Economics
North Carolina Test Tube for Jobless Drag on U.S. Economy
This article is for subscribers only.
When Congress reconvenes on Jan. 6, one of the first issues it will take up is whether to renew an emergency federal unemployment program that expired on Dec. 28, cutting off 1.3 million jobless workers.
Enacted in 2008 at the start of the recession, it provided up to 47 weeks of benefits for those still looking for work when their state unemployment benefits ran out. Senate Majority Leader Harry Reid, a Nevada Democrat, says he’ll try to pass a temporary extension, yet most Republicans have balked at the $25 billion-a-year cost. If the program isn’t revived, the impact could be significant -- on the broader economy, not just for the 1.3 million people losing a vital lifeline, Bloomberg Businessweek reports in its Jan. 6 issue.