Rep. Nancy Pelosi (D-CA)14% said in a news conference Thursday that unemployment insurance (UI) stimulates the economy and creates jobs. For several weeks, many Democrats and some Republicans from states with high unemployment, such as Sen. Jack Reed (D-RI)9% and Sen. Dean Heller (R-NV)55%, have been advocating for an unemployment benefits extension.
They’re at it again. The liberals in Congress, following the lead of Sen. Harry Reid (D-NV)13%, are pushing for a three-month extension of unemployment insurance. The bill they’re championing would allegedly provide flexibility for companies to reduce deductible corporate pension fund contributions. They are using a tactic called “pension smoothing,” which is merely an accounting trick that could lead to a taxpayer bailout.
Last week, Sen. Harry Reid (D-NV)13% and Senate Democrats adopted the motion to proceed on the Emergency Unemployment Compensation (EUC) Act. This so-called “emergency” has lasted for six years. A vote is scheduled this week in the Senate as liberals try to extend it for another year.
These lengthy benefits actually hurt the very people they are intended to help by incentivizing people to wait longer to look for work. According to multiple studies, the longer people wait the less likely they are to be hired. The policy is bad for the recipients, the economy, and taxpayers.
Extending the EUC program is an empty gesture to mask the Obama administration’s failure to turn things around.
“Republicans should join Democrats to pass one of these two measures to help those struggling to make ends meet,” said Sen. Harry Reid (D-NV)13%Friday, in reference to two upcoming cloture votes on a bill extending emergency unemployment benefits.
Ostensibly all members of Congress want to help Americans “make ends meet” and more than that, to prosper. Sadly, liberal policies have failed to facilitate job creation. Look no further for proof of this than last month’s abysmal jobs report showing more and more Americans are giving up the job search altogether. In December, a mere 74,000 jobs were added to the economy.