As Annie Lowrey notes at the Washington Independent, President Obama signed the unemployment benefits extension Thursday afternoon. The states will begin disbursing the benefits as soon as logistically possible, with full pay retroactive to June 2 when the benefits lapsed.
Sens. Levin and Stabenow both voted for the bill in the Senate. In the House, all Michigan Democrats voted yes along with Republicans Vern Ehlers, Thad McCotter, Mike Rogers and Fred Upton. Republicans Dave Camp and Candice Miller voted against the bill.
Pete Hoekstra once again missed the vote but he told the AP that he would have voted no if he’d been there and offered this reason:
He says restoring unemployment benefits for around 70,000 Michigan residents and 2.5 million nationally who saw their benefits lapse will “do nothing to put people back to work in Michigan” while increasing the federal deficit by $34 billion.
In fact, studies show conclusively that unemployment benefits are one of the most effective ways of stimulating the economy because those who receive it need it to pay bills and buy basic necessities, thus immediately putting that money back into circulation.
Every dollar of unemployment compensation paid creates $1.90 in economic stimulus, according to the CBO. Since the unemployment benefits lapsed on June 2, more than $10 billion has been lost in economic stimulus.