Could the Unemployment Extension proposed by Debbie Stabenow in S3706 Americans Want to Work Act help the Small Business Bill? After all, congress just passed the act, claiming that the incentives will make it easier for businesses to borrow money, free up capital through lucrative tax breaks for capital projects, and hopefully get them to hire new workers.
Of course, I really don't think that even if the Small Business Act does help the unemployed, it will help bring down the 9.6% unemployment rate (national average) by the mid-term elections. You know that's what politicians are concerned with right now.
A blog post in the Huffington Post had some big figures: "Since the recession began, the black unemployment rate has climbed 7.3 percentage points (9.0% in December 2007 to 16.3% today) White unemployment has risen 4.5% and today sits below the pre-recession black unemployment rate (4.4% in December 2007 to 8.9% today) Latino unemployment has nearly doubled during the recession (6.3% in December 2007 to 12.0% today) While white and Latino unemployment has dropped or stabilized since May, black unemployment is actually on the rise (15.5% in May 2010 to 16.3% today)"
It goes on to say that "The community-level consequences of this spike in poverty are stark and dire. Families are facing tight food budgets. Laid-off workers are losing their homes to foreclosure. Fragile community cohesion is fraying. And the vital infrastructure investments that were ignored during the Bush Administration remain bottled up in partisan politics - and millions of job-seekers suffer as a result."
In addition, over 1 in 7 Americans is living below the poverty line - which is an annual income of under $22,000. Senator Mitch McConnell, the House Minority Leader, claims that those making $250,000 or more have been the hardest hit by the recession, but in all actuality it's the people on main street that have lost the most.
Sure, those making $250,000 may have seen a bigger decrease in wealth - but they still have homes, food, cars, and money to buy clothing. The little guy may only lose a little, but when it's all you have it's the world. It's those who have lost their careers, their homes, and their way of life are those who are struggling the most.
That's what's wrong in America today. The politicians aren't thinking about the unemployment extension logically. If they were, I guarantee you they would pass it, hands down.