Thousands of Millionaires Collect Unemployment

[OntarioVanMan]

Thousands of Millionaires Collect Unemployment - Yahoo! News

While they DID pay into the fund.....something just seems wrong...can't put my finger on it...


A new report shows that some 2,400 millionaires received unemployment insurance benefits during the economic downturn, a number that has caught the attention of politicians who funded extensions of benefits for up to 99 weeks as the economy crumbled.

In 2009, 2,362 millionaires received unemployment benefits, down from 2,840 the year prior, according to a study from the Congressional Research Service, a non-partisan arm of U.S. Congress that provides policy and legal analysis. Of the 2,362 more than 1,000 receiving unemployment benefits had a household adjusted gross income of $1.5 million in 2009.

 

[davekc]

Probably true. Quite a few in the banking and real estate market lost their jobs. They pay unemployment insurance like everyone else. Should have only paid 52 weeks, but it exploded when they went to 99 weeks.

 

[OntarioVanMan]

Probably true. Quite a few in the banking and real estate market lost their jobs. They pay unemployment insurance like everyone else. Should have only paid 52 weeks, but it exploded when they went to 99 weeks.

The extension really saved states budgets....as they would have moved from a federal check to a state funded check....you think they were looking at saving their own political butts in their home states?

 

[xiggi]

The extensions hurt all future taxpayers wallets.

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[davekc]

Just a matter of moving money around.

 

[OntarioVanMan]

all the extensions did was take the heat off Congress back at home....local voting...cause their states would be in a worse financial jam...

 

[asjssl]

Thousands of Millionaires Collect Unemployment - Yahoo! News

While they DID pay into the fund.....something just seems wrong...can't put my finger on it...


A new report shows that some 2,400 millionaires received unemployment insurance benefits during the economic downturn, a number that has caught the attention of politicians who funded extensions of benefits for up to 99 weeks as the economy crumbled.

In 2009, 2,362 millionaires received unemployment benefits, down from 2,840 the year prior, according to a study from the Congressional Research Service, a non-partisan arm of U.S. Congress that provides policy and legal analysis. Of the 2,362 more than 1,000 receiving unemployment benefits had a household adjusted gross income of $1.5 million in 2009.

Dont employers pay unemployment tax..not the employee..

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[davekc]

Employees essentially pay for it and employers send in their payments. Could be looked at several different ways.

 

[asjssl]

When I had my Insulation contracting Co. It was based on my payroll.

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[cheri1122]

What 'seems wrong' is that unemployment was meant to replace lost income so that working people could still pay the rent & utilities and put food on the table. It is 'perfectly legal' to collect what was never intended to provide benefits for those who don't need them, but it is a classic example of who truly feels 'entitled' today.
Income ceilings should have been part of the original program - maybe it just didn't occur to legislators that millionaires would stoop to collecting unemployment.

 

[Tennesseahawk]

On the same token, Social Security was "never meant" to be a person's whole pension plan. We see how that turned out.

 

[jaminjim]

What 'seems wrong' is that unemployment was meant to replace lost income so that working people could still pay the rent & utilities and put food on the table. It is 'perfectly legal' to collect what was never intended to provide benefits for those who don't need them, but it is a classic example of who truly feels 'entitled' today.
Income ceilings should have been part of the original program - maybe it just didn't occur to legislators that millionaires would stoop to collecting unemployment.

So laid off millionaires don't need money? If you want to cut off all help to them, would it be fair that they refuse to pay into any program that they are not allowed to use? You seem to really, really dislike managers, (especially Male managers) and anyone with more money than you. Why is that?

 

[davekc]

What 'seems wrong' is that unemployment was meant to replace lost income so that working people could still pay the rent & utilities and put food on the table. It is 'perfectly legal' to collect what was never intended to provide benefits for those who don't need them, but it is a classic example of who truly feels 'entitled' today.
Income ceilings should have been part of the original program - maybe it just didn't occur to legislators that millionaires would stoop to collecting unemployment.

You may be misinterpreting what unemployment is. It is basically a insurance policy. If you are asking the millionaires and billionaires to pay in to it, then they should be able to use it. Its purpose is "percentage of wage replacement". It is not the function of the program to provide housing, food, or anything else. That falls under welfare and SSI.
Since it is insurance, it does have a ceiling on income based on what you pay in to it.
Thankfully for most, they should be glad the millinaires and billionaires pay in it. Sadly, there are not enough of them to float the whole bill and we are currently borrowing like crazy just to keep it going. Wonder what happens when that tap is shut off?

 

[cheri1122]

So laid off millionaires don't need money? If you want to cut off all help to them, would it be fair that they refuse to pay into any program that they are not allowed to use?
You seem to really, really dislike managers, (especially Male managers) and anyone with more money than you. Why is that?

Dislike managers and anyone with more money than me? What I dislike are people who cheat, take unfair advantages, 'game the system', etc.
If I disliked "anyone with more money than me", I probably wouldn't like anyone here, because I'd be most of y'all have more money than me, lol. What I value [more than money] is integrity, and I choose my friends accordingly.

 

[cheri1122]

You may be misinterpreting what unemployment is. It is basically a insurance policy. If you are asking the millionaires and billionaires to pay in to it, then they should be able to use it. Its purpose is "percentage of wage replacement". It is not the function of the program to provide housing, food, or anything else. That falls under welfare and SSI.
Since it is insurance, it does have a ceiling on income based on what you pay in to it.
Thankfully for most, they should be glad the millinaires and billionaires pay in it. Sadly, there are not enough of them to float the whole bill and we are currently borrowing like crazy just to keep it going. Wonder what happens when that tap is shut off?

I understand that it's an insurance program, created with the underlying assumption that people who work for wages would be in financial straits if those wages stop, because they are generally people at the lower end of the economic ladder.
I can see no reason for people who wouldn't need to rely on unemployment to be required to pay into it, but as I said, the assumptions made when the program was created didn't include wealthy people.

 

[davekc]

Well....they have to pay in to it whether they like it or not. They aren't given a choice. So...based on that, they should be able to use it. The program couldn't survive without them. When it was set up, it was for anyone receiving a wage. Not just a program for the poor. That darn millionaire that got fired may have some huge house payments to make until he finds another job. That is why it is considered insurance. But in all fairness, by contrast their aren't that many millionaires on unemployment.

 

[cheri1122]

IMO, every government program and regulation should be reevaluated periodically, to determine whether it is working as planned, but that's asking a lot of the current legislators - the ones who can't agree on anything except 'it's time for recess!'

 

[jaminjim]

Dislike managers and anyone with more money than me? What I dislike are people who cheat, take unfair advantages, 'game the system', etc.
If I disliked "anyone with more money than me", I probably wouldn't like anyone here, because I'd be most of y'all have more money than me, lol. What I value [more than money] is integrity, and I choose my friends accordingly.

I have to admit that in this case I responded to the poster rather than what only what you posted in that post.

Just because a millionaire is drawing unemployment doesn't make it wrong. I would hazard a guess and say that most of their assets are tied up in a house and the market. Just because someone is a millionaire doesn't mean they gamed the system to get there, some did, most didn't.



And most male managers don't beat their wife or secretary.

 

[cheri1122]

I have to admit that in this case I responded to the poster rather than what only what you posted in that post.

Just because a millionaire is drawing unemployment doesn't make it wrong.

I've got no problem with helping those who really need the help, but...

I would hazard a guess and say that most of their assets are tied up in a house and the market.
Just because someone is a millionaire doesn't mean they gamed the system to get there, some did, most didn't.

I think more did than you think, [in one way or another] but we'll never know either way. The point wasn't how they got to be millionaires, it was that they collected unemployment, which is a program designed for low income workers. Yes, it's legal, but given the current outcry against people being dependent on the government and expecting handouts, it paints a different picture, doesn't it?
Wonder if Romney included them in the 47% who won't vote for him or take responsibility for their lives?



And most male managers don't beat their wife or secretary.

And just exactly how would you know that?

 

[BobWolf]

Warning I my post may offend you.
I think the best unemployment insurance is if you dont work you dont eat.
I have never collected a single unemployment check in my life and I graduated in 1988 Being self employed in the Peoples Republic of New York I have to pay into the unemployment systeme, as well as the other socialist programs. I've been told I cannot collect because on them I have the means to create an income at least according to the New York State. The best answer is to roll the unemployment, welfare, and government benifits back to thirty to sixty days like it was originaly intended, and if you dont have a job or proof your looking for a job, any job youre done. Or even better, eliminate the social programs all toghether. Then, we will see just how quickly the nation gets back to work again.

Remember the Chinese proverb...
No its not in the Bible.

Give a man a fish you feed him for a day. Teach a man to fish you will feed him for a lifetime.
In otherwords people need to get off thier lazy duffs and be self sufficent.

Bob Wolf.