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University of Wisconsin–Madison
Poverty-related issues in the news, from the Institute for Research on Poverty

Day: July 3, 2013

Sequestration and Long-Term Unemployed

Sequester Hits the Long-Term Unemployed, By Catherine Rampell, July 2, 2013, New York Times: “Sunday was the five-year anniversary of the Emergency Unemployment Compensation program, a federal program signed into law by President George W. Bush that initially added 13 weeks of unemployment benefits to the standard 26 weeks states already offered eligible jobless workers. The 13 additional weeks of benefits were intended to be temporary, but as the recession worsened, Congress decided to keep the program going and even lengthened the amount of time that workers could receive benefits. For a while workers could receive as many as 99 weeks in some states, the longest duration of jobless benefits on record.Those benefits have been pared back over the last year and a half, though, and are being cut more severely now as a result of the across-the-board spending cuts known as the sequester. A new report from the National Employment Law Project calculates exactly how much. . .”

 

Inadequate Emergency Funds

Many Americans struggle to maintain emergency funds, By Jennifer Elizabeth Austin-Mathewson, July 2, 2013, Deseret News: “When Jessi Stanley received a $15,000 inheritance, she dreamt about all the things she could do with the extra money. She wanted to put a down payment on a new house or buy a new car. But the 48-year-old from North Carolina knew what it was like to be poor, and decided to do something most Americans — according to Bankrate — aren’t doing: put the money in savings. “I saved approximately $40,000 over 14 years,” Stanley said. “A lot was from extra money I received.” That extra money came from tax refunds, money her father gave her that was supposed to be used for a new car and small inheritances. After paying off her car, she continued to make “car payments” to her savings account. According to a survey released last week. . .”