President Obama today signed the Emergency Unemployment Compensation Extension Act, HR 3548, which extends unemployment benefits to workers for an additional 14 weeks. Those in states where the jobless rate is 8.5 percent or above will receive the maximum 20-week extension.
People in all 50 states have lost their jobs through no fault of their own as a result of this economic downturn. The measure provides immediate relief to struggling individuals and families who have lost, or are on the verge of losing, their unemployment benefits.
The extension is fully paid for and will provide immediate, effective relief to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus, and every dollar spent on unemployment benefits generates $1.63 in new demand, according to Moody’s chief economist Mark Zandi.
President Barack Obama signed the bill into law today, the same day the Labor Department released the latest unemployment numbers.
"The need for such a measure was made clear by the jobs report that we received this morning," Obama said, citing Friday's government report the jobless rate hit 10.2 percent last month, the highest since 1983.
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Comments: 26
Every time I visit my old employer, there are fewer people working there.