On her segment of CNN Newsroom this morning, anchor Heidi Collins asked business correspondent Christine Romans about Senate action on extending yet again unemployment benefits:
CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: You're right. And Heidi, all of those things that you mentioned are incredibly important to your money and all of them could affect you very, very near-term here. This extension of the unemployment benefits, it would be the third.The Senate has passed it. It goes to the House. It's expected to be voted on and passed very, very quickly here. Because, remember, your Congress member and your senator, they are being inundated in their offices with questions from people saying, wait, how am I going to survive when this check runs out? Seven thousand checks running out every week.
It would be a 14-week extension nationwide, 20 weeks of unemployment. More unemployment benefits for the states with 8.5 percent unemployment or more. And this would be paid by a two-year extension of an existing -- existing tax on employers. So this would be paid for by a tax on employers.
It would not come out of your pocket and my pocket. But it would be the third extension here, Heidi. And it's critically important. Like I said, so many people are losing their unemployment benefits right now. Some 200,000 have lost their jobless benefits just as the Senate has been negotiating this.
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In parroting the liberal theme that big bad business, not taxpayers, will actually foot the tab, Romans does a disservice to viewers. The late Milton Friedman, Nobel Laureate in Economics, explained why in 2005 testimony given the President's Advisory Panel on Federal Tax Reform:
All taxes ultimately -- the consumer pays the taxes. Nobody else pays the taxes. Corporations don't pay taxes. They collect them, but they don't pay them. The only people who pay taxes are people and people are all consumers.
Yet Christine Romans claims you and I won't pay for the extension of unemployment benefits. One way or the other, we will.
Editor at Large
Comments Policy
So where does it come from?
November 5, 2009 - 22:37 ET by octaviojPixie Dust? Fairy Tales?
Pixie dust
November 5, 2009 - 22:39 ET by Mike BatesHave to check with Barney Frank. I believe he's in charge of the pixies.
Wrong.
November 5, 2009 - 22:47 ET by bktBlarney Frank is in charge of the fairies.
Nah, that's not pixie dust
November 5, 2009 - 23:24 ET by CO2MakerIt's one of the gifts of the Three Wise Persons of the Midwinter Celebration. You know . . .
wait
wait
Barney Frankincense
Mike or Michael?
November 5, 2009 - 22:51 ET by mom_roxNice catch. I have yet to see a business whose mission statement is "We are in business because we want to donate all our profits to government."
~~save your tea, dump congress~~
That's the dimocrats version
November 5, 2009 - 22:55 ET by jdhawkThat's the dimocrats version of why businesses are in business!
Mike
November 5, 2009 - 22:56 ET by Mike Batesbecause it's easier to remember how to spell. At this stage of life, anyway.
It'll come from Obama's stash...
November 5, 2009 - 23:10 ET by shooterJust like those people in Detroit who lined up for what they thought was a cash giveaway...
Woman in line: "It's Obama money."
Journalist: "Where did Obama get the money?"
Woman in line: "I don't know...his stash I guess. He's got money and he's going to give it to us. That's why we voted for him"
My friends...this country is truly doomed.
_________________________________________
"An armed society is a polite society" -- Robert A. Heinlein
My friends...this country is truly doomed.
November 5, 2009 - 23:28 ET by MightyMouthOnly if the 80% who do not identify themselves as "liberal", allow it!
"The bureaucracy is growing to meet the needs of the growing bureaucracy"
Obama money
November 5, 2009 - 23:52 ET by Mike BatesWhere's mine?
Perhaps "moron" is a requirement for being a CNN commentator...
November 5, 2009 - 23:13 ET by wnaegeleSigh!
CNN requirements
November 5, 2009 - 23:53 ET by Mike BatesMaybe it's not, but it sure helps.
Why is the unemployment so high?
November 5, 2009 - 23:27 ET by CO2MakerHmmm, that's a tough one. Employers have less money and have to lay workers off.
How can we pay for extending the unemployment benefits for jobless people?
Tax employers.
What happens when business taxes go up?
Business have less money.
Why is the unemployment so high?
[loop endlessly]
The business of America---
November 5, 2009 - 23:36 ET by matthewdeanWay back when, an American president (Silent Cal, maybe) said, "The business of America IS business."
That not only has changed, but is changing even more as I type this.
MD
"There is no distinctly American criminal class - except Congress."
Mark Twain (1835-1910)
Regarding Romans...another
November 5, 2009 - 23:36 ET by bigtimerRegarding Romans...another wizard of smarts.
Where do these people really live in the real world..under a rock?
'Doubling down on stupid is not a particularly good idea'~Breitbart
Christine Romans, bt
November 5, 2009 - 23:57 ET by Mike Batesseems to be taking classes at the Rick Sanchez School of Economics.
Mike... You've got me
November 6, 2009 - 00:02 ET by bigtimerMike...
You've got me laughing...that was a great shot...precise too!
'Doubling down on stupid is not a particularly good idea'~Breitbart
Rick Sanchez, bt
November 6, 2009 - 00:09 ET by Mike Batesmay have had that red hair tint he's been sporting seep into his brain.
Lol Mike... Sure didn't
November 6, 2009 - 00:36 ET by bigtimerLol Mike...
Sure didn't help the condition his gray matter was in the first place, that's for sure.
'Doubling down on stupid is not a particularly good idea'~Breitbart
Okay, I am about to make a lot of people at NB mad at me
November 6, 2009 - 00:42 ET by R D HelmLOL-Okay, so what else is new?
Anyway, I have been paying into the UI insurance plan since I went to work at 16. I am now 45.
Many of you think your employer has been paying all of this for you, but then, you probably think your employer has been "matching" your SS payments, too.
The truth is, you have actually paying 100% of both, but that is a story for another thread.
As I see it, like most all recessions, this one was caused by the actions of government, and in this case, specifically by the actions of slobberin' Bawney Fwank, Chris Dodd, and Maxine Waters, to name but a few.
The least they could do is extend UI benefits, as most all of us did not quit our jobs, and are getting more than a little tired of being treated as though we did.
To date, I have had four contract gigs yanked out from under me at the last minute, plus two non-contract jobs, and haven't landed a live interview since June.
Complain about these extensions all you like, but unless you are willing to hire me, keep it to yourselves, because for many of us, it is quite literally determining whether we eat or not.
I am not kidding.
-Dave
Our elected representatives have failed us.
Dave
November 6, 2009 - 00:43 ET by MightyMouthYou wouldn't be a computer programmer would you? MM may have work for that!
"The bureaucracy is growing to meet the needs of the growing bureaucracy"
MM,
November 6, 2009 - 01:10 ET by R D HelmNo, not a programmer.
My background (for 30 years) is in Construction, Site Engineering, Site Development and Land Surveying.
I was a PM for a land surveying operation in which I basically did construction calcs for residential and commercial construction projects - the kind that often kept you awake at night - you know, one tiny mistake and you would get people either killed, or possibly cause your employer to go TU, or both.
LOL-Software-wise, I can make Eaglepoint sing a few tunes, I can make MicroStation behave occasionally, I know just enough CAICE to be dangerous, but I can make AutoCad 2007 Land Development stand up and dance, and can even get Carlson and IntelliCad working (until a bird flies over the building and crashes it) but that is about it.
The housing "crisis," which I saw coming early in 2006 is what did me in. Well, that and the fact that I spent forever and ten years in college and changed majors three times.
LOL-But I won't get into that, except to say I finally ran out of money.
-Dave
Our elected representatives have failed us.
RD
November 6, 2009 - 17:17 ET by NorthCoasterGood luck on your search. Sounds like anyone who lands your services would be lucky.
Our business (Nursing homes and HUD housing, not for profit), laid off the Construction coordinator over a year ago and still has no plans to fill the position.
Why on earth would I be mad at you Dave
November 6, 2009 - 00:44 ET by shawn228Your the best Libertarian poster on this site. I have no reason to be mad you. Now if you wanted to outlaw porn......
"I think we're kindred spirits."~Mr Shy to Sergeant ROCK
Shawn
November 6, 2009 - 00:48 ET by MightyMouthNow who in their right mind would want to "outlaw" porn?
"The bureaucracy is growing to meet the needs of the growing bureaucracy"
LOL MM
November 6, 2009 - 00:49 ET by shawn228Its rare, but tonight we agree :-)
"I think we're kindred spirits."~Mr Shy to Sergeant ROCK
No sh*t that's un-American! :-)
November 6, 2009 - 01:00 ET by MightyMouth<censorship>
"The bureaucracy is growing to meet the needs of the growing bureaucracy"
shawn,
November 6, 2009 - 01:16 ET by R D HelmLOL.
Heck, the only thing I want to outlaw is stupidity.
Well, that and the federal income tax. :-)
-Dave
Our elected representatives have failed us.
On a serious note
November 6, 2009 - 00:51 ET by shawn228I agree with you Dave. The extensions should happen.
"I think we're kindred spirits."~Mr Shy to Sergeant ROCK
"Complain about these
November 6, 2009 - 01:39 ET by ckc1227"Complain about these extensions all you like, but unless you are
willing to hire me, keep it to yourselves, because for many of us, it
is quite literally determining whether we eat or not.
I am not kidding.
-Dave"
Problem is paying people not to work doesn't exactly motivate them to get out and look for a job, which is why they have to keep extending benefits. It's a self-fulfilling prophecy. What is it up to now, 2 years? Anyone who can't find a job in less than two years most likely isn't looking for one. Why would they? A two year paid vacation sounds pretty sweet to me.
If you are looking for some kind of work, check out http://www.elance.co.... That's a site where people outsource all sorts of jobs they don't want to do themselves. If you can write, and do a little research, you should be able to earn a couple hundred bucks a week easily, more if you have more advanced skills. I occasionally hire researchers/writers for my business, so if you're interested, I'll keep you in mind the next time I need some work done.
bookmmarked it!
November 6, 2009 - 01:49 ET by lbcdawnNot mad, but...
November 6, 2009 - 11:09 ET by CobraManUnemployment Insurance is a State program, not a federal program, and every employer matches their employees payments. I know this because I used to do temp work for the Minnesota UI department, four times a year, when the business sent their quarterly statements and payments to the State. I personally handled checks that amounted to a million dollars or more just from a single large corporations, so your claim that only employees make UI payments isn't true, at least in the State of Minnesota.
Since UI is a Sate program, Congress shouldn't be making any decisions as to where a Sate program needs extensions. Each individual State should be doing that. By mandating extensions to UI, Congress is, once again, abridging State sovereignty and maintaining control over State policies. I's surprised the States let this happen.
Each Sate should be deciding which state policies, like UI, need extensions and which do not. Congress needs to stay out of State business and get back to their own business, like passing the BUDGET!
The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States.
The US Constitution
Unless you're a fetus.
The US Supreme Court
You're 100% correct, Cobra.
November 6, 2009 - 17:43 ET by Another Dead KennedyYou're 100% correct, Cobra. Your employer matches FICA and Medicare. No need to argue that. I agree as well that states, not the feds should be making unemployment extension decisions. Often the payout for unemployment/disability is as much as what the employee had been making prior to their dismissal. What exactly is the incentive to go back to work when they can sit at home blogging all day while collecting a check?
The guy must think
November 6, 2009 - 05:21 ET by RR GOPThe guy must think Americans are dumb and don't realize that Federal money comes directly from us and indirectly by taxing our employers so they have to pay us less and higher fewer people. Not to mention the taxes we spend on what's left over after the IRS gets their cut when we buy things, and the companies that pay taxes on what they purchase...and their intangible taxes and taxes on their machinery and on hand inventory every year.
Oh, wait...most Americans really are that clueless. Never mind.
One of the 34% who thinks George W. Bush was a great President. One of the 86% who wants to bring back the stock and pillory.
Did Anybody
November 6, 2009 - 08:01 ET by John53Did anybody inform the brain dead talking head that we pay the increase cost and the taxs? I fully realize that intelligence is not part of a talking heads job description but to they have to hire morons?
I Know!
November 6, 2009 - 08:32 ET by justbob223It comes from the government sprinkling magic fairy pixie dust that turns into money!
It's a good thing she's
November 6, 2009 - 09:24 ET by UphillIt's a good thing she's purty.
Christine
November 6, 2009 - 17:12 ET by NorthCoasterMoney grows on trees right? Or maybe it comes from Obama's stash?
All workers and taxpayers pay for the extension of benefits depending on how thw business and particular state unemployment program is structured. When you buy a product from a business that is paying unemployment insurance on laid off workers, the cost is affected by the insurance fee. We have even paid unemployment fees for laid off workers, the have not had their hours reduced at our business. They were laid off at their primary job and we had to share the burden through no fault of our own.