Thirty years after Ronald Reagan assumed office, we're still having a national debate on trickle down versus trickle up. This is odd if you look at the history and the facts because the whole Reagan-Bush concept of making the wealthy wealthier has led to an imploded economy.
Now, two million Americans are poised to lose their federal unemployment checks, which will expire the end of this month. The Republicans appear ready to block any extension before the conclusion of the short lame-duck session. Ominously, it would likely take divine intervention to pass legislation that would provide a federal financial safety net to those without jobs (the long-term unemployed - the "99ers" - have been cut off for some time) in the Republican House of 2011.
But beyond the historical lesson that increased production and more jobs don't result from the rich getting more money to invest in stocks and lavish lifestyles, there are some simple facts that show extending unemployment payments is good for the economy.
The Wall Street Journal even gets this point:
Every dollar spent on unemployment insurance has the effect of $2 spent in the economy, according to a report the Labor Department will release this week.
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