New Government Report Reveals Extending Unemployment Benefits Creates New Jobs
How’s this for irony? According to a report from the Congressional Budget Office (and as first reported by the Associated Press), extending long-term unemployment benefits will create new jobs!
Extending benefits for another year would potentially add 300,000 jobs to the economy.
As per the piece, although maintaining unemployment benefits has a price tag associated to the tune of $30 billion for the government, it would result in the unemployed population spending more thereby increasing a demand for goods and services and creation of new jobs.
The CBO report demonstrated when one dollar from an unemployment payment gets spent, the economy yields a bump.
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