Congresswoman Maxine Waters Votes to Extend Unemployment Insurance Benefits to Stimulate Californian and American Economies

Congresswoman Maxine Waters (CA-35) voted today to support individuals and families in California and across the country by extending unemployment insurance benefits to those hit hardest by the recession. The Unemployment Compensation Act of 2009 will provide immediate assistance, extending relief to the estimated 314,000 workers nationwide who would otherwise exhaust their unemployment benefits by the end of September. The bill would also assist the over one million more Americans whose benefits would run out by the end of the year, including approximately 155,000 Californians.

"Though signs are pointing to a slow and steady climb out of this recession, Californians and all Americans are still hurting," said Congresswoman Waters. "The families who receive these benefits will be putting money right back into our local economy – buying groceries, filling their cars with gas, and making their mortgage payments on time. This extension will give out-of-work Americans some peace of mind and additional help as they try to provide for their families and look for work."

The extension will provide an immediate, effective stimulus to both our state and national economy, which as of August 2009 have unemployment rates of 12.2 and 9.7 percent respectively. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus because every dollar spent on unemployment benefits generates $1.63 in new demand, according to Moody's chief economist Mark Zandi. The extension is fully paid for and strengthens reporting requirements to reduce unemployment insurance overpayments.

The legislation will help families in at least twenty-seven states with the highest unemployment rates, including California. Workers in these states who have exhausted or will soon exhaust their benefits will be eligible for an additional thirteen weeks of insurance, bringing the total to forty-six weeks.

"The unemployment rate continues to hover at an uncomfortably high level for all Americans, especially for the African-American and Latino communities," said Congresswoman Waters. "With so many Californians currently looking for work, voting for this extension is an important way to help those hardest hit during this economic downturn. I will do everything in my power to ensure that Californians and all Americans can find gainful employment, stay in their homes, and be set on a sustained path to economic security." 

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