Harry Reid: Extending unemployment would increase GDP by 23 billion dollars

Jan 6, 2014 Read more: Examiner.com 21
Senate Majority Leader Harry Reid made some wild, and unchallenged, assertions about extending unemployment benefits, minimum wage increases, the Tea Party and class warfare Sunday on CBS News' " Face the Nation " with Bob Schieffer. Read more
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Not So Fast

Omaha, NE

#1 Jan 6, 2014
He's nuts!
wild child

Brooklyn, NY

#2 Jan 6, 2014
Well here is how this will go unemployed americans and military people plus the vets, are going to make a very big stink about this.then they are going to say, cut the illegal benefits.which they have every right to say.and that is how we put the last bullet in any amnesty.or benefits for illegals.that is why they are pushing to restore.dont think no one will bring this up.so like I always say.no amnesty it will never happen .
wild child

Brooklyn, NY

#3 Jan 6, 2014
Harry is a jerk.cut illegals harry they cant drive lmao.
spud

Bangor, PA

#4 Jan 7, 2014
The only thing getting increased by extending unemployment benefits is the national debt, period.
wild child

Brooklyn, NY

#5 Jan 7, 2014
spud wrote:
The only thing getting increased by extending unemployment benefits is the national debt, period.
right, thats why they are doing this (the republicans) they will say we cut this, this and that we need to cut illegal benefits now.lol.plus it shows how obama lies about the economy doing well.this spud will put the final nail in the coffin for amnesty.and obamacare.
lolol

Albuquerque, NM

#6 Jan 7, 2014
only dingy old harry would think borrowing 23 billion from the chinqs for the taxpayer to pay down the road would increase growth, it would just sell 23 billion dollars of cheap chinese walmart junk to the unemployed. who wins ? china of course.
Memo From Turner

Bellmore, NY

#7 Jan 7, 2014
Of course he never really said that, but why let that get in the way of a good headline. He said it would increase the GDP by 23 billion. There is a HUGE difference between growing the GDP and increasing the debt.

On the other hand not extending the unemployment insurance will result in the lose of an estimated 310,000 jobs and will pull the GDP down by about .4%. Good news for right wingers who root against their own country, but bad news for real Americans.

While we are on the subject of the national debt, the wildly popular (at least on the right) government shut down stunt cost $25B and I have yet to hear a right winger who is trying to find a way to pay for that.

Memo From Turner

Bellmore, NY

#8 Jan 7, 2014
lolol wrote:
only dingy old harry would think borrowing 23 billion from the chinqs for the taxpayer to pay down the road would increase growth, it would just sell 23 billion dollars of cheap chinese walmart junk to the unemployed. who wins ? china of course.
The US has never borrowed money from any country, including China.
Memo From Turner

Bellmore, NY

#9 Jan 7, 2014
Memo From Turner wrote:
Of course he never really said that, but why let that get in the way of a good headline. He said it would increase the GDP by 23 billion. There is a HUGE difference between growing the GDP and increasing the debt.
On the other hand not extending the unemployment insurance will result in the lose of an estimated 310,000 jobs and will pull the GDP down by about .4%. Good news for right wingers who root against their own country, but bad news for real Americans.
While we are on the subject of the national debt, the wildly popular (at least on the right) government shut down stunt cost $25B and I have yet to hear a right winger who is trying to find a way to pay for that.
To clarify the comment about the headline was incorrect. He did say GDP, but it seemed to morph into "debt" in the comments.
spud

Bangor, PA

#10 Jan 7, 2014
Memo From Turner wrote:
Of course he never really said that, but why let that get in the way of a good headline. He said it would increase the GDP by 23 billion. There is a HUGE difference between growing the GDP and increasing the debt.
On the other hand not extending the unemployment insurance will result in the lose of an estimated 310,000 jobs and will pull the GDP down by about .4%. Good news for right wingers who root against their own country, but bad news for real Americans.
While we are on the subject of the national debt, the wildly popular (at least on the right) government shut down stunt cost $25B and I have yet to hear a right winger who is trying to find a way to pay for that.
They never should have paid those workers. That's not a Republican solution but it is a conservative solution.. Both parties suck, especially yours.
Aphelion

Melbourne, FL

#11 Jan 7, 2014
Memo From Turner wrote:
Of course he never really said that, but why let that get in the way of a good headline. He said it would increase the GDP by 23 billion. There is a HUGE difference between growing the GDP and increasing the debt.
On the other hand not extending the unemployment insurance will result in the lose of an estimated 310,000 jobs and will pull the GDP down by about .4%. Good news for right wingers who root against their own country, but bad news for real Americans.
While we are on the subject of the national debt, the wildly popular (at least on the right) government shut down stunt cost $25B and I have yet to hear a right winger who is trying to find a way to pay for that.
Like to hear your explanation as to how cutting unemployment will cost an estimated 310,000 jobs.

This ought to be good.
Aphelion

Melbourne, FL

#12 Jan 7, 2014
Memo From Turner wrote:
<quoted text>
The US has never borrowed money from any country, including China.
I guess they don't have schools where you're from:

The United States has run a budget deficit for all but three years since 1950. To run, our government must borrow money. Some of this money comes from overseas.
Background

The U.S. borrows money from overseas the same way that it borrows domestically: by selling securities. China and Japan are two of the biggest lenders to the U.S.
Treasury Bills

The U.S. Treasury auctions short-term borrowing instruments, called Treasury-bills. These pay a very low interest rate, but overseas investors, including individuals and countries, purchase them because they are safe and provide a quick guaranteed return.
Treasury Notes And Bonds

The U.S. government also sells longer-term debt instruments, called Treasury Notes and Treasury Bonds. These pay a higher rate of return than Treasury Bills but are repaid over a longer period of time. Again, the appeal is that they are safe investments.
How Much Do Owed?

As of 2009, China holds more than $1 trillion dollars in U.S. Treasury securities. The total foreign investment in U.S. securities, as of 2008, was $2.1 trillion.
Relationship of Overseas Borrowing and Trade Deficit

When the U.S. buys more products from a country than it sells to that country, the other country can invest the proceeds from its trade surplus in U.S. securities, in effect lending the U.S. its own money. China is one such example of a trading partner investing in U.S. securities with money earned from trade with the U.S.
Memo From Turner

Bellmore, NY

#14 Jan 7, 2014
Aphelion wrote:
<quoted text>
Like to hear your explanation as to how cutting unemployment will cost an estimated 310,000 jobs.
This ought to be good.
Simple mathematics. 1.3 million people lost their unemployment last week and an estimated 5 million more will lose it in the coming six months unless th emergency unemployment benefits that GW Bush implemented are extended. The maximum benefit is about $400 a week, but the average is closer to $300 a week. That means 5 million people will be spending $300 less per week. When considering the economic multiplier effect which is between 1.55 and 2 times the actual amount paid out in benefits it will take billions of dollars out of the economy.

Spending $25.2 billion on unemployment insurance extensions in 2014 would increase consumer spending and expand GDP by an estimated $37.8 billion, raising our $16.7 trillion GDP by roughly 0.2 percent. This increase in economic activity would translate into around 310,000 jobs.
Dee Dee Dee

Emmaus, PA

#15 Jan 7, 2014
Memo From Turner wrote:
<quoted text>
Simple mathematics. 1.3 million people lost their unemployment last week and an estimated 5 million more will lose it in the coming six months unless th emergency unemployment benefits that GW Bush implemented are extended. The maximum benefit is about $400 a week, but the average is closer to $300 a week. That means 5 million people will be spending $300 less per week. When considering the economic multiplier effect which is between 1.55 and 2 times the actual amount paid out in benefits it will take billions of dollars out of the economy.
Spending $25.2 billion on unemployment insurance extensions in 2014 would increase consumer spending and expand GDP by an estimated $37.8 billion, raising our $16.7 trillion GDP by roughly 0.2 percent. This increase in economic activity would translate into around 310,000 jobs.
LMFAO
The "thought" process of an Obamabot!
Memo From Turner

Bellmore, NY

#16 Jan 7, 2014
Dee Dee Dee wrote:
<quoted text>
LMFAO
The "thought" process of an Obamabot!
Ah the random insults of a shemale that has nothing worthwhile to say.
Dee Dee Dee

Emmaus, PA

#17 Jan 8, 2014
Memo From Turner wrote:
<quoted text>
Ah the random insults of a shemale that has nothing worthwhile to say.
Ah another homophobic insult from the closet queen. You really should come to grips with your homophobia. Hating people because they have different sexual tastes. political views or skin color is not only a sign of ignorance, it often is the result of deep psychological issues. That along with your compulsive lying and use of multiple aliases to "hide" you various personalities is typical of sever mental issues. You do not possess or have access to any weapons do you?
Memo From Turner

Bellmore, NY

#18 Jan 8, 2014
Dee Dee Dee wrote:
<quoted text>
Ah another homophobic insult from the closet queen. You really should come to grips with your homophobia. Hating people because they have different sexual tastes. political views or skin color is not only a sign of ignorance, it often is the result of deep psychological issues. That along with your compulsive lying and use of multiple aliases to "hide" you various personalities is typical of sever mental issues. You do not possess or have access to any weapons do you?
Oh you are claiming to be gay now? It is so confusing with you. Sometimes you demand to be treated like a woman and other times you are suddenly a man. I didn't realize how deep your issues were. I do hope you can get some help and come to terms with yourself. Good luck with that.
Dee Dee Dee

Emmaus, PA

#19 Jan 10, 2014
Memo From Turner wrote:
<quoted text>
Oh you are claiming to be gay now? It is so confusing with you. Sometimes you demand to be treated like a woman and other times you are suddenly a man. I didn't realize how deep your issues were. I do hope you can get some help and come to terms with yourself. Good luck with that.
More lies from the queen of ignorance.Show me just one post where I claimed to be gay or a woman. I am still waiting on you to show me one racist post I have made. Also I am waiting for you to show me the post where I claimed to pay as you said "thousands of dollars a month" for health insurance. You have been caught in more lies than Obama.
Just because I opposes discrimination and homophobia I am not required to be a member of the groups I defend. You support illegal aliens yet I do not assume that you are an illegal alien.
I am comfortable with my sexuality and unlike you I do not hate and fear homosexuals or people of different races, cultures or religions. You should try opening you mind rather than your mouth though I suppose that is not possible since you obviously are not equipped to do so.
Memo From Turner

Bellmore, NY

#20 Jan 10, 2014
Dee Dee Dee wrote:
<quoted text>
More lies from the queen of ignorance.Show me just one post where I claimed to be gay or a woman. I am still waiting on you to show me one racist post I have made. Also I am waiting for you to show me the post where I claimed to pay as you said "thousands of dollars a month" for health insurance. You have been caught in more lies than Obama.
Just because I opposes discrimination and homophobia I am not required to be a member of the groups I defend. You support illegal aliens yet I do not assume that you are an illegal alien.
I am comfortable with my sexuality and unlike you I do not hate and fear homosexuals or people of different races, cultures or religions. You should try opening you mind rather than your mouth though I suppose that is not possible since you obviously are not equipped to do so.
You're a joke.
Justin

United States

#21 Jan 10, 2014
I don't understand how an intelligent moticated person can be unemployed for more than three months.

Not being able to find job you like, sure.

Not being able to find a job related to your education or previous occupation, yes.

But floundering dead in the water for a full year???

A Mexican who leaves his family and friends behind, travels 2,000 miles to enter the US illegally, having no education or English, can land a job earning $15 an hour.

I'd be curious to hear feedback from some of you guys, especially those of you who are currently unemployed, about your perspective on this. Do you feel that as an entitled American citizen, you are actually at a disadvantage?
If someone pulled the safety net out from under you, and you knew there would be no chance of government going forward, would that actually motivate you to seek avenues of employment that you havn't considered yet?

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