Can unemployment insurance be fixed?
Thirty eight days a little bit more than a month gets you to the day. After christmas and the expiration of most of the federal unemployment programs that were passed last spring in the cares. Act that in and of itself is not good economic news. Neither to is the reality that there are no negotiations happening right now. In congress on more relief democrats and republicans aren't even talking and so according to research out today from the century foundation twelve million people who are out of work in this economy are thirty eight days from losing their benefits. Marketplace's nancy marshall genzer explains what that's gonna mean for them and for us without a deal. December twenty six will be a grim day for unemployed workers and a us economy andrew stenner with a century foundation. Says it's like twelve million workers and their spending power will fall off a cliff. Even if you thought you had ten eleven twelve nine weeks left. You won't get those weeks. You get cut off that exact week. Benefits for gig. Workers and the self-employed are ending as is federal. Help for most people who've exhausted their state benefits stettler says black workers in the service sector will be hit especially hard since so many of those businesses have closed. Kimberly austin is a black artist. Who lost her job. As a face painter at legoland near san diego she wants federal action now. The should not eat a political joke to anybody. This makes no sense. Austin has been getting by on two hundred eighty five dollars a week in unemployment. she's uninsured and the inhalers she needs for her. Asthma cost. Two hundred dollars jason. ye doesn't have health insurance either. He's an accountant in los angeles. Who was laid off last june. He's been living on four hundred fifty dollars a week plus his savings. The cliff will be bad because eventually with no benefits. Then you know it'll be a hundred percent savings. He says savings will run out in february. He could tap into a retirement account but he's only fifty five. That means an early withdrawal penalty at penalty waiver in the cares act also expires at the end of the year.