Unemployment Insurance extension signed into law today; Casey COBRA health care subsidy introduced
WASHINGTON, DC- Following the announcement that the U.S. unemployment rate climbed to 10.2% in October, U.S. Senator Bob Casey (D-PA) released the following statement on improving the safety net for unemployed workers and the need for job creation initiatives:
“While there has been recent positive news in leading economic indicators, the data that illustrates the hard times facing workers shows that there is still a way to go. We must continue a two-part strategy that helps laid-off workers provide for themselves and their families and we must continue to aid the economic recovery by supporting initiatives that help businesses create jobs.
“After a long and unnecessary delay in overcoming obstruction from some in Congress to extend unemployment benefits, President Obama today signed legislation giving Pennsylvania workers who exhaust their unemployment insurance up to 20 weeks of additional coverage. This helps workers make it through until their next job. But unemployment benefits also have one of the biggest bangs-for-the-buck stimulative effects as this money is spent and pumped back into the economy.
“Next month, the subsidy to help unemployed workers pay for COBRA health care coverage will expire. That is why I joined Senator Sherrod Brown of Ohio to introduce legislation to extend this subsidy for six months.
“Helping unemployed workers should be a priority as the economy pulls out of the recession. We must also help businesses grow and create jobs. The legislation signed into law today by the President also extends and expands the homebuyer tax credit which has been cited as a boost to the housing industry and that is helping to put money in people’s pockets. The bill also included tax relief to help businesses who are suffering losses allowing them to keep workers or expand operations.
“One other way we can create more jobs is to increase access to capital for small businesses -- the engines of our economy. That is why I am supporting The Small Business Access to Capital Act which would increase small business loan limits to as much as $5.5 million and give small businesses more capital to grow and to hire more workers.
“As health care premiums rise, businesses are continuing to feel the pain in their bottom line. At a hearing this week in the Health, Education, Labor and Pensions Committee we were reminded of the past increases and the expected premium increases in the future. Without health insurance reform, more businesses will be forced to drop coverage for their employees because they can’t afford to pay for the premiums. With health care reform, we can lower costs for small businesses and free up more money for them to maintain or expand their operations.
“As the recovery bill signed into law in February continues to be implemented we must look at these proposals and others to help those suffering in the recession and to help create jobs and invest in our future.”
###
