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99ers Crisis About to Get Much Worse

December 14, 2010 - by Donny Shaw

I've been trying to make the point that the 99er problem -- people exhausting all unemployment benefits without finding a job -- is about to get much worse because we're approaching 99 weeks from the brunt of the recession unemployment spike. Congress is not planning to add more weeks of unemployment benefits and the Federal Reserve is projecting the unemployment rate to stay pretty much where it is for the next year. Putting it all together, this means that for the foreseeable future, there will no jobs and no government support for the millions of 99ers.

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Earlier this week Sen. Ron Wyden [D, OR] and Sen. Judd Gregg [R, NH] introduced legislation that would cut the corporate income tax but also eliminate certain corporate tax breaks. Online poker fans are also excited about a provision in the bill legalizing Internet gambling. Wyden's and Gregg's Bipartisan Tax Fairness and Simplification Act replaces the federal corporate income tax of 35 percent with a flat 24 percent rate. The bill also reduces the six existing marginal income tax brackets to...

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