measures is now projected to raise $18.3 billion over 10 years

Boosting a tax on oil from $.08 to $.49 is sure to help the economy and create more jobs.

Also, would it be wrong to ask what this ‘Oil Spill Liability Trust Fund’ is doing to help the BP spill? We hadn’t even heard of it until this report.

Senate lawmakers also voted Wednesday to include a measure in the bill that would push back the deadline to close on home purchases and still qualify for a federal tax credit of up to $8,000. Homebuyers would have until September 30, instead of June 30, to complete the transaction. The provision will cost $140 million over 10 years.

And PAYGO can PAYGO to hell.

This article was posted by Steve on Thursday, June 17th, 2010. Comments are currently closed.

2 Responses to “Jobless Benefits Only Until Nov Elections”

  1. JohnMG says:

    Pretty clever of them, don’t ya think? Come November when this whole gaggle of thieves are (hopefully) run out of town, the people who will get the blame for the $25 reduction on the unemployment checks will be the new bunch of fiscal conservatives who will immediately be fingered as a bunch of heartless ogres.

    And then we start the same cycle over again. Yep. Pretty clever.

    • heykev says:

      Yes, it is.

      But since job creation is virtually non-existent under BHO, I believe that Conservatives should see this once-in-a-lifetime economic depression for what it is…a depression.

      They can extend those benefits to Americans who are looking for job that do not exist presently and begin by lowering taxes and start the dismantling of the Federal government’s wasteful spending. We could eliminate the IRS, Department of Education, etc. thereby saving BILLIONS more than given to those looking for job and win the PR battle.

      But who am I kidding, they would never do that.

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