By MyBankTracker  Fri Jul 2, 2010

Unemployment Extension Uncertainty Makes Holiday Less Festive

The effort to extend unemployment benefits was blocked in a U.S. senate vote 58-38, it was announced earlier this week. This means many jobless Americans will see their benefits expire before Congress will be able to revisit the extension proposal.

The recess is expected to take place after July 4. This is bad news for the expected 1.7 million Americans on unemployment at the end of the week. July 11 is the expected date that the bill is subject to change. Some members of Congress are hesitant to extend benefits because they feel there are more pressing issues to deal with first, such as the long-term budget deficit and the in-the-works financial regulation bill.

Low-Cost Accounts Benefit Unemployed Americans

If you or someone you know have been affected by the unemployment benefits cut, it’s still a great idea to keep a bank account. Approximately 9 million American households do not have a bank account at all, according to the Federal Deposit Insurance Corporation (FDIC). If you ditch your bank account because of financial trouble and become one of these unbanked Americans, it could be tougher to keep your finances in line.

The best way to manage your money in a poor economic time is to try to find checking and savings accounts with no start-up fees, minimal maintenance fees or good rewards. A good place to start your search for interest checking or savings accounts with rewards or high interest is the Internet.

As banks suffer as a result of a poor economy and government-induced financial regulations, some are trying to make money by cutting free checking options. Many banks require you to keep a certain amount of money in your account to avoid maintenance fees, and some, like Wells Fargo, are eliminating free accounts altogether. It is still possible, however, to find a free checking account with a somewhat decent APY at some community or Internet banks. To receive such benefits you will sometimes need to sign up for Online banking or complete a certain number of transactions per month, but if you use your checking account as your principal source of funds you shouldn’t have trouble performing the required number of purchases — just keep your spending small.

Unemployment Extension Delayed

To extend benefits through November to those Americans effected it would cost approximately $34 billion. The House of Representatives voted to extend the benefits, but the Senate has not yet made its decision. The Senate’s delay will push back the vote for at least one week. The next time the chamber will revisit this legislation is said to be July 12, a long time to wait for some.

The Senate is hesitant to pass an extension because of the lofty bill it would add to the nation’s growing deficit. Senators believe dealing with debt should take precedence over the unemployment crisis. Another issue that complicates the legislation is what type of benefits should be passed. Many believe that unemployment benefits could help boost the economy. But debate remains over the duration and size of benefit packages that should be issued.

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Add Your 2 Cents

  • KJ

    I hope you all realize that this bill, even if it passes, only extends benefits for those who have been unemployed 27-98 weeks. Those who have been unemployed 99 weeks or more will see no help at all, yet again. We need help too!!! Please!! We need a NEW BILL or an amendment that takes us into account and gives us a Tier 5 or extended Tier 4. What ought to happen is unemployment extensions indefinitely until the unemployment rate is under 6%.

    Also, unemployment was cut off with no warning at the beginning of June. Anyone getting EB (unemployed between 27 and 98 weeks) has now had no income at all for four weeks. With NO WARNING – even now, our states' unemployment websites have end dates in the future and money still in the account – but we are not allowed to claim it or have it. Our lives are starting to completely unravel, and no one seems to care. Delay after delay, week after week, and the Senate LEFT ON VACATION and left us dangling.

    Many are now losing even the downsized life we had managed to hang onto with unemployment!! We are losing our homes, our cars…no money for utilities, medical care, groceries, etc. Landlords and banks don't care. Grocery stores don't care. Insurance and utility companies don't care. Some of us are already living with family members and our unemployment checks, small as they were, allowed us to contribute toward food or at least feel like we'd earned our keep somewhat. Now what? Are we just supposed to live with them and give them nothing? What kind of impact is this having on THEIR spending in the economy? And what of those of us who have no family? or who will now be asked to leave if we can't contribute? Some of us are already living in our cars. Do we have to have tent cities everywhere before people believe there is no work to be had?

    We are NOT LAZY, and this is no vacation. This includes middle class workers with degrees who cannot find work. We have children and families, and we're supposed to be celebrating a patriotic holiday, when we can hardly sleep for worry and are making ourselves sick with fear over what we're going to do. Many of us are “overqualified” or too old. There are people in their 50s and 60s who are now trying to start over, and it is impossible – no one will hire them. There are families where BOTH parents have lost their jobs.

    Are you aware that many businesses will not hire anyone who is currently unemployed? Read up on it. It's disgusting.

    Are you aware that these banks were rescued with the stimulus money with the intention of making it possible for them to loan money again and get the economy moving by helping small businesses etc? Well it isn't happening because the banks are sitting on the stimulus money and STILL WON'T LOAN IT. Check it out if you don't believe me.

    Are you aware that our government has sent billions of dollars in humanitarian aid to Haiti, Greece etc — and we are suffering at home? Deregulation and outsourcing have destroyed this country's economy and taken away good jobs. That is our government's fault, and they need to step up and help now that we are in an emergency situation because of them.

    Are you aware that without unemployment, with no prospect of work, the American economy is going to tank even further? People on unemployment – millions of us all of a sudden – are being pulled completely out of the economy, along with our money. That is going to hurt even more businesses, causing more layoffs, etc… it will NEVER STOP – unemployment benefits have been holding this economy together and now it's going to implode while we all are forced to apply for public aid. And with most of our states broke, who's going to pay for that?

    • Loveymgle

      I too am perplexed with all that goes on in Washington. I live in Green Valley Arizona and am on or was on Tier 4 before it was cut off. What bothers me is about every other night, or at least twice a week, a long train load of Ford vehicles pass through going from Mexico to the North. Our jobs have been taken away and we get no help.

  • Carmariax

    I completely agree, KJ. The money paid to the unemployed is going directly back in tot he econmy. I do not know any unemployed people that are saving it! What the unemployed supposed to do while the Senators are enjoying their PAID vacation? Join the growing numbers of homeless families in the tent cities springing up over the country, apparently. My hope is that the unemployed Americans all make it to the voting box in November and vote out the out-of-touch, elitists that have no idea what the situation is rith now in the US. If not for the small safety net in this nation, it would look like the Depression and not just a recession. Don;t let anyone fool you – there is no recovery going on right now.

  • Lsowcik

    I worked for 35 years paying to unemployment i am on tier 2 the jobs are not here i live in ne pa the un
    is 12% .we have never stop unemployment over 7% . i lost my faith in goverment . Just keep sending
    money out of the USA . Just see with out cobra does to the country . I CANNOT WAIT NOV..

  • Tomonthedole

    It is deporable that both parties are playing politics with people's lives. We give Israel $10 Million a day, a foriegn country, yet they play their little political games with people's lives. The extension is emergency spending and not due to the limits of PAYGO. I see lots of small businesses going under on my street, lots of empty stores, so something is going on that the millionaires in Washington do not understand. The extension will help keep these people in business until things turn around. The recent job numbers are very weak, showing the economy is not out if the woods yet. The extension is an economic bandaid to keep us afloat until better times, it is the BEST spending the government can do, to keep the economic engine running. I have no degree, never been to university, yet I seem to know economic better than the dolts.

    Pass the Bill !

  • George cruse

    my name is george i have been in roofing for 20 years i lost my job my car and my home. i have filled out 200 applications and had no call backs.i have 4 children to raise if ilose my unemployment my children will suffer not me.if i had a car i could go further for a job my phone 8282937430 please help me and my family thank you and god bless everbody.bring factorys back to the usa

  • Webhustle

    Our government is filled to the brim with spineless jellyfish. Yet Another vaca for them meanwhile the borders are wide open, Illeagals take the jobs & lower wages. The Government has no problem sending money all over to support foreign governments. All while gearing up for WW III, but there just doesn't seem to be enough money for the unemployed citizens of the US? I read and watch so many “news” stories saying the unemployed shouldn't get help they should just take jobs that are available, even though thaey clearly don't exist. All the lies in the world dont change the fact that unemployment must be extended now. The longer the wait for us the longer the list gets come Nov. Happy 4th of July… tic tock tic tock.

  • Jp

    I think it's really sad. I have 18 years experience and most in management, I was laid off Nov. 2008 and haven't been able to find a job. I've heard some say that we won't take jobs for less pay than we were making, and we want to be in unemployment. Well if you think that I like going from 80K to 20K on unemployment, you're wrong. I have applied for admin and secretary jobs, I have 5 recruiters looking for me and signed up with temp agencies, however the temp agencies told me they can't help me because I am too overqualified and their companies won't hire me AND they said they simply won't place anyone that hasn't worked for over a year… they said they have “higher expectations”. whatever! I am a highly qualified individual who is willing to take any job at the moment, however, I can't get a job. I'm trying! This sucks and I don't know what to do anymore.

  • Xkp1

    i notice there is no author credited with writing this psuedo-article posted on a bank-like website encouraging citizens to maintain banking relations. would someone tell the author the difference between “effected” and “affected”?

  • Lebu28352

    I have been unemployed for two years. I have looked for work with no call backs. So, I signed up and now attend school. My unemployment has ran out and I don't know what to do now. I look around at all these people from other countries who receive government assistance. They have four and five kids and are really living off our tax dollars. Instead of our wonderful government concerns about the unemployed not working. They truly need to focus on the people who are on government assistance. Just because they have kids who where born on this side of the border. That's where the tax dollars are going. It discusses me. I've worked and paid taxes, need assistance and was told I don't qualify for benefits now that I'm unempoyed.

  • Joe

    yeah the 99ers will have to start killing soon . guess it will get brutal

  • Rick

    yep just keep giving aid to illegals, let them have kids here, then they can get there 1% interest loans, and drive buy in there Escalades, with the mexican flag in the back and the bad music blaring from there 40,000 $ ride, while we sit here looking for work, and living large on that massive check that will be gone soon, this country is completely whacked out, there will be a civil war here, a country divided will not stand..but I hope congress has a nice little holiday at least they can speak the language(that would be English)

  • Misty666evil

    I am a 99er, I guess I am going to go rob a bank to feed my 2 kids. Wait, I should just get my kids involved too atleat then were have something to eat, and a roof over our heads! lol, I wonder why the crime rate is going up in Ohio. You ASSHOLES!!

    I heard the government is buying a lot of caskets, maybe they are waiting for us to start dying. It is cheaper to put us in the ground, rather than extending unemployment!!

    • Papasmurf

      Kinda hard to find a job with a camera grown onto your hands, dontcha think?

  • PaigeBille

    This is ridiculous, I was ready to spend the fourth enjoying my family and the festivities, even though we were not able to do much because even while receiving unemployment, we were tight. Now we are unable to do anything because not only can we not feed our family but we now have no money to even put gas in our car to go anywhere….this includes job interviews. If you have NO funds how can you live. I hope the senate enjoys their holiday weekend with their families while I sit here trying to figure out how to pay my rent, utilities and put food on the table. That was our only source of income and it is gone and because we were so tight due to the only income we were receiving was unemployment we have no safety net in the bank….we have NOTHING. All I can say is this is total BS! We have all worked to pay for this unemployment and now when the people need it most, they can't even decide what they are going to do and when. I honestly would take a significant cut in my unemployment benefits just to be getting some type of money to support my family and myself. I tell you that if I could find a job, I would have had a job by now, I am a college graduate that can't even get a job working at the local Pharmacy or Grocery store as a clerk…..WTF

  • Unemployed in CT

    What really pisses me off is all these people who qualify under this bill will SOON BE A 99er, What will you do then?…Your going to fight for a tier 5!, but by then it will already be too late!

  • TS89

    I have read all of the above comment and would like to wish each and every one of you good luck. It is so hard, being unemployed. We work our whole lives, paying into a system, just to have our fellow Americans shut the door on us. My husband and I are both 99ers and have not had unemployment since April 1st. This isn't just my sob story, it's the story of countless Americans trying to survive. I wish each of you a happy Independence Day. I hope that come our next independence day (hint—NOVEMBER) we all do our patriotic duty and vote. If at that time, you find yourself in better circumstances, I urge you to drive someone who cannot afford it to the polls. Bless you all.

  • Anna

    KJ,
    I have never replied to anyone ever, your statement hit home, it felt like i was writing it, I am in the same situation and i wish i could help. The government has left us all out in the cold, it's actually criminal what they are doing. Keep your chin up and things will get better.

  • LaDonna417

    I feel really sorry for the people who think unemployment is only for people who don,t want to work.I know people who have worked for years and now have lost there unemployment.I want you to know that anyone can lose there job at anytime and you will lose your job if you think you are above it .GOD BLESS the people who lost there unemployment.

  • JM

    The Senate is hesitant to pass an extension because of the lofty bill it would add to the nation’s growing deficit. Senators believe dealing with debt should take precedence over the unemployment crisis.

    If they would start with so many others areas of spending to start sure I agree. The problem is why all of a sudden is helping unemployed now a issue of paying? Republicans are right abouit out of control spending but wrong place to fight this issue. Dems well they are being silly arguing how this should not be paid out of funds already in last stimulus bill passed. Both sides are like kids fighting over who gets the red ball. Childish and killing needy families. They are both so full of BS saying this is over how do we pay or we cannot take money from stimulus. So the needy Americans are being shown this congress rather play bs games with our help then address the real problem. They need to get it together cut spending in all areas and not make helping unemployed the start of this fight. Let's start with the biggest waste area defense. How about we stop warehousing items that go back to the 50's in PS warehouses that cost us over 1 billion per year. Why are the reps in congress not as concerned about deficits when pork spending comes up? If so concerned all pork be cut out right? I take great offense to how stupid congress thinks we are telling us worried about deficits when they continue to waste billions.

  • Abbynruffy

    no-one cares about all of us unemployed people!!!!! enjoy the 4th you gov. jerks, oh and enjoy you're big paychecks!

  • IGinNYC

    I'm sending my Senators a card or letter every day (as long as I can afford postage) – I'm not going to be silent and fade into quiet poverty. WE NEED A TIER V…..and if necessary a VI, etc…for the unemployed. I'll flood them with snail mail, e-mails, whatever it takes. Losing our jobs was not our fault. Because of my age I feel my only hope is to start a business. But who will give a business loan? SENATORS…FOR GOD's SAKE PLEASE HELP US…we need a TIER V….yesterday! TIER V…TIER V…TIER V…get it or get out……. TIER V to SURVIVE!!!!

  • Solution_Guy

    I have read hundreds upon hundreds of comments from unemployed people who are clamoring for more unemployment benefits. Here is my observations:

    The vast majority of these long-term unemployed people are under-educated, educated in a field with terrible job prospects, or un-skilled. This is the real reason why they cannot find a job. even if the economy improves, they will still be jobless.

    The vast majority, like most Americans, saved little for rainy days, and have been living well beyond their means. Many continued to keep up this lifestyle even after losing their jobs and going on unemployment.

    The vast majority refused to believe that their world has changed, and they must take drastic measures to try to find another job. Instead, they fell back on the safety net of UI payments, and put themselves in a bigger disadvantage everyday they delayed reentry into the workforce. If they had tried to go to wherever the jobs are and changed careers if needed to, right from the beginning, most of them would be working right now.

    The UI is intended to be a temporary safety nest. Unfortunately, this point was lost on so many people. These are people that remained unemployed for so long, to the point that their skills and work ethics depreciated so much, employers don't want to hire them anymore. This is a natural outcome of misguided expectations and excessive enjoyment (i.e., laziness).

    These unemployed people are now in a desperate, unfortunate situation, not so unlike that of a drug addict. They became addicted to free money, to an easy life, and like all addicts, they want more of the same. The solution will be painful, but there is no other way to treat an addiction.

  • tier 5 now

    ive been a hard working tax payer for 25 years and my tier 4 is gone. yesturday i had to ask friends to lend me 47 dollars so i can keep my phone on. how are we suppose to find jobs with no electric ,phone, e-mail internet access or home to live in,? ? and how are employers suppose to contact us ?????. soon my new address will be my car licence plate number. living in my car will be nothing more than living in a glorified cardboard box when i have no gas money to drive it. our government and the national media wants to ignore us becouse were not marching on washington with picket signs. were not marching becouse we cant even afford to get there. The best and only thing we can do is call and e-mail your congressmen, governor, and President Obama and tell them your situation and that you and your family and friends will do everything possible to vote them out if they continue to ignore us. The white house has a comment line you can call and talk to a LIVE person, and you can send an e-mail . The president has the power to pass an emergency executive order to pass a tier 5 without congress, and what better time to do this when congress is out enjoying thier steak and lobster vacation. it would show that the president cares about us when the rest of congress doesent. THIS IS A NATIONAL EMERGENCY!!!

  • ohio 79er

    my tier 4 has been gone for 3 weeks i have applied for food stamps but i cant get cash assistants without having kids. what do i do? maybe i should rob a convienent store ,if i get away with it i'll have cash and if i get cought i'll have 3 squares a day and a roof over my head, sounds like a win win situation, sad but true. I feel like i'm living in a monty python movie, our government is a joke and not a very funny one at that. pass a tier 5 NOW

  • Loveymgle

    I too am perplexed with all that goes on in Washington. I live in Green Valley Arizona and am on or was on Tier 4 before it was cut off. What bothers me is about every other night, or at least twice a week, a long train load of Ford vehicles pass through going from Mexico to the North. Our jobs have been taken away and we get no help.

  • Uubobuuu

    Just like everyone else out there..we need a tier 5..ive worked in construction for over 30 years. Ive been laid off many times but have allways found work. This time ive used up my 99 weeks…and ive looked for work all over the country. Now even if i do find someone building something and they will put me to work. I wont have the gas and soon the car to get there in…Ive paid my taxes…i served my country…just glad my kids are grown and gone. and before someone says how do you pay for the internet…im at the public library at least there lights are still on. Im so close to just well…anyway ive never had to ask for help…im asking now..please someone out there think of us americans that need help and give..thank you

  • Rp38

    does not anyone get what has happen America has been high jacked. Hey if you or I was to cause wall street collapse we would be in jail. But the big bankers got a bail out. Now isn't that funny the screw things up and get money. That is like Charlie and his chocolate factory getting free chocolate from everyone to visit his factory. America and the people need to wake up. where is our stimulus- where is our bail out for the robbery of the bankers. Has not anyone else relied we are being hood winked. Our own government don't give a rats arse, in fact it is there plan to make the poor poorer and the rich richer. When are the American people going to get off their buts and start removing these arses from office. Heck the American president is even a fake. He has lied about everything he said he would do. He is not even a born American citizen. This country has gone to the dogs, I am not proud to be an American anymore, we create wars in other countries and then rebuild them and do nothing to safe guard our own people. American is on the ground right now being raped.

  • Unitedfight777@hotmail.com

    Seriously people, Why not revolt? Why not a new order for america? We are letting them do this to us. Its obvious they are not effected and they really and whole heartedly do NOT care about who they are hurting. Its time for “We the people” to make a stand. I will be willing to lead those of us in my home state Michigan, if we can get others around the country to handle their states then we can do this. We can make a stand and change this. IF not for yourselves, think of the children suffering from this! It is sickening and I want to vomit thinking about it. This is Our country, WE THE PEOPLE. It is WE THE PEOPLE that the goverment failed to protect and serve. Call it a civil war or a restructuring of goverment by the people, whatever you wish, but we need to do this. Soon we will lose the ability to communicate due to people lacking the internet. I am willing to organize michigan, we need everyone to step up!

  • Carol

    I too, am like all of you. I've been working all my life. For 13 yrs had my own business, went on to working in the new-housing contruction in Las Vegas, Nv. Now when I go on interviews (only 8) they look at me like I'm from outer-space, saying, Why have you been out of work so long? It makes me feel so sad. I love my country but it isn't the country I was born in. Tent cities are growing faster then real homes. Now how are going to support ourselves. Don't the Senate realize we are the economy. They have to fix it. Bring Ford back into the US. Every job that left, get them back. Our country needs to get fixed FIRST before we help other countries. Parents don't feed the neighbors children first, while their own are starving. Some one please help us all. I guess only God can do that. Thank you, I feel better. Hope you do too, we are not alone.

  • Canadianyyz

    BBC reports “Clinton says US to give $15m to preserve Auschwitz”
    This is just another item where the US Government spends money overseas and not on Americans who realy need help. All 15 million unemployed Americans should contact their reps and say NO ! to over seas funding until unemployment is below 5%

  • Brdmkr_13

    Its all B.S! Tier 5!!!!!!!! NOW

  • Anne

    I worked for a 90+ year company that was taken over by a foreign bank. They killed it in 7 years with greed and bad judgment. Why are we letting other countries take our companies over? Why are the jobs going overseas? Why are we buying products that are made everywhere but here? Because this so Government sold us all OUT YEARS AGO. Call any customer service # on anything and you get a foreign speaking person in another country! Too sad. This is why we are unemployed. Shut the borders build a huge electric fence. If you want to come here do it legally like our grandparents did years ago. Get your social sec # and pay taxes like everyone else. Our legislature is so high and mighty with their noses up in the air and caviar on they plates. They have no idea what real life and work really is all about. Our President can try and be the best he can for us but if the House and Senate can't get it together without bickering like a kids playground on issues we are all screwed for sure. It shows. Since when can you leave for vacation when you don't finish your work. I could never do that. Who is their boss. Come on FOLKS we are. Stand your ground! We hired these idiots and have let them get away with everything including our benefits. Shame on all of them. We need new Congress in offices kick out the lazy game players to the unemployment line and see how they like it. Enough Said!

  • Tracimeli

    The Senate is a JOKE!!!!! My Son served in Iraq for a year, Only to come home to a mess… He recieved unemployment for 26 weeks and it ran out in June. He missed the tier 2 by days, DAYS!!! Now he's going to lose his apartment, his car and everything else he owns. He said he lived better in IRAQ. How does someone serve Our Country, sacrifice his own life only to live worse than the Country he fought for!!!! Will someone PLEASE explain this to me. My Heart goes out to anyone stuck in this Unemployment Black Hole.

  • cm

    KJ did a great job of expressing all of our frustrations. I turned 60 today and had been working with a national homebuilder for the last 5 yrs. You can guess easily where my job went. I find it deplorable that elected officials can sit in their offices, hell even their million dollar homes and turn a blind ear to the very people that put them in office. What is it about getting sent to Washington that seems to change everyone who goes there? Washington is an island unto itself. The most disgusting part of all of this is that they choose to use the unemployed as pawns in a chess game and now they are worried about the deficit?!? Why not use some of the millions being wasted on figuring out how rabbits mate? We gave AIG millions, BOFA millions, Fannnie Mae/Freddie Mac millions and we can't help out our own. If you have a job, congratulations and pray you keep it!

    I've read comments on other boards about hoping the next administration gets it right, that people can't wait until it changes again. We say that about every administration. It doesn't matter who or what is in office, our political system is very broken. We need a Warren Buffett type to come in and restructure like a lean, mean corporation machine. Everybody else has downsized-why not the federal govt?

    As a baby boomer that participated in protests/marches against war etc in the 70's I can't understand why others that did the same are not showing their outrage more. When did we become so complacent.

  • cm

    KJ did a great job of expressing all of our frustrations. I turned 60 today and had been working with a national homebuilder for the last 5 yrs. You can guess easily where my job went. I find it deplorable that elected officials can sit in their offices, hell even their million dollar homes and turn a blind ear to the very people that put them in office. What is it about getting sent to Washington that seems to change everyone who goes there? Washington is an island unto itself. The most disgusting part of all of this is that they choose to use the unemployed as pawns in a chess game and now they are worried about the deficit?!? Why not use some of the millions being wasted on figuring out how rabbits mate? We gave AIG millions, BOFA millions, Fannnie Mae/Freddie Mac millions and we can't help out our own. If you have a job, congratulations and pray you keep it!

    I've read comments on other boards about hoping the next administration gets it right, that people can't wait until it changes again. We say that about every administration. It doesn't matter who or what is in office, our political system is very broken. We need a Warren Buffett type to come in and restructure like a lean, mean corporation machine. Everybody else has downsized-why not the federal govt?

    As a baby boomer that participated in protests/marches against war etc in the 70's I can't understand why others that did the same are not showing their outrage more. When did we become so complacent.