Bureau Of Labor Numbers High Now, Wait Til January – The 99er’s Revenge
By Mark Johnson on January 2, 2011, 4:36 pm
The longer people stay out of work, the more trouble they have finding new work. Now, data from the Labor Department shows that people out of work fewer than five weeks are more than three times more likely to find a job in the coming month than people who have been out of work for over a year, with a re-employment rate of 30.7 percent versus 8.7 percent, respectively.
Tier V Benefits Await Approval – In 2 Chambers
But recently, Shelley Berkley (D-Nev.) and Jim McDermott (D-Wash.) cosponsored legislation in the House creating a fifth tier of benefits, extending the maximum number of weeks of federal and state benefits to 119 in states with unemployment rates over 10 percent. Currently, sixteen states and the District of Columbia would qualify. Also Senator Debbie Stabenow (D-MI) sponsored S.3706 “The Americans Want to Work Act” bill on August 4th. This legislation would allow 99ers 20 weeks of supplemental income benefits. Another unreported measure in the bill is a $2000 tax credit which would be available for employers to hire the longest-term unemployed. Unfortunately due to the bill being brought to the Senate floor too early, Senator Reid cast a vote that sent the bill to committee.
99er’s Will Be Counted Now
And now, the Bureau of Labor Statistics has announced that they will be changing the way they count the unemployed. Before, they only counted unemployed people against the national unemployment rate for only 99 weeks, the paperwork only had 2 digits…historically. But, they are changing that this year. Starting on the first of January this year, they will be counting people that have been unemployed up to 5 years against the unemployment rate when the rate is calculated.
My Prediction For This Scenario
Certain officials have been alerted to the fact that the unemployment rate will take a jump when the January report comes out, and there are others that will attempt to reduce the importance of the figure, but I am predicting that the 99er’s will take the opportunity to emphasize to the newly elected congressmen and women the dire situation the country is in.
