cost estimate

As posted on the Web site of the House Committee on Rules (Committee Print 112-34) and subsequently amended on November 28, 2012

Estimate of the statutory Pay-As-You-Go effects for H.R. 6429 and Effects on Direct Spending and Revenues for H.R. 6429

blog post

Unemployment insurance benefits topped $150 billion during 2010—when the annual unemployment rate peaked at 9.6 percent—up from $33 billion in fiscal year 2007.

As discussed in today’s CBO report—Unemployment Insurance in the Wake of the Recent Recession—benefits grew not only because of increased layoffs of workers, but because of several changes to the unemployment insurance (UI) system over the last few years.

report

The unemployment insurance (UI) system is a partnership between the federal government and state governments that provides a temporary weekly benefit to qualified workers who lose their job and are seeking work. The amount of that benefit is based in part on a worker’s past earnings. CBO estimates that UI benefits totaled $94 billion in fiscal year 2012 (when the unemployment rate was 8.3 percent, on average), a substantial increase over the $33 billion paid out in fiscal year 2007 (when the unemployment rate was 4.5 percent, on average).

presentation

Assistant Director for Health, Retirement, and Long-Term Analysis Linda T. Bilheimer's presentation to the MIDAS Network Meeting