Congresswoman Yvette D. Clarke’s joins the House in Passing Unemployment Benefits for Americans
Today, Rep. Yvette D. Clarke joined the House of Representatives in passing H.R. 4213, the Unemployment Compensation Extension Act, by a vote of 272 to 152. This emergency legislation will extend unemployment insurance (UI) benefits to millions of Americans families.
“With New York City’s unemployment rate at 9.6 percent, this legislation will provide families the economic resources they need to get through these tough economic times,” said Rep. Clarke. “While the national economy has shown signs of improvement recently, the current pace of job creation is evidence that government action is needed to help Americans during this tough economic time.”
This bill extends the Emergency Unemployment Compensation and Extended Benefits programs through November 30, 2010 and retroactively restores benefits to some people who have already lost theirs.
Extending unemployment benefits is not only good for the unemployed; it is also one of the best and fastest ways to stimulate the economy, according to analysis from the nonpartisan Congressional Budget Office (CBO). Unemployment benefits were responsible for creating more than 1 million jobs since the recession started, and adding almost 2 percent to the gross domestic product according to the Economic Policy Institute. In fact, every dollar in unemployment benefits creates $1.61 in economic activity, according to Economist and former John McCain advisor, Mark Zandi.
“I know that the best way to help the American economy is to keep its people on their feet, while we continue working to create American jobs. That’s why I fought to extend unemployment benefits for the people of New York,” stated Congresswoman Yvette D. Clarke. “New Yorkers and the American people need it and that is why I am proud to see this legislation go to the President to be signed into law.”