And, you wonder why we’re suffering through the worst economic recovery ever?
In his Weekly Address Barack Obama pushed the idea that extending unemployment benefits is “one of the most effective ways to boost the economy.”
More junk economics:
How about more jobs instead?
From President Obama’s Weekly Address:
If Congress refuses to act, it won’t just hurt families already struggling – it will actually harm our economy. Unemployment insurance is one of the most effective ways there is to boost our economy. When people have money to spend on basic necessities, that means more customers for our businesses and, ultimately, more jobs. And the evidence shows that unemployment insurance doesn’t stop people from trying hard to find work.
Just this week, the nonpartisan Congressional Budget Office predicted that allowing benefits to expire will be a drag on our economic growth next year. A report by the Department of Labor and my Council of Economic Advisors estimated that it could cost businesses 240,000 jobs. And without the ability to feed their families or pay the bills, many people currently looking for work could stop looking for good.
Nancy Pelosi went a step further and said extending unemployment benefits will create 600,000 jobs.