360° Coverage : Unemployment Benefits Stalled In Senate Because The Electorate...

2 Updates
Unemployment Benefits Stalled In Senate Because The Electorate Wants Economic Growth Too

Unemployment Benefits Stalled In Senate Because The Electorate Wants Economic Growth Too

Jan 15 2014, 8:22am CST | by

The failure of the Senate to reach an agreement on either a short (3 month) or longer- term (11 month) extension of  unemployment insurance combined with two new polls showing the electorate is...

Filed under: news

 
 
 

39 weeks ago

Unemployment Benefits Stalled In Senate Because The Electorate Wants Economic Growth Too

Jan 15 2014, 8:22am CST | by

The failure of the Senate to reach an agreement on either a short (3 month) or longer- term (11 month) extension of  unemployment insurance combined with two new polls showing the electorate is moving away from ‘economic fairness’ arguments is the clearest evidence of a pivot toward a preference for ‘growth’ policies.

The reason the issue has stalled is deeper than Republican intransigence over how the extension would be paid for.  This has never been a debate about fiscal responsibility and pay-go rules.  The inability of the two bills to reach the current filibuster threshold and Senator Harry Reid’s unwillingness to allow the possibility of a diverse array of amendments suggests that while a consensus among lawmakers has yet to emerge, the electorate – calling into Congressional offices back home – clearly wants something more productive in return for the extension.

Lawmakers sense this but are confused by all of the inputs and the emotional intensity tied to each preference.  Washington is just too noisy right now.  After returning from their recess, it is very likely that legislative deal-making will better reflect what the electorate is communicating.

My read is that the electorate now wants economic growth policies paired with any major piece of income redistribution legislation.  That is what the latest Rasmussen poll on the economic fairness vs. economic growth question suggests to me. Finding that 53% of Americans rate economic growth over economic fairness, Rasmussen concluded yesterday, “President Obama has declared income equality to be his number one issue this year, but most voters continue to rate economic growth as more important than economic fairness.”

And citing the always elusive (and often biased) ‘internal poll,’ Rep. John Boehner, with glee, pointed out that Republican pollster David Winston has determined that more Americans now blame President Obama for the state of the economy than do President George W. Bush, who was in power at the beginning of the Great Recession.

The Hill reports, “The Speaker shows slides illustrating the numbers. After Obama’s 2012 reelection, according to Winston’s polling, 53 percent of voters said ‘policies of the past’ were causing the nation’s economic problems, while 44 percent blamed policies ‘of the present.’ Polling in November 2013 found those numbers largely reversed; 41 percent blame the policies of the past, while 49 percent blame current policies. ‘Since he can’t blame George W. Bush anymore, the president has chosen to talk about rising income inequality, unemployment, and the need to extend emergency unemployment benefits,’ Boehner said. ‘After five years in office, Barack Obama still doesn’t have an answer to the question: Where are the jobs?

The only problem with Rep. Boehner’s thesis is that if the electorate is asking President Obama ‘where are the jobs?’ they are similarly wondering of Republicans, ‘where are your growth policies?

Clearly, with Republicans polling higher than Democrats on the issue of who is better suited to handle the economy, the electorate is not looking for obstruction of redistribution policies as much as they are looking for avenues which proactively increase employment.

As I pointed out in “Because Republicans React To Obama They Are Controlled By Him,” it is Democrats who are taking the lead in more prominently advancing ideas and legislation in accordance with their economic ideology.  Republicans focus on the errant ways of these policies without offering their own.

Either economic growth is no longer a part of the party’s ideology – replaced by anti-Government Tea Party fiscal populism –  or Republicans have become demand-side Keynesians themselves or the economic growth wing of the party is too marginalized or unorganized within it.

From another direction, Brad Plumer points out the effect of all of this in The Washington Post,  “Economists on both the left and the right who have looked at this problem tend to think the government needs to do a lot more to tackle long-term unemployment. That could include work-sharing programs. Or tax incentives for companies that hire the long-term jobless, as economist Dean Baker has suggested. Or relocation assistance. Or even, as AEI’s Kevin Hassett has proposed, the government could hire people directly. But Congress isn’t doing any of these things. They’re not even talking about any of these things. The only debate is between Democrats (and some Republicans) who want to extend the emergency unemployment insurance program and conservatives who oppose it. But there’s little legislative debate over larger, more comprehensive measures.”

Congress can’t reach a deal over the extension of unemployment insurance because only one side – the Democrats –  or one economic school, Keynesian, proactively offers an agenda.

Once Republicans figure this out, not only will we have a more robust economic debate but one that brings us closer to economic growth.

- Follow Cedric on Twitter

Source: Forbes Business

 
Update
2

7 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slas ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

7 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Nepal ministries monitor 'third worst airport'
Kathmandu, Oct 22 (IANS) Five Nepalese ministries Wednesday decided to monitor the country's only international airport after it was ranked as the world's third worst airport by a famous travel website, saying the airport resembled a "bus station in an impoverished neighbourhood".
 
 
Indians in Gambia contribute to Ebola fight
Dakar (Senegal), Oct 22 (IANS) The Indian community in neighbouring Gambia, one of the three countries in West
 
 
Cuba to move UN for lifting of US embargo
New York, Oct 22 (IANS) The Cuban government will submit a draft resolution to the UN General Assembly (UNGA) Oct 28 to end an economic, financial and trade embargo the US has imposed on it.
 
 
Togo is free from Ebola, asserts PM
Cairo, Oct 22 (IANS) Togolese Prime Minister Kwesi Ahoomey-Zunu has asserted that his country is free from Ebola disease, saying that all preventive measures have been taken on borders, airports and harbours to detect the virus.
 
 
 

Latest from the Network

European Champions League standings
Paris, Oct 22 (IANS) Following are the European Champions League standings for Groups E to H after Tuesday's matches (tabulated under matches played, won, drawn, lost, goals for, against, points), according to Xinhua...
Read more on Sport Balla
 
Rogerio set to break Giggs world record
Rio de Janeiro, Oct 22 (IANS) Sao Paulo goalkeeper Rogerio Ceni is one victory away from earning his fourth Guinness World Record by eclipsing a mark held by Manchester United legend Ryan Giggs. The 41-year-old will...
Read more on Sport Balla
 
Ryan Reynolds can't keep his hands off Blake Lively
Ryan Reynolds was ''really sweet'' to Blake Lively at the Angel City Ball. The couple, who got married in September 2012, made their first red carpet appearance together in New York City on Monday night (10.20.14) since...
Read more on Celebrity Balla
 
Kris Jenner doesn't know who Bruce Jenner is dating
Kris Jenner has ''no idea'' whether Bruce Jenner is dating her best friend. The 58-year-old reality TV star, who split from the Olympic gold medallist last October after 23 years of marriage, claims she doesn't know if...
Read more on Celebrity Balla
 
When Rihanna dressed like 'Harry Potter'
New York, Oct 22 (IANS) Singer Rihanna was spotted here in a Harry Potter style costume. She wore the wizard-like get-up while heading for a business meal here Monday, reports mirror.co.uk. The 26-year-old combined a...
Read more on Celebrity Balla
 
Germany raises humanitarian aid to Iraq
Berlin, Oct 22 (IANS) Germany has pledged a further 20 million euros (about 25.5 million dollars) in humanitarian aid to Iraq, the foreign ministry said in a statement Tuesday. The additional funds are immediately...
Read more on Politics Balla
 
India calls on Israel, Palestine to resume peace process
United Nations, Oct 22 (IANS) India has called upon Israelis and Palestinians to resume the peace process as "dialogue remains the only viable option" to address the issues confronting the region. In a brief statement...
Read more on Politics Balla
 
Airstrikes help ground forces fight IS: Pentagon
Washington, Oct 22 (IANS) Kurdish forces are in control of the majority of the Syrian city of Kobane despite efforts by the Islamic State (IS) to take the town, a spokesperson for US defence department said Tuesday....
Read more on Politics Balla
 
Palestine, Israel urged at UN to halt unilateral initiatives
United Nations, Oct 22 (IANS) UN Secretary-General Ban Ki- moon Tuesday called on Palestine and Israel to overcome differences and halt unilateral initiatives that fuel mistrust, so as to pursue long-term stability in...
Read more on Politics Balla
 
China urges Israel to create conditions for peace
United Nations, Oct 22 (IANS) Chinese government has called on Israel to create necessary conditions for the resumption of peace talks with Palestine. At an open debate of the Security Council on the situation of the...
Read more on Politics Balla