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Unemployment Compensation Extension Act of 2010

Floor Speech

Date: July 22, 2010
Location: Washington, DC
Issues: Unemployed and Low-Income Health Insurance Government Budget and Spending

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Mr. GENE GREEN of Texas. Mr. Speaker, I rise in support of the over 150,000 residents in the State of Texas who have lost their unemployment benefits since June 2nd. Nationally, over 2.5 million Americans have lost their eligibility for unemployment insurance, at a time when our country is suffering through the most difficult economic slump it has witnessed since the Great Depression.

Unemployment insurance helps our country in two crucial ways:

First, unemployment insurance assists those hurt most by this recession.

Second, unemployment insurance is a major job creator.

Nearly 15 million Americans are out of work. Of these 15 million, 46 percent have been out of work for more than six months. In recent months, there have been at least five unemployed workers for every job opening.

These are proud, working Americans who have already been victimized by the state of our Nation's economy. Why are we victimizing them again by denying them this crucial lifeline?

Unemployment insurance is also one of the most stimulative measures the Federal Government can take to help the economy. The Congressional Budget Office has found that for every dollar spent on unemployment benefits, $1.90 of economic growth is generated.

In a recent study by the non-partisan Economic Policy Institute, the expansion of unemployment benefits since 2007 has supported 1.7 million full-time equivalent positions. These jobs have raised GDP by $244.8 billion, a 1.7 percent boost.

In sharp contrast to extending tax cuts for the wealthiest in our country, unemployed Americans will spend their benefits immediately to pay their rent, buy groceries and other necessary goods, thereby creating jobs throughout the economy.

This is not simply smart policy. This is a moral issue. We will be helping our friends and neighbors during their time of need.

I call upon my colleagues on both sides of the aisle to vote in favor of the Restoration of Emergency Unemployment Compensation Act.

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