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How Much Stimulus Is Needed To Create A Job?

$787 Billion = 4 million Jobs (Rhetoric is 3 to 4 million jobs)

CBO Reports Potential Job Creation of 1.2 - 3.5 million jobs.

$196,750 To Create A Single Job (based upon Obama Administration estimates)

Number Of Unemployed Americans As Of 2/15/09:

11.6 Million

Number Of Unemployed Americans As Of 3/01/09:

12.5 Million

Net Number of Jobs Created By President Obama's Economic Stimulus Package:
Undetermined - No Data Available
Showing posts with label Unemployment Provisions. Show all posts
Showing posts with label Unemployment Provisions. Show all posts

Friday, February 20, 2009

Stimulus Unemployment Changes

Summary of changes to Unemployment Benefits & Programs

Unemployment Benefit Increase - $25 Increase in weekly benefit checks through the end of 2009.

Extended Unemployment Benefits - Extends current legislation extending unemployment benefits by an additional 33 weeks beyond the 26 week base benefit.

Food Stamps Increase - 13% increase in current food stamp benefits.

Income Taxation - The first $2,400 of unemployment benefits would not be subject to Federal Income Taxes.

State Unemployment Benefit Expansion

Income-Based Eligibility - One Third of the stimulus money will be granted to states which change the eligibility guidelines to include income-based eligibility. The move is expected to benefit low-wage workers and drastically increase unemployment rolls.

Increase Eligibility For Benefits - Two-thirds of the stimulus money set aside for unemployment is based upon State's adopting two of four potential changes to their unemployment programs. If a state fails to adopt the changes, they do not receive funds. The four choices are:
  • States must include individuals who are only seeking part-time work.
  • States must include individuals who voluntarily leave employment to care for compelling reasons such as a family illness or domestic abuse.
  • States must include those in "training programs"
  • States must include those who request additional funds for dependents who qualify.
COBRA Changes - Provides a 65% Tax Credit To Employers as a subsidy for COBRA Premiums.