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Are you scared?

I'm not talking about Fort Hood but yesterday's report of congress extending unemployment benefits.
What does this say about our economy?
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Bill extends unemployment benefits by up to 20 weeks. Legislation also extends homebuyer tax credit into next year.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: November 6, 2009: 12:13 PM ET

NEW YORK (CNNMoney.com) -- President Obama said he signed into law Friday a bill to provide up to 20 additional weeks of jobless benefits to unemployed Americans and extend the $8,000 tax credit for new homebuyers into the middle of next year.

The signing came after the Labor Department reported that the unemployment rate spiked to a 26-year high of 10.2% in October, with 190,000 jobs lost in the month.


cont

 
Anonymous

Asked by Anonymous at 1:45 PM on Nov. 6, 2009 in Politics & Current Events

This question is closed.
Answers (22)
  • Exactly this...... Obama is lowering the standards of living for all of America. I'd bet most of these people will not find a job this year or next and will end up on welfare or some other form of PA. At least 1/3 will never find a job and end up on PA permanantly.
    Why do I say this? Because it's been reported that our productivity is up and continues to rise. Companies are doing what they need to do with fewer people. What happens to all these people who get layed off and don't get hired back? They become part of the poor Obama wants to transfer money from we (supposedly) rich people who are actually barely hanging on.
    Not only am I worried, I'm pissed.
    itsmesteph11

    Answer by itsmesteph11 at 3:45 PM on Nov. 6, 2009

  • After calling the jobless rate "sobering," Obama said the bill he signed will "will help grow our economy, help create and save jobs, and help provide necessary relief to small businesses," in a statement following the signing.

    The House approved the measures by a 403-12 vote Thursday afternoon, a day after the Senate passed the legislation.

    The closely watched legislation will extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% will receive an additional six weeks. The proposal will be funded by extending a longstanding federal unemployment tax on employers through June 30, 2011.


    cont
    Anonymous

    Answer by Anonymous at 1:46 PM on Nov. 6, 2009

  • you should be.
    Anonymous

    Answer by Anonymous at 1:46 PM on Nov. 6, 2009

  • The measure will apply to those whose benefits run out by Dec. 31, which is nearly two million people, according to Senate estimates. Those whose checks have already stopped will be able to reapply for another round.

    The House, which passed its own benefits extension in September, giving an additional 13 weeks in high-unemployment states, approved the Senate's version.

    "The bill will mark another step toward a boost in our economic growth and it will make critical investments for our families and our workers," said Speaker Nancy Pelosi, D-Calif. "The legislation offers a lifeline to out-of-work Americans, to the men and women hardest hit by the recession."


    cont
    Anonymous

    Answer by Anonymous at 1:47 PM on Nov. 6, 2009

  • "The bill also a places a down payment on the future of our middle-class because it extends, for the first-time homebuyer, a tax credit helping more Americans purchase homes and making it a little easier for families to move into a new house and keep a roof over their heads," she added.
    7,000 a day losing benefits

    The Senate had been bickering over the details since September, and that cost more than 200,000 people their benefits. Some 7,000 unemployed Americans run out of benefits each day, according to the National Employment Law Project.

    cont
    Anonymous

    Answer by Anonymous at 1:48 PM on Nov. 6, 2009

  • How about today's attack on Orlando?? Don't you think that is a little more urgent than this???


    ------------------------------------------

    People are unemployed. They would like some help. Get used to it.
    Anonymous

    Answer by Anonymous at 1:49 PM on Nov. 6, 2009

  • Millions of Americans are now depending on unemployment benefits, as the unemployment rate continues to soar.

    More than one in three people who are unemployed have been out of work for at least six months, according to the law project.

    Lawmakers twice lengthened the time people can receive checks to as much as 79 weeks, depending on the state.
    Tax break for buying a home

    The legislation also will extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

    cont
    Anonymous

    Answer by Anonymous at 1:49 PM on Nov. 6, 2009

  • I am not scared. I am happy that our government is actually doing something to help the people suffering from this economic downfall. I have read many reports about things turning around, so hopefully the country will be well again soon.
    NightPhoenix

    Answer by NightPhoenix at 1:49 PM on Nov. 6, 2009

  • Orlando office building locked down after shooting (AP) – 50 minutes ago ORLANDO, Fla. — People are streaming out of an office building in downtown Orlando, Fla., where officials say a shooter is on the loose. Orange County Sheriff's Spokesman Jim Solomons says his department is backing up Orlando police and they're still looking for an armed man wearing a light blue polo shirt and jeans. The Legions Place office building in downtown Orlando was ordered on lockdown Friday afternoon as officers began a floor-by-floor evacuation. Orlando Police Sgt. Barbara Jones confirms there has been a shooting but can't say how many people are hurt.

    Anonymous

    Answer by Anonymous at 1:50 PM on Nov. 6, 2009

  • The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure will apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

    The credit will be available only for the purchase of principal residences priced at $800,000 or less.

    The bill will raise the adjusted gross income cap to$125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

    cont
    Anonymous

    Answer by Anonymous at 1:51 PM on Nov. 6, 2009

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