Harkin Hopeful Unemployment Benefits Extension Will Pass Tonight
Another vote on a bill to extend federal unemployment insurance benefits for the long-term unemployed may come to the floor of the Senate as early as tonight, according to Sen. Tom Harkin (D-Iowa).
“I hope that we can get this done — we only missed it by one vote yesterday. I hope we can pass it tonight before we go home for the 4th of July,” Harkin said this morning during a conference call with reporters.
“Moody’s Analytics says that the biggest bang for the buck we can get for government spending during a recession is food stamps because people spend that money right away. Second only to that are unemployment insurance benefits,” Harkin said.
The Moodys.com study he’s referring to from earlier this year found that extending unemployment benefits generates $1.63 in economic activity for every $1 spent by the government.
“Quite frankly, the worst thing I think we can do in the recession that we are in right now is to not extend unemployment insurance benefits,” he said. “That will drag the economy down every further.”