Summary of Labor Market Will Lose 400,000 Jobs in 2013 if UI Extensions Expire

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Labor Market Will Lose 400,000 Jobs in 2013 if UI Extensions Expire summary
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In November 2012, Lawrence Mishel and Heidi Shierholz, both economists at the Economic Policy Institute, published an article arguing that the planned December 2012 expiration of “federally funded extended unemployment insurance (UI) benefits” would have negative consequences for the US economy. Later, Congress voted to extend UI benefits through 2013, but unless the job situation improves, the US will face the same crisis in another year. Though the authors' assessment is light on details, getAbstract recommends it to US policy makers and to Americans who would lose out should extended UI benefits expire – who are many more than just the jobless.

In this summary, you will learn

  • Why America’s long-term unemployment rate remains stubbornly high and
  • What costs US society will incur with the planned elimination of extended unemployment insurance.
 

About the Authors

Lawrence Mishel is an economist and the president of the Economic Policy Institute. Heidi Shierholz is an economist who researches trends in the labor market.

 

Summary

Though America’s recession ended in June 2009, long-term unemployment remains a significant problem, with more than five million people out of work for six months or more. The number of long-term unemployed was four times greater in 2012 than it was in 2007. Even as the economy recovers, unemployment...

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