Jobless Benefits Extension
October 27th, 2009With unemployment benefits set to expire Oct. 31 for millions of out-of-work Americans, UMaine Cooperative Extension specialist and professor of economics Jim McConnon is available to discuss the rippling economic impact on the Maine economy if Congress does or does not to vote extend benefits this week.
The story: The U.S. House of Representatives has voted to extend unemployment benefits for out-of-work Americans and the U.S. Senate may vote as soon as today whether to extend benefits for up to 14 more weeks.
In Maine, emergency benefits already are exhausted for nearly 2,000 unemployed workers, and an average of 150 unemployed Mainers reach the end of their unemployment eligibility each week — a total loss of nearly $600,000 per week that otherwise could be pumped back into the economy. With weekly unemployment checks averaging $281 per person, the amount of spending that is not taking place because benefits have expired increases at a rate of $42,000 a week, according to the Maine Department of Labor.
The hook: UMaine Cooperative Extension specialist and professor of economics Jim McConnon is available to discuss the economic implications of Congressional approval of an extension of benefits for the unemployed, or conversely, the effects on the Maine economy if Congress fails to act.
Contact information: McConnon can be reached at 581-3165 or by email at jimm@umext.maine.edu. Please contact George Manlove at 581-3756 for assistance reaching McConnon.
