650,000 Will Run Out Of Unemployment Benefits By August

[Purveyor]

Out of work, out of benefits, out of luck

By August, 65% of all filers for unemployment insurance will have run out of their standard 26 weeks. And that's just the beginning.

Last Updated: July 17, 2009: 9:53 AM ET

NEW YORK (CNNMoney.com) -- The next bubble in the recession is about to burst.

More than 650,000 Americans will have used up all of their unemployment benefits by September, in what experts say could be the start of a looming crisis.

In the early days of the downturn, the government extended unemployment benefits beyond the standard 26 weeks to as many as 79 weeks in hopes of giving the jobless a longer lifeline. Officials predicted the economy worsening and businesses further contracting, resulting in fewer jobs for the newly unemployed to find.

With the recession now 18 months deep and the national unemployment rate standing at 9.5%, it appears that the effort wasn't robust enough for those in the crisis' first wave of layoffs.

"We need to get the issue attention now, because people are running out of benefits and there's just nothing for them," said Andrew Stettner, deputy director of the National Employment Law Project, an advocacy group that has calculated the number of people who will exhaust their unemployment benefits.

In fact, Stettner and the Labor Department are expecting the problem to accelerate. In the next few weeks, the victims of the mass layoffs that happened six months ago -- when the pace of layoffs was at its zenith -- will start running out of their basic benefits. A total of 4.4 million people are expected to face this fate -- or 65% of the entire filing population. \

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CNN MONEY: http://money.cnn.com/2009/07/17/news/economy/unemployment_benefits/?postversion=2009071707

[sarcasmo]

1. This is when the shit hits the fan, crime is going to sky rocket this winter.

We have Depression numbers here in Michigan, 15 percent unemployment on the books, please it's at least 20-25 percent in reality, these are Depression numbers.

[cabluedem]

10. 2010 will be even worse with no jobs coming back and no healthcare. nt

[liberalmuse]

2. We're going to have another big round of layoffs in August...

where I work. I've only drawn 1 unemployment check in my life and I'd hate to break that record, but when hundreds and even thousands of adults my age are competing with teens like my nephew for the same minimum wage job, I don't even want to think about having to go out there again. I'm thankful I have a job for the time being, but I worry every day about those who don't and wonder what will happen when the safety net is pulled up. It looks like we're about to find out. It makes me feel sick inside. Jesus, it's getting scary.

[WI_DEM]

3. with unemployment the way it is Obama and dem congress will extend unemployment benefits.

[chaska]

4. Maybe. But what happens if your unemployment has already run out? Can...

the unemployed re-file or something? I'm in this situation myself, unemployed with my benefit about to run out.

[choie]

6. I'm pretty sure that you would be eligible if Obama

puts another extension in place.

[defendandprotect]

5. OBAMA should reverse the negative changes made to Unemployment Insurance . . .

all claims should be honored -- and corporate contributions to the funds should

be increased!

[Wednesdays]

7. K&R

:kick:

[RB TexLa]

8. In Texas the state fund is going to be empty in a couple of weeks and when they come to DC to borrow

money for it, President Obama needs to tell Rick Perry "No, your buddy isn't here anymore, nothing for you, elections have consequences."

[lilytea]

9. everythings going to be okay

we just need to chill

puff*puff*pass