The Emergency Unemployment Compensation Program was not extended under the House-Senate budget deal announced Tuesday, Dec. 10. This program provides unemployment benefits to those who have exhausted their state unemployment insurance.
Over one million people will receive their last check on Dec. 28, and approximately 850,000 people who would have become eligible within the first three months of 2014 will receive nothing. Over four million people are long-term uninsured (unemployed longer than six months), about a third of the total unemployed. This figure is higher than it was before or during the 2008-2009 recession.
The loss of unemployment benefits represents a direct blow to consumer spending and could have negative consequences in an economy where low demand is hampering recovery.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:
Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.
Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services: