MSNBC on the "Coming Tsunami "...1.5 million expected to exhaust unemployment benefits by year’s end

[Amerigo Vespucci]

Coming tsunami

Despite repeated extensions of the unemployment compensation program — up to a record 79 weeks in many states, compared to the standard 26 weeks in normal times — some 1.5 million people are expected to exhaust their benefits by year’s end.

In the first big wave, some 540,000 are expected to fall out of the program by the end of September, according to the nonprofit National Employment Law Project.

“Every state is going to experience a substantial increase in people exhausting their benefits,” says Chris Owen, executive director of the Washington, D.C.-based worker advocacy group. “That means more people who will not be able to pay their mortgages, and who will not be able to shop and buy things. It will be a blow for the national economy, and for state and local economies.”

For many in this situation, there are few obvious places to turn. Short of qualifying for another government program, most rely on family and friends, and draw on the help of churches and nonprofits that run food pantries and assist with other emergency needs.

http://www.msnbc.msn.com/id/32555445/ns/us_news-the_elkhart_project/

[Hello_Kitty]

1. Yikes. eom

[tabatha]

2. And CA is the worst.

[OhioChick]

3. Wow. n/t

[tridim]

4. The job market is definitely picking up, at least it is here in Denver

I'm still fighting for my UI benefits, but in the mean time I'm getting all kinds of new interest in my resume, something that hasn't happened since the IT bubble burst in 2000.

I completely understand the feeling of hopelessness, but don't give up! That's the one sure-fire way of never finding a job. Send out twice as many resumes and follow up on every one.

[Javaman]

5. This is why, myself and many other people continue to say...

how do you have a jobless recovery?

It doesn't happen.

Job creation and recovery have to happen in a delicate balance.

Too many jobs, economy flattens.

Too less jobs, economy craters.

[Amerigo Vespucci]

6. The third paragraph is the one to really be concerned about...

..."more people who will not be able to pay their mortgages, and who will not be able to shop and buy things..."

And that creates another ripple effect among the people who are afraid to spend anything right now, even if they have it. I don't see any evidence of the "cocooning" diminishing. When purchases are prioritized by "survival items" first, business who aren't selling survival are in for a bad time.

[The Straight Story]

7. Just signed up a few weeks ago, still waiting to hear back on it all

Keep sending out resumes, getting little back. Sigh.

[NickB79]

8. Can you say "W-shaped depression"?

I have a bad feeling we haven't seen the true bottom yet, not by a long shot.

[Odin2005]

10. Kinda fitting given DimSon's middle name.

[bluesmail]

9. The Continued Collapse of America. eom

[4_TN_TITANS]

11. When there's no money, jobs, the nonprofits are tapped out,

about the only thing left is simply taking what you need to survive from others, otherwise known as "crime". Reminds me of reading about 'backyard gardens with armed guards' during the Depression.

[Greyhound]

12. This is developing just as predicted when Obama chose, and make no mistake it was a choice,

to prop up the non-productive, non-hiring, financial parasites instead of putting our resources into people and jobs.

This is just the third wave of one tsunami and there are at least two more coming toward us.

Wall Street IS NOT THE ECONOMY! It is now a casino where the parasites gamble with OPM.