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Unemployment Economics Project

Econ
by

Jacob Brostuen

on 13 December 2012

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Transcript of Unemployment Economics Project

What is unemployment insurance? Who is unemployment insurance provided to? Specific Benefit Programs What are the advantages and who does the plan benefit? Advantages: Who It Benefits: What are the drawbacks and who is this plan bad for? Drawbacks Who is this plan bad for? What is the potential impact on the national debt? Op-ed Unemployment insurance is a form of social insurance designed to compensate certain categories of workers for unemployment that is involuntary and short term. The programs were created primarily to provide financial assistance to laid-off workers during a period deemed long enough to enable them to find another job or be rehired at their original job. Other programs are needed to help the permanently disabled or the long term unemployed, because unemployment benefits do not cover these kinds of people. Federal and State collaboration are needed to administer the unemployment insurance program. It is the Federal government’s responsibility to fund the operation, but a state's responsibility to give the payment to programs like the trade adjustment assistance, disaster unemployment assistance, and unemployment compensation for Federal employees and ex-service members. Funds used for the benefits may not be used for any program administration costs nor for training, job search, and job relocation payments. Disaster Unemployment Assistance (DUA) is paid out of funds provided by the Federal Emergency Management Agency (FEMA). Benefits for former Federal civilian employees after October 1, 1983, former members of the Armed Forces, (including postal workers) are paid out of the Federal Employees Compensation Account (FECA) in the Unemployment Trust Fund, subject to reimbursement by the former employing agency. Under the Trade Adjustment Assistance (TAA) program, weekly trade readjustment allowances (TRA), TAA training costs (including subsistence and transportation), job search allowances, relocation allowances, and the administration of TAA training are paid out of funds of the Federal Unemployment Benefits and Allowance Appropriation Account (FUBA). Any worker who has a wage that meets the requirements of the program, are subject to State unemployment insurance laws. Unemployment insurance is aimed to help families survive periods of unplanned unemployment. Benefits should help individuals and families obtain basic needs, such as food and housing, while searching for new employment. People under the Federal civilian employees, ex- service members, trade readjustment allowance, and Disaster Relief and Emergency Assistance Act, are eligible if they are involuntarily unemployed, able to work, available for work, meet the eligibility and qualifying requirements of the State law, and are free from disqualifications. Individual State information and eligibility requirements are available from local employment offices. Depending on its length, unemployment has negative effects on the US Economy. With people becoming unemployed, the money that is going to them comes directly from the government and therefore adds to the current deficit. The Plan is bad for any taxpayer, because the money that Americans are paying through tax are going to programs such as this. It is also hurting the Federal government, because it is only adding to the massive deficit. It could also be argued that it is also bad for the population as a whole, if you relate it to the philosophy of limited government involvement. If it were based off of this concept, the plan increases our dependence on the Federal Government which is depicted by many as a considerable problem. Well grants can range from $2,000,000 to $355,000,000, with the average at$42,500,000.
(These figures are based upon funds awarded in the past fiscal year and the current fiscal year to date. Also indicated is an approximate average amount of awards which were made in the past and current fiscal years.) It is obvious that the unemployment rate in the United States has seen some all-time highs, providing evidence that the dependency upon the program is quite extensive and thus meaning more money put into the program and adding greatly to the federal debt. In our opinion we believe that unemployment insurance benefits should be limited to 3-6 months. On the condition, that the jobless person looks for at least 2 jobs per week with a paper from the company, that states that they have applied to the job. Depending on the situation of the jobless person, that will determine how long the person will have before the unemployment benefits will be cut off.

If the employee is fired then the usual rules apply in which the now unemployed person does not get unemployment benefits. However if the Employees are laid off then they can have the unemployment benefits again. The unemployment insurance benefits amount should be based on their background and situation. All of these examples are based on people with high school diplomas:

This basis for unemployment will meet some resistance in which instead of about 400 a month, the unemployed person could get as much as an employed person could gain in a month. The least amount would $385.00 per month Single or with Spouse: Fired=NO $$$!
Single with 0-1 kids Degree: $485.00
Single with 0-1 kids No Degree: $385.00
Single with 2+ kids Degree: $635.00
Single with 2+ kids No Degree: $535.00
Spouse (employed) with 0-1 kids Degree: $385.00
Spouse (employed) with 0-1 kids No Degree: $485.00
Spouse (laid off) with 0-1 kids Degree: $635.00
Spouse (laid off) with 0-1 kids No Degree: $535.00
Spouse (employed) with 2+kids Degree: $485.00
Spouse (employed) with 2+kids No Degree: $400.00
Spouse (laid off) with 2+ kids Degree: $655.00
Spouse (laid off) with 2+ kids No Degree: $535.00 Salary Examples Time allotted Examples:
Single or with Spouse: Fired=NO!
Single with 0-1 kids: 3 months to find a job
Single with 2+ kids: 5 months to find a job
Spouse (employed) with 0-1 kids: 4 months to find a job
Spouse (laid off) with 0-1 kids: 5 months to find a job
Spouse (employed) with 2+kids: 5 months to find a job
Spouse (laid off) with 2+ kids: 6 months to find a job Works Cited

"Colorado Unemployment Insurance Benefits ESTIMATOR." Colorado Unemployment Insurance Benefits ESTIMATOR. N.p., 12 Dec. 2012. Web. 12 Dec. 2012.

Long, Nicole. "Benefits & Disadvantages of Unemployment Benefits." EHow. Demand Media, 28 Apr. 2011. Web. 12 Dec. 2012.

"Info: Unemployment Insurance (INSURANCE, BENEFITS)." Info: Unemployment Insurance (INSURANCE, BENEFITS). US Federal Government Agency: Department of Labor, 1 Dec. 2012. Web. 12 Dec. 2012.

"Job Reviews and Employer Research." Job Reviews and Employer Research | Letter A. Career Leak, 7 Dec. 2012. Web. 12 Dec. 2012.
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