New Jersey Unemployment Rate 9.8% - 853,358 Jobless In New Jersey Are Depending On Tier 5 Unemployment Extension

According to the U.S. Census Bureau, Population Division, the total population for New Jersey is 8,707,739.  Based on the data from the Department of Labor, BLS, the total percentage of unemployment in this state is 9.8%.  These equals a total of 853,358 who are jobless in the State of New Jersey.

The Senators for the State of New Jersey are Robert Menendez and Frank Lautenberg.  The contact information for these United States Senators is located here:  http://www.senate.gov/general/contact_information/senators_cfm.cfm?State=NJ

As reported earlier by US Unemployed Blogsite, Robert Menendez was the only Senator on the Senate Finance Committee who challenged Doug Holmes' assertion that continuing to provide unemployment insurance to jobless is less incentive for work.  Senator Menendez clarified for the record that there are simply not enough jobs for the unemployed in the country.  He cited that there is only one job for every five applicants.  The link to this Senate Finance Committee Hearing which took place on April 14, 2010, is located here.

The official page for the State of New Jersey Department of Labor and Workforce Development is located here:  http://lwd.dol.state.nj.us/

Unemployed residents of New Jersey who are sharing information and resources (apart from this blog) are doing so at: 

Unemployed-Friends - New Jersey

Money Smart Blog (formerly known as Four Pillars) - New Jersey Unemployment Benefit Extension Information

If any reader out there knows another source or any information specific to the unemployed residents of New Jersey, please post that information in comments. 

About That Senate Finance Committee Hearing Yesterday

 

WASHINGTON, D.C. - After playing back yesterday's Senate Finance Committee Hearing, Senator Menendez was the only Senator to challenge the assertion from Doug Holmes' written testimony that extending unemployment benefits is less incentive for the unemployed to look for and acquire work.  Menendez injects common sense into the discussion and states the fact that there are not enough jobs for every unemployed American; thus, justifying the need for extended unemployment insurance. 

The hearing seemed to be more geared toward what government can do in addition to unemployment benefits to assist the jobless rather than only adding tiers of benefits. The hearing also addressed the lack of funds that states have for unemployment benefits and their need for longer loan durations and having these loans at no interest. 

Mark Sandi, Ph.D., Chief Economist and Cofounder, Moody’s Analytics, West Chester, VA, helped to make the best case for the current need for extended unemployment benefits as he spoke about each dollar the federal government spends on unemployment extensions equates to approximately $1.61 in direct stimulus for local communities.  Although he did not speak directly to a Tier 5 extension, he did express the need for these benefits to continue through the end of the year in order to prevent a backward trend from a recovery standpoint and stated that the extensions are necessary deficit spending and having any type of plan to offset the spending would be counter-productive to the fragile economy. 

Dr. Sandi's testimony seemed to make the strongest argument for the need to continue to extend unemployment benefits to the members present at the Senate Finance Committee.

The full hearing is available to the public at http://finance.senate.gov/hearings/watch/?id=868a8e37-5056-a032-5297-a991437cea80