Unemployment Benefits Are About To Expire For 4 Million Americans…American Austerity Begins
Nov. 3, 2010
You may have heard before about how there was a coming wave of unemployed Americans who would all lose their extended unemployment benefits en masse.
Well, it’s finally happening, as shown by Monday’s personal income data for September, which fell 0.1% rather than rose. Much more is to come.
And so what we’re seeing is the first big bulge of jobless workers exhausting their benefits. Over the next few months, that bulge will become a wave. Things will become significantly worse next month when existing benefits expire. By April, nearly 4 million jobless Americans will have run out of benefits.