You’ve got to watch this video of Speaker Nancy Pelosi touting unemployment benefits as a way to increase employment-I kid you not.
David Freddoso of the DC Examiner is amused: “I hear Nancy Pelosi speak, and all around me I can envision a bustling service sector sprouting up, creating new jobs to serve all of the Americans who are receiving their $425/week in unemployment benefits. …
“If only we had higher unemployment – then we could create even more jobs!”
Speaker Pelosi might want to read this article that helps explain why some might be reluctant to extend unemployment benefits. Read the whole article-it’s excellent-but I can summarize it this way: Unemployment insurance funds are running out of money, requiring massive aid from a federal government that is already strapped for cash.
Such funds can only be replenished when there is high employment, Nancinomics aside.