Unemployment Extension Signed by President Obama

President Obama signed a new bill that will extend unemployment benefits to struggling Americans. The unemployment extension will enable recipients in high unemployment states to receive up to 99 weeks of benefits -- the longest span of time in history. The Associated Press reports:

President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective homebuyers and additional jobless benefits to those idled by the business slump.

The bill-signing came a day after the House, displaying rare bipartisan agreement over the troubling employment picture nationally, voted 403-12 to pass the measure. The Senate had approved it unanimously on Wednesday.

The White House said the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February to avert an economic meltdown.

"The need for such a measure was made clear by the jobs report that we received this morning," Obama said, citing Friday's government report the jobless rate hit 10.2 percent last month, the highest since 1983.

He called it a "sobering number that underscores the economic challenges that lie ahead" and vowed that "I will not rest until all Americans who want work can find work."

... The law provides another 14 weeks of benefits to all out-of-work people who have exhausted their benefits or will do so by the end of the year, estimated at nearly 2 million. Those in states where the jobless rate is 8.5 percent or above get an additional six weeks.

The Washington Post has listed the 27 states, plus the District of Columbia and Puerto Rico, that are currently eligible to receive the additional unemployment benefits (as of November fourth):

-Alabama

-Arizona

-California

-Florida

-Georgia

-Idaho

-Illinois

-Indiana

-Kentucky

-Maine

-Massachusetts

-Michigan

-Mississippi

-Missouri

-Nevada

-New Jersey

-North Carolina

-New York

-Ohio

-Oregon

-Pennsylvania

-Rhode Island

-South Carolina

-Tennessee

-Washington

-Wisconsin

-West Virginia

It is startling to realize that over 50% of U.S. states fall into the highest unemployment bracket. At this rate, economist Gary Shilling postulates that by 2018, "an astounding 67% of Americans could be dependent on the government for their livelihood." (U.S. News & World Report)

Times are really changing economically. More and more people who are not necessarily "poor" are going on food stamps, amid other news that paints a picture of a "jobless recovery." Under these circumstances, President Obama has quite a quest ahead of him if he plans to fulfill his vow of creating enough jobs for all who want to work. Do you think he can do it?