"It is lunchtime and some are thinking about having a whopper. But this whopper is another tale of spending money we don't have."
Just when you thought this guy had run out of ways to spend money, along comes this. And it is a whopper. And dare I say it is DOA (Dead On Arrival) before it even gets traction? Nobody ever asks him where the money will come from for these hair brained ideas. Oh yes - the money tree. I almost forgot.
Now the President wants to change out unemployment benefits. Call them "re-employment" benefits. And in order to do that, he needs to correct a wrong that his economy has visited upon our land. Many today when they lose their job, end up taking a job with lower pay and reduced benefits. Happens all the time. Back when I was working, it was common to leave one job and take another with higher pay. These days, not so much.
Under the President's new plan, should you be let go from a job and have to take another job for reduced pay, the government (the owner of the ever giving money tree), will pay you up to $10,000/year for up to two years. Sweet!
People I know who ended up taking a job for less pay knew one thing for certain. That new job was only a "B" job to pay some bills with until that "A" job came along. What is the incentive for looking for that "A" job which pays $10,000/year more, when the government will give that much money for nothing?
Oh yes, there are the usual caveats. The new job must pay less than $50,000/year. And you needed to be at you old job for at least 3 years before being let go.
Here is a better idea. Let's fix the economy. Reduce our corporate income tax so more companies worldwide would like to do business here. Reduce the cost of unnecessary regulations. Any barriers which are making our companies unable to compete fairly on the world stage should be eliminated. All of a sudden, we would see companies coming here looking for skilled workers to fill job billets. And when the number of jobs outstrips the available workforce - bingo - wages go up due to supply and demand.
I only bring up this goofy idea as I don't we will hear much about it in the future. Zero traction. And by the way - it is Congress that is supposed to write the bills and fund these things. Not the President.