What does it cost to get $2.4 billion in unemployment benefits extension?
President Obama is scheduled today to put his signature to HR 3548, the unemployment extension bill that’s been struggling to make its way out of Congress for over a month. Thousands of unemployed Americans will applaud this move by Congress and the White House. Despite the protracted process of getting the bill through the Senate after an initial version was passed in the House, this is much-needed legislation that will help unemployed Americans whose benefits have or will run out in all 50 states.***
Also included in this bill is an extension of the homebuyer tax credit to April 2010. The bill totals $24 billion in economic stimulus through these programs.
The House voted 403-12 today to approve Senate amendments to H.R. 3548, the Unemployment Compensation Extension Act of 2009, and sent the measure to
President Obama for his signature. The bill extends unemployment insurance benefits but also includes a provision added in the Senate that will expand businesses` ability to “carry back” net operating losses suffered during the current recession in order to claim a refund from taxes paid in previous years.
You see- you aren’t allowed to just pass a bill extending unemployment benefits at the cost of $2.4 billion dollars, because that would be socialism. It takes another $21.6 billion to grease the palms of the people who own the “moderates” and the “fiscal conservatives,” and once you get the cost up to $24 billion, you have achieved “capitalism.”
Please tell me I am interpreting this wrong. I would love to be wrong about this. I really would. I’m sure no bad can come from artificially propping up the housing market with tax credits.