CLARKONOMICS: The Senate has voted 98-0 to extend unemployment benefits between an additional 14 and 20 weeks for jobless Americans.
The 20-week extension will be for residents of states where unemployment is higher than 8.5 percent. Residents in the remaining states will be eligible for the 14-week extension.
The measure is expected to be approved by the House today and signed into law by President Obama shortly after. This move makes is so that those hardest hit by unemployment can get 99 weeks of jobless benefits, which is just shy of 2 years! The average weekly unemployment payment is around $300/week, according to Clark, though it varies greatly by location and prior earnings.
Ultimately, this is just a Band-Aid on the wound of people who want to work but can't because the job market won't bear it. As always, Clark believes an economic downturn is a great time to start your own business. Commercial space and employees both come cheap at a time like this.
Meanwhile, Congress has extended the $8,000 homebuyer tax credit through April 30. This is expected to be the final extension. In addition, there's a new expansion that will give $6,500 to existing homeowners who want to move up into another house. Income caps apply for the latter provision.