After five years of saying you fixed it, followed by ObamaCare–which will just make employment matters worse, this might send a message that you can’t fix it and should be replaced.
Typically, the Unemployment Insurance program lasts for 26 weeks of unemployment with an additional 13 weeks during recessions. Most of the cost is purveyed by employer payroll taxes. Since 2008, however, Congress has funded Unemployment Insurance (UI) benefits for up to 99 weeks of unemployment.
As part of the fiscal cliff deal, they extended benefits for up to 73 weeks. In total, extended unemployment benefits have been renewed 11 times since 2008. Over the past 5 years, the federal government has collected roughly $240 billion in federal unemployment payroll taxes, while paying out about $600 billion in benefits.
Is this a good time to mention that poverty is at a 50 year high? Already spent an extra 7 trillion and you just made things worse. Other people’s money can’t fix what you did to America.
H/T Daniel Horowitz – Red State
