Today, the White House released a new report that shows how extended unemployment insurance benefits have helped, and would continue to help, the economic recovery. The report shows that unemployment insurance must be extended to ensure that millions of Americans are able to make ends meet and care for their families while looking for a job.
The report, prepared by the President’s Council of Economic Advisers, National Economic Council, Domestic Policy Council and the Department of Labor, found that five million workers will lose their benefits over the next year if Congress fails to extend unemployment insurance, including about 1.3 million people whose benefits will expire as soon as January. Additionally, the Council of Economic Advisers estimates that the economy will generate nearly 500,000 fewer jobs through 2014 if federally funded unemployment insurance benefits aren’t extended.
Extending and reforming unemployment insurance, along with extending the payroll tax cut and preventing taxes from going up on 160 million Americans, are critical components of the President’s plan to build a stronger middle class and a brighter future for the American people.
To learn more about how unemployment insurance provides important support for the millions of Americans looking for work and helps them return to work sooner, read the full report here.