The U.S. House of Representatives failed to pass an extension of jobless benefits for people who have been out of work for over six months. The 258-to-154 vote did not achieve the two-thirds majority needed to pass.
Unemployment extension benefits are set to expire on Nov. 30. The official unemployment rate has stayed above 9 percent for 18 months now and there is no real end in sight. The capitalist government has the power to hire millions of people to build roads, schools and hospitals, but refuses to do it.
With the end of jobless benefits for many workers, there will be an increase in foreclosures. In regards to foreclosures, Michael Fratantoni, the Mortgage Bankers Association’s vice president of research and economics, stated, “It’s not going to turn around until we get more significant job growth.”
