The July jobs report is out, and could it be that S.3706, Debbie Stabenow's Tier 5 benefits bill, will be the thing that turns our economy around? There's some doubt that it could help, although there are also many Americans that believe that the revolving door of unemployment benefits will keep the country's economy from collapsing. S3706 is the first true unemployment extension in a long time. It extends unemployment further for 20 more weeks, bringing eligibility to 119 weeks of benefits. The benefits eligibility is retroactive, although you won't receive benefits retroactively. Furthermore, only states with unemployment rates above 7.5% will be eligible for benefits.
The July jobs report indicated that 131,000 net jobs were lost - most of them due to the waning Census requirements. The private sector added 71,000 jobs, but hardly a drop in the bucket considering the millions of Americans without work.
Those who are unemployed through no fault of their own deserve having another benefits extension. This is especially true for those who have been trying to find jobs with no success thus far.
