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The economy is supposedly recovering. Corporate profits are up. The stock market is waaaayyyy up. And Wall Street bonuses. And the Fed is holding interest rates at zero which is a huge tax on people who save money and especially those who thought they might live off of savings instead of loans.
But unemployment and COBRA benefits are running out. Actually they ran out, then Congress passed a very short extension, and it hasn't been heard from since.
And not only COBRA subsidies are running out, COBRA itself starts running out soon. Under the COBRA law you can buy your employee health insurance (at extra cost above what the company pays) for 18 months and then you are at the mercy of the preexisting conditions. The health care bill was supposed to cover this and provide something for people in the interim before the full package kicks in (ordering all of us to give money to the big insurance corporations) but it didn't and it doesn't. So COBRA is running out for millions, never mind the subsidies. And the Washington elites are enjoying Washington's nice restaurants.
More Than a Million in U.S. May Lose Jobless Benefits,
Since the U.S. recession began in December 2007, Congress has extended the length of unemployment benefits for the jobless three times. Now, the lawmakers may have reached their limit.
They are quietly drawing the line at 99 weeks of aid, a mark that hundreds of thousands of Americans have already reached. In coming months, the number of those who will receive their final government check is projected to top 1 million.
Atrios reminds us this means more foreclosures, too. (If you can imagine more.)
Yes, my wife and I are on COBRA and we're over 50. Like millions of others. Why, is it something I said?
From the Bloomberg story: "Some Republicans say cutting off aid will spur people to find work."
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