For this segment of our video series, we here at MyBankTracker.com want to tackle something that’s been a hot button issue on our discussion forums lately: unemployment.
High Unemployment Rates
The US unemployment rate has been hovering around 10% for the past year, reaching as high as 14% in some states like Michigan. There are as many as 9 people searching for every job opening advertised in these areas, and with this level of competition, you can imagine that people are pretty worried about their employment status.
Recent debates in the Senate over unemployment benefit extensions, which would provide additional support for millions of people who are currently without work, has not helped to calm these fears. Despite moves to block the extension by Republicans such as Jim Bunning, who claim that these benefits are costly and do not address the fundamental problems causing unemployment, a $140 billion bill was passed in a 62-36 vote by the Senate earlier this week, to the relief of those whose unemployment benefits were set to expire this month.
Some Gaps in Extension Coverage
However, while the bill does extend benefits for those who are within the tiered unemployment program, for “long term unemployed,” those who have been unable to find employment in over a year, the bill does not add a 5th tier. Therefore, those who have already reached the end of the program will not receive unemployment benefit extensions.
Since this segment was filmed, President Obama signed the jobs bill into law, saying that it is a great start to addressing the problems of unemployment in the country, but is “by no means enough.”