http://www.nytimes.com/...
The vast group of the unemployed is too big to fail. So why aren't they treated like the big banks and corporations who are "too big to fail?"
They have no collective political voice and no lobbyists.
But a million unemployment benefit extensions, through an unexpected glitch, are set to run out December 31.
Ooooooops!
But many legislators, state aid officials and struggling workers apparently failed to read the fine print. The added federal benefits, built on a series of previous extensions, are slated to end on Dec. 31; it was assumed that Congress would vote to prolong those programs. While discussions have started, Congress is not yet considering a specific proposal. And unless it acts before the Christmas break, officials warn, the extensions will end, leaving large numbers of workers with no coverage. If Congress, now caught up with the health care overhaul, delays action until next year, millions would still face painful gaps in aid.
"There are six people looking for every available job, and these payments are enabling people to pay their mortgages and put food on the table," said Representative Jim McDermott, Democrat of Washington, who championed the Nov. 6 law and hopes to light a new fire under Congress.
"It’s a horribly complicated system, and most people didn’t pay attention," Mr. McDermott said of the need for quick Congressional renewal.
Nancy E. Dunphy, deputy commissioner for employment security with the New York State Department of Labor, said that officials in New York and most if not all other states "were taken by surprise by this."
While economic growth has resumed, economists say that job growth will be sluggish, with high unemployment, now at 10.2 percent, persisting through most of the coming year.
Wait a minute. The more realistic unemployment rate, U6, at 17.5% is closing in on double the PBUR The Pure Bullshit Unemployment Rate (aka "U3") of 10.2%.
http://www.bls.gov/...
Too big to fail? Yeah -- our group of multi, multi millions of unemployed IS too big to fail.
So why aren't they ever called "too big to fail?" So that phrase won't come to mind whenever the government feels like stopping the benefits.
UPDATE: I have to go offline for a while; back as soon as I can. Thanks for stopping by.