Monday, March 1, 2010

Beggars on the streets

Unemployment compensation is an insurance policy, so every time benefits are extended it taxes the reserves of the program. Now the program is flat broke because the economy is in shambles and is not likely to improve anytime soon. Now along comes Sen. Bunning who is singlehandedly defeating another extension of benefits because it will add to the debt. There are many problems with his reasoning. First is that if he is so fiscally conservative why did he vote for the Bush tax cuts with no way to pay for them? Why did he support a war that was conducted off budget (all deficit spending)? Why did he miss the vote on TARP when John McCain suspended his campaign in order to get this done (I know John doesn't remember this himself)? So lets welcome the Jimmy come lately to fiscal conservatism. What is going to happen to the unemployed? Well some will join the ranks of the employed, granted at a much lower salary (minimum wage?). Some will be able to get welfare. The rest will become beggars in the streets, kind of like the depression. Maybe he is nostalgic for that time period. As much as I can agree with this stand on the surface I fail to see exactly how this moves the country forward. The good Senator should consider the costs of doing nothing.

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