Pelosi lobbies for benefits extension

July 7, 2010 at 4:06 PM
| License Photo

WASHINGTON, July 7 (UPI) -- House Speaker Nancy Pelosi lobbied for the extension of U.S. unemployment benefits Wednesday, distributing quotes from economists to lend the bill support.

A statement from Pelosi's office said the extension would provide "a proven boost to the economy and a much-need(ed) lifeline for Americans looking for work in a tough economy."

The office quotes a Congressional Budget Office report that said, "Increasing aid to the unemployed would have the largest effects on output and employment per dollar of budgetary cost in 2010 and 2011."

A quote from Moody's Analytics Chief Economists Mark Zandi reads, "No form of fiscal stimulus has proved more effective during the past two years than emergency UI benefits, providing a bank for the buck of $1.61 -- that is, for every $1 in UI benefits, gross domestic product is increased by an estimated $1.61."

William Black, an economics professor at the University of Missouri-Kansas City, recently warned, "If you put the country into a deeper recession, tax revenues will fall and you'll have an even deeper debt."

Pelosi's office took a swipe at congressional Republicans for supporting "Wall Street banks, credit card companies, Big Oil, and insurance companies -- the special interests that benefited from George Bush's policies and created the worst financial crisis since the Great Depression."

Follow us on Facebook, Twitter, and Instagram for more news from
Related UPI Stories
share with facebook
share with twitter
Trending Stories