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WWL>Topics>>1-7 6:15am Tommy, unemployment benefits

1-7 6:15am Tommy, unemployment benefits

Jan 7, 2014|

Tommy talks to Peter Morici, an Economics Professor at the University of Maryland (follow him on Twitter @PMorici1), about whether long-term unemployment benefits should be extended

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Automatically Generated Transcript (may not be 100% accurate)

With that we want him in doctor Peter receipt morning's morning. Thanks for taking the time when this Tellme your take on this. Biggest test vote they're gonna hand in the senate today which in and of itself and -- political signs that it seems odd because usually they. Count votes before they actually vote dumping. While you have -- -- the close ones the Republicans are under a lot of pressure to extend the benefits of it it seems very appealing to the general public even conservatives. It seemed very compassionate to them and so it's going to be hard for them to fight the fight and then lose today after awhile they they really kind of trusted name anymore Packard victories. In addition to I guess compassion if you are limited -- way there are some. People letters saying you know what did as good for the government because it stimulates the economy. Well yeah only if you don't find the money to pay for if you do that by printing more money it will stimulate the economy. Pertinent in however. Right now the way we operate Washington if you wanna spend it between five -- now you go point by cutting something else. You do not stimulate the economy by giving people unemployment benefits. If you do it by cutting roads schools -- defense spending north meals on wheels or whatever. Whenever they -- to cut it's a wash in fact immediately after the launch. Because this every adult that -- advocate it. Not every dollar we do about unemployment benefits -- spent many of the duke every one. So in terms. -- you know it compassion angle here you look at it on the other -- you look at net com is stimulating the economy -- -- third one is. In terms of and I am -- there ever been any economic studies to prove this or not but what about incentive if you keep these things on the unemployment benefits. Has there ever been any studies that show our. -- it did that indicate that it Clinton's job search. Also with the president of finance them this -- recurrence of an -- that -- does that -- the 26 weeks. There are expected benefits which are paid for by higher payroll taxes. Both have law actually expired. And their their their statutory data to be renewed fury like that and and there are these emergency. Benefits. On. Extended benefits in great -- with a payroll tax group which is -- the hour they've basically raise the payroll tax. They raise the cost of hiring people. And it is mature and by the national bureau of economic search -- -- -- partisan place. Mostly -- from the Ivy League in places like that which tend to be liberal indicate that has been negative effect on the economy. Because it reduces the incentive to hire especially in the places -- appointment as well. So that. It is -- part of the fact it is not a small effect that is that the other side it is well. Is that it -- people making adjustments you know are reachable it's -- in the Wall Street Journal about -- -- man who's been. You know. Me. Late or from on nonprofit job electric find nonprofit. You know it is public like that bird and she's been looking for a drop of 45 weeks watching ever gonna point -- nonprofit job. Q collect 80000 -- -- month patrol would go on and an appointment that the thirteen hundred. It cut about seven in the quarter now -- the minimum wage. She could easily replace that a new job -- perspective. I don't know -- The waitress in -- Should pay higher unemployment taxes. So that Alley than it does not have to work as a -- -- yourself I know that sounds very cool. But that is what we do with these things and if -- Expand and again and again and again in early word -- at -- or permanent benefit. Because for the -- economy the coveted title. And at that point that perhaps permanently finance. And their track -- it is any indication. They're good too taxing. Waitress at rates in the payroll tax. Now that really good public policy you can keep well the white collar executive predicted job in the British. Attacks -- twelve dollar an -- waitress. I'm economics and of itself. And be an -- means that you are currently -- -- but. It can be. Kind of cruel thing our -- listening in some cases because there's always displacement and changes other ways that -- changed marketplace I -- Displayed and you would exactly what happens with the extended unemployment benefits. That or statutory I don't deny that it is equivalent or where the media were -- -- year. That these benefits are being extended. With the harshest consequences. In terms of how other. And it on the working poor in his heart was that need to show you -- it's really going on. You know it's very. Familiar. Kind of reasoning believe the economic this debate economic this heartless. By exposing. Came across and he didn't mean. I said I didn't mean Joseph Bartley because -- -- is it is. It take the example of the woman that was that that you gave about it the it was -- the non profit you you can't always continue to plan on your life change -- -- meant by it there's displacement. People can move from place to place and and you. That's the marketplace you you can't. Factor well we we don't want -- to be inconvenient so -- do whatever we can and aides have finder a job and exactly what you -- to do and if that doesn't work we'll keep pain that's our anatomy or just certain. You -- and I think it clicked it would be packing plants and higher or Iowa or Kansas and it's full Asian immigrant labor. You know Americans simply don't move to the extra you know I get letters yesterday -- a -- letters and they weren't very pleasant. When -- published it and pluck it could pay for people who want who have been network and that you know and they say you know. Well I I I try to take Joba below that but you know how -- under the ago. You know that -- topic layer optical low ranked you know are they willing to get there in theory could be a working class person again. You know I don't know regard to what would -- they also the way they they they delay. What they're gonna do. In terms of taking lower plains today and they're out they're decline. And they did they become less attractive to employers. My feeling is is that people can get you -- are still people like you and myself declined to work in a lot of those people. Our. Or on these benefits an important point work out of work that's particularly pleasant to bite point out Detroit in my life that is that they very substantial pay cuts to keep working. Did you party quit. And -- got to know which I bet you quit because I'd like you wouldn't be kind of a -- hide it and -- and from what I heard go to. Not that it -- get involved at Washington. Would. The political way you work for -- -- elected and the appointed guy who once Panama vice president that they want to vice president. Ultimately. A period of time to find another job. It'll safari. But they've made it clear that they would rather have their road team it's kind of like -- in new pastor comes to the church he says he's definitely. Well that happens you during a recession as it did today you know I went from birdie at 7 o'clock now you're 51000 policy. Okay you what the particular. I did not necessarily they don't point I was trying to make doctors that. You know I'd quit a couple of radio jobs because I didn't like what was going on I'm -- selling cars -- it's now what I wanted to do but I had to bring some money and. Well yeah also -- you quit yet again the better to be fair to be honest with people we quick first job. Well we left those jobs. We have a better. That we had something over the horizon it's very different that would summoned to duke and pink -- with it -- downsizing. That's that's much more of -- -- have much more typical situation that you were act states. Doctor appreciates primarily due I don't know how we got off on the wrong foot and I'm a big fan dealers I think you just want it. And a fan of economics is well it's because they should use the word inconvenient in order to secure job this question. So sometimes you know they would be response because there are questions and a one trying to dig deeper snarled as well become wanted to at least --

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