A friend of mine who works in a car dealership was just laid off because of a slump in sales. While she's actively searching for a new job, she's not panicking yet because she has unemployment benefits to get her through her predicament. Well, that's great, except what will she do if she's unsuccessful finding another job and her benefits expire?
That's what 1.5 million Americans will be coping with when their benefits suddenly run out. And it's something the nation will have to deal with as well.
That's how many people whose benefits expire by the end of the year. Now, President Obama once told us that we'll be on an economic upswing by then. But then, Vice President Biden acknowledged the administration had underestimated the strength of the recession. Which likely means, a good number of those 1.5 million people will still be jobless by Christmas.
What happens then? What will they do to survive? How many will be added to the welfare rolls? And with that many people then basically running out of money altogether, how will the economy respond? I doubt this will be met as favorable news on Wall Street!