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Monday, December 13, 2010

The Most Expensive Unemployment Insurance Bill Ever


As Obama moves forward with making "Bush-44" the law of the land on Monday, it is worth noting that this bill is perhaps the most expensive unemployment insurance bill in the history of the Republic, if not the world.

If the crux of having to sign this politically self-defeating and economically irresponsible bill is, in Obama-logic, so that there is not a "catastrophe" among the unemployed, then no matter how you add-up the cost of this bill, it is truly the most expensive "save" executed on behalf of the unemployed ever done... Probably over $85,000/person in ill-advised excess of what is needed, as astounding figure, if you think the program will serve 2 million, maybe $25,300, if you think it might serve 6.7 million, still a fantastic number.

With Obama and a half-dozen or so Senate Democrats soon to be "Bush-44" in tax law, the Democrats give away any pretense of all that they did under pay-go and making sure things were paid for.

But, it is even worse.


The President's compromise appears not to address the long-term unemployed, those with 99 or more weeks already, with no new program in which to qualify.

Where are all these people going to go?

Hoovervilles. You think I kid? Yet, some 'catastrophe' has been avoided, we've been told...

Maximum potential benefit remains unchanged, no matter what your state's unemployment level in 13 months. With no new maximum, 4 million people will "max out". That would roughly double the U.S. homeless population.

It should be noted that Jim Webb of Virginia is quoted in the NYT calling it "the ultimate stimulus plan". No comment.

For the record, Andrew Sullivan, of no party, clique, or cult, calls "what Obama got" "staggering".