“Rugged individualism is great until you’re on the receiving end.”
I hear you. Will it get rough? Darn straight. People will need to rent out their homes and move in with family. They are going to have to make some hard choices. And while 18 year olds are complaining about no work, the US is recruiting foreigners to serve in the military. I guess those kids think they’re too good for that.
Unemployment is being covered by more debt. China just bought 17% of GM with our debt repayments. Greece ended up selling some of its islands to cover socialist programs. The European Union is in collapse. People are rioting in France, England, and Greece. Heck I bet they’re rioting in other countries. Who is going to keep loaning the US money?
The economy gets moving again when people start working again. That will increase revenue for the government too. The answer is not more unemployment. That’s the worst choice.
2 plus years into this, we have a rapidly decelerating economy.
Doing away with unemployment benefits will probably take away another half a percentage point or so from “growth”. I am not crying about it, as I am relatively prepared, but honestly cannot believe how some do not realize how bad it is if the “last legs” so to speak and kicked out, and people are now forced onto welfare.
Unemployment benefits are not a great option, but the ideas of many here are far worse (at least for the economy).
People have already cut back on spending. If workers now think there is no safety net for them should they lose their jobs, they will cut back even more, thus hurting the economy and the national psyche. Bank on it.