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Ending jobless benefits has toll

December 22, 2013
Parkersburg News and Sentinel

According to the U.S. Department of Labor, extending federal unemployment benefits (which go beyond state unemployment benefits when someone has been unemployed long-term) would cost about $25 billion through 2014. However, the unemployed reliably spend that money, creating a multiplier effect in the economy. Mark Zandi, chief economist at Moody's Analytics, estimates that every dollar of unemployment benefits generates about $1.55 in economic activity. By that measure, ending the payments would cost about $39 billion in spending next year.



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