Posts tagged unemployment

Congress Votes to Extend Payroll Tax Cuts and Jobless Benefits

With members of both parties expressing distaste at some of the particulars, Congress on Friday voted to extend payroll tax cuts and unemployment benefits and sent the legislation to President Obama, ending a contentious political and policy fight.

The vote in the House was 293 to 132 with Democrats, who are in the minority, carrying the proposal over the top with the acquiescence of almost as many Republicans. The Senate followed within minutes and approved the measure on a vote of 60 to 36.

WSJ disproves misleading conservative claim that "1.2M People Dropped out of Labor Force"

Here’s what happened: According to the Census Bureau, the civilian population grew by 1.5 million people in 2011. But the growth wasn’t distributed evenly. Most of the growth came among people 55 and older and, to a lesser degree, by people 16-24 years old. Both groups are less likely to work than people in their mid-20s to early 50s. So the share of the population that’s working is actually lower than previously believed. The changes in the Household Survey to the various measures had taken place over the years prior to 2010, but for simplicity’s sake, the BLS incorporates these changes into one month (which they clearly point out). Taking that into account, the employment-population ratio went up. The unemployment rate wasn’t affected.