Unemployment Benefits Set to Expire for Millions of Americans

Unemployment Benefits Set to Expire - Quicken Loans Zing Blog While many Americans spend the summer enjoying the warm weather and vacationing, others are actively seeking adequate employment.

Although reports reveal that hiring in the non-farm, private and manufacturing sectors is up from 8.2 to 8.3 percent while unemployment claims are down to 361,000, the amount of jobs added (163,000 in July) is not enough to keep up with the growing labor force.

Jobless Americans who have been lucky enough to collect unemployment while they are actively seeking work are now in jeopardy of losing their financial safety net, as benefits for 1 million long-term unemployed Americans will phase out this year.

In addition, 2 million more jobless Americans may get their unemployment benefits cut by the end of the year as many economists predict Congress will not renew the extended unemployment benefits program.

A federal law passed in February mandates these benefit cutbacks even though millions of Americans are still out of work.

Although the number of jobless workers has decreased by nearly 2 million over the last two years, down from 15 million in 2010 to 13 million today, the 163,000 jobs the economy added in July can only help 1.3% of the unemployed population.

For this reason, many jobless Americans agree that unemployment benefits are needed now, more than ever.

Reports from USA Today reveal that next year offers an even more bleak forecast for jobless Americans as the National Employment Law Project (NELP) predicts only one in four Americans will be eligible to receive unemployment benefits in 2013.

While many lawmakers believe cutting unemployment benefits is a necessary evil to help balance the national budget, cutting unemployment benefits will have a significant impact on personal budgets.

To get more details about the unemployment cuts scheduled to take place this year, head over to USA Today.

 

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