Hypocritical Welfare Queen: JP Morgan Chase says the Gubmint needs to cut off unemployment benefits

[marmar]

Arthur Delaney
[email protected] | HuffPost



JPMorgan Chase Report Says Enhanced Unemployment Benefits Increase Unemployment
First Posted: 03-24-10 04:31 PM | Updated: 03-24-10 06:20 PM



A recent report by JPMorgan Chase claims that the enhanced unemployment benefits which were enacted to fight the recession have actually increased the unemployment rate by 1.5 percent.

Since the start of the recession, Congress has passed several measures that ultimately have increased the length of time a person can receive unemployment benefits to 99 weeks in some states, with 53 of those weeks fully paid for by the federal government. Congress passes these measures with broad bipartisan support because unemployment benefits are widely regarded by economists to be among the most effective forms of economic stimulus, since benefits recipients immediately plow the money back into the economy by using it to pay for things like rent and food.

JPMorgan's analyst looks at it a different way: "he availability of these benefits has almost certainly played a significant role in the record rise in the duration of unemployment," the report says. "Consequently, they have also had a role in the stunning rise in the unemployment rate over the last two years."

The two-page report also suggests that the "jobless recovery" we've so far witnessed -- expanding national output but stagnant job growth -- is also the fault of the extended benefits, since laid-off workers are spending the money they receive but not taking available jobs. "he program's support to consumption and restraint on forming employment matches may have a role in explaining the good growth/great productivity/bad labor market nexus that has characterized the recovery so far." ...........(more)

The complete piece is at: http://www.huffingtonpost.com/2010/03/24/jpmorgan-chase-report-say_n_512130.html

[tonysam]

1. That piece is a total bunch of horseshit. Congress needs to

add a Tier V or extend Tier IV before millions of us run out of ALL tiers by the end of July.

Extending eligibility is okay, but that isn't the same thing as adding a tier.

[roguevalley]

10. I wished I believed in hell so they could go there when they die. Truly.

[Matariki]

2. What? They're afraid it will cut into government handouts for banks?

[mbperrin]

3. mbperrin says Big banks never should have gotten a dime.

Or any other financial company. Lehman went under without a ripple. No one misses them, and I wouldn't miss any of the others, too.

BTW - since you've gotten my tax dollars, JPM - STFU!

[Hello_Kitty]

4. Unemployment benefits have SAVED millions of jobs.

They keep people at least able to spend a little money in the economy.

[abelenkpe]

7. So very true. nt

[Jeff In Milwaukee]

5. I'm sorry. I'll go get a mop.

My head just exploded...

[abelenkpe]

6. I think they need to

redo that report after having been unemployed for a while. I'm certain they'd come up with a different conclusion then.

[GreenTea]

8. Corporate subsidies (welfare) incentives-tax cuts-bailouts = Corporates stealing of our tax dollars

These same incompetent bailed-out corporations who out-source our jobs to Mexico, India & China and then they diabolically & greedily cut our salaries, wages & benefits as they tell us to take the jobs anyway, as they make even larger profits from their reduced labor cost. As well as....The corporations subsidies (welfare) & corporate incentives programs, tax cuts & bailouts!

[indepat]

9. Gubmint needs to cut off all welfare, including tax welfare, to JPM and all their WS ilk

:-)

[WVRICK13]

11. You Mean The Expensive Unemployment Benefits?

Like the ones that pay for JR Morgan Chase to give their executives who crashed the economy bonuses so they can buy McMansions, yachts and private jets. I agree, we need to stop rewarding the failures of the wealthy by taxing the poor.

[Blue_Tires]

12. ttt

[Dappleganger]

13. Did JP Morgan pay back all their borrowed TARP funds yet?

WITH interest? DId they pay interest back to the taxpayers for the gains they had using OUR MONEY??

FUCK YOU, ASSHOLES!!