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"Your EBT Card Has Been Denied": 700,000 Are About To Lose Their Extended Jobless Claims Benefits

Tyler Durden's picture




 

While virtually everyone has opined on the topic of the massive fiscal "cliff" set to take place on January 1, 2013, which could crush US GDP unless American politicians manage to find a way to end their acrimonious ways, most forget that a far more tangible cliff is set to take place much sooner, specifically over the next several months, as those currently collecting handouts from the government in the form of extended unemployment benefits (i.e., those who have been out of a job for a year) are about to get as angry as Germants pre-funding TARGET3, once the free money stops. Goldman explains why: "First, more than 150,000 workers per month exhaust their allowed benefits. Second, recently legislated thresholds will reduce benefit eligibility in many states with below-average unemployment rates beginning in June. Third, apart from legislative changes, labor market improvement in some states has taken the state-level unemployment rate below eligibility thresholds, with many states looking at likely expiration of one or more tiers of benefits around mid-year." In other words, unlike the bulk of other transfer payment programs (read government subsides) which could be extended with the flick of a switch at the end of the year following the now traditional 1+ month congressional theatrical impasse, extended claims can not. The net result: by June some 700,000 people who are currently collecting benefits will lose everything. It seems that the old faithful EBT card is about to be denied- and while one can assume that extended benefits are not a core source of marginal aspirational product (read AAPL) sales, we all know the truth. Is the time finally coming to short the one company that is and has always been the primary beneficiary of government transfer payment largesse? Because if AAPL's recent shakiness has been, by some, attributed to the expiration of EBTs, what will happen when Americans are again forced to pay their mortgages?

Today's scary chart du jour: Legislated benefit cutoffs have started to take effect.

Goldman explains the reasons for this dramatic cliff:

Over the next several months, eligibility for federally funded jobless benefits will decline. This is due in part to legislative changes over the last few months, and in part to broader economic factors. In particular, there are three factors likely to contribute to reduced benefit eligibility and increased exhaustion of benefits over the coming year:

  1. "Natural" exhaustion of emergency and extended benefits. The rate of benefit exhaustion has declined somewhat over the last year, but remains between 150,000 and 200,000 individuals per month on a three-month average basis, as shown in the first chart below. To estimate this, we consider "final payments" reported each month by the Department of Labor in the final two tiers of the Emergency Unemployment Compensation (EUC) program and in the Extended Benefits (EB) program, net of first payments in other benefit tiers that might feed into those programs (for instance, a worker who exhausts Tier 3 will receive a final payment from Tier 3 and a first payment from Tier 4).
  2. The most recent legislative extension will soon phase out emergency benefits in states with lower unemployment rates. When Congress extended emergency benefits in February, the thresholds for states to qualify for more generous "tiers" of benefits were made more restrictive, as shown in the table below. Those changes begin to take effect in June.
  3. EB and EUC have started to expire in some states, and will expire soon in most others. Federally funded extended benefits (EB) provide up to 20 weeks of benefits, generally after EUC has been exhausted. A state generally becomes eligible for these benefits when its unemployment rate is at least 6.5 percent and the three-month average unemployment rate is at least 10 percent greater than it was during the same three-month period in any of the previous two years. In late 2010, Congress extended this two year "look-back" period to three years, in order to avoid cutting off benefits in 2011. However, in the most recent extension passed by Congress in February, Congress did not extend the look-back period any further. With the national unemployment rate roughly equal to the rate in Q1 2009, few if any states will have unemployment rates at least 10 percent higher than in the comparable period in any of the last three years, and extended benefits will end in nearly every state. Some states have also lost eligibility for the third and fourth tier of EUC due to declining unemployment rates that have now fallen below the thresholds even before taking account of the recently legislated changes. In Q1, Tier 4 eligibility ended in four states, and it ends in an additional five states this month. Assuming that state unemployment rates hold roughly steady, it appears that this final tier of benefits will be available in only 11 states by Q4. We estimate Tier 3 benefits will be available in just over half the states in Q4.

The upshot is that by around August roughly 700,000 jobless workers will no longer qualify for benefits who would have otherwise qualified. The chart above shows the difference between the number of individuals who would receive benefits each month based on current policy compared with our projection of eligibility based on state-level unemployment rates.

And the consequences:

  1. Reduction in income. Based on the cumulative reduction in benefit eligibility shown in the chart above, we estimate weekly benefits would be cut by a cumulative $6 billion over the course of the year.
  2. Possible effect on initial claims. The possibility has been raised that expiration of benefit tiers has led to increased filings of initial claims, either in response to expiration or in a mistaken attempt to establish eligibility ahead of expiration (expansion of benefits in 2001 increased claims, for instance, though there have been no clear signs of this in the data over the last few years). To investigate this, we estimate a panel regression using the percentage change in each state's weekly claims rate from its four week average change and dummy variables for changes in each state's eligibility for Tier 3, Tier 4, and EB. The difficulty with the analysis is that before the last few weeks, very few states had lost eligibility for these programs. That said, we find that a state's loss of EB eligibility increases claims by 7% in the week following expiration. This implies a very small effect--less than 1,000 claims--on the claims data for the week ending April 14 (nine states went off of EB eligibility at the end of the prior week). If correct, it implies that upcoming expirations could have a slightly more important effect; another six states will come off EB benefits the week ending April 28, which could add a few thousand claims to that week's report. Since these should be short-lived effects, we do not see benefit expirations as a reason to expect high levels of claims, but it seems possible that expirations could add even more noise to weekly claims data.
  3. Slight reduction in labor participation rate. Emergency and extended benefit programs paid benefits to 3.2 million unemployed workers at the end of March. As noted above, labor market improvement combined with recently legislated changes should result in a cumulative reduction of 700,000 workers collecting benefits through 2012. As Andrew Tilton noted a few months ago, extended benefits tend to increase the measured unemployment rate, through a combination of increased reported labor force participation and lower intensity of job search (see "The November Employment Report, and the Impact of Extended Jobless Benefits on the Unemployment Rate," US Daily, December 2, 2011). Averaging the effects of extended benefits on the unemployment rate reported in other studies implies that emergency benefits might add about 0.4 percentage point to the unemployment rate, mostly due to increased labor force participation. Since these exhaustions would reduce the number of individuals claiming benefits by around 20%, the effect would probably be worth only about 0.1 percentage point on the unemployment rate.

In other words: lower spending, more claims, but at least Obama's dream of showing a lower, or even negative (yes, it is absolutely possible if the participation rate drops below 58%) unemployment rate will come true. Too bad 700,000 more people will be living in a cave to see the inauguration.

Finally, from the conclusion:

At the end of 2012, benefits are scheduled under current law to expire altogether. Unlike previous scheduled expiration, where individuals would lose eligibility for benefits only after they exhausted their current "tier," the current policy would cease paying benefits at the end of the year with no phase-down). Our current assumption is that benefits will expire altogether at that point; this could occur because of an agreement between the parties to allow them to expire, but like other policies set to expire (the so-called "fiscal cliff"), benefits could also cease because Congress fails to agree on any of the fiscal choices it faces at the end of the year. An additional phase-down of benefits rather than outright extension is certainly possible as an alternative scenario.

Perhaps it is time to start preparing the sequel to this video: My EBT... Has Been Rejected

 

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Fri, 04/20/2012 - 10:21 | 2361035 SheepDog-One
SheepDog-One's picture

Sell MCD and KFC.

Fri, 04/20/2012 - 11:19 | 2361263 Al Huxley
Al Huxley's picture

Yes, I expect that's what many of those 700,000 will be doing.  Or maybe greeting at Walmart.

Fri, 04/20/2012 - 10:00 | 2360940 wang (not verified)
wang's picture

add to the 99er stream running dry the very real "stimulus" of hundreds of thousands  living rent/mortgage free for the past couple of years  in a soon to be foreclosed home

Fri, 04/20/2012 - 10:00 | 2360941 Vincent Vega
Vincent Vega's picture

I saw a really funny cartoon the other day. A picture of Obama saying: I won't allow the half of American's who pay no taxes to bear the burden of the other half of American's who aren't paying their fair share.

Fri, 04/20/2012 - 10:03 | 2360950 Hohum
Hohum's picture

A funny cartoon but a little inaccurate.  It should say INCOME taxes.  But, of course, when in a bashing mode, accuracy sometimes suffers.

Fri, 04/20/2012 - 10:21 | 2361030 knightowl77
knightowl77's picture

Social security and medicare deductions really aren't a tax.....they are forced contributions to your retirement plan and retirement medical care....

Fri, 04/20/2012 - 10:28 | 2361065 mayhem_korner
mayhem_korner's picture

 

 

I know there was a /sarc in there somewhere, wasn't there?

Social security and medicare deductions are real-time transfer payments, supplemented by transfer payments from Treasury bag...er...bondholders.  Just as Woodrow and FDR would have it.

Fri, 04/20/2012 - 10:31 | 2361072 Hohum
Hohum's picture

OK, so "payroll tax" is a misnomer, eh?  Well isn't "forced" the whole idea behind taxes?  And, for the down arrows on my INCOME taxes comment, is that incorrect?

Fri, 04/20/2012 - 11:15 | 2361242 wisefool
wisefool's picture

I did not junk you, but the whole tax system is designed to be so complicated that no one can comply, so everyone is a criminal. And the standard way you deal with a bunch of criminals is to make sure the system also makes them mad at each other ... not the gaurds. The tax code debate is futile and terminal. It is what is killing the economy, as already proven by greece.

Fri, 04/20/2012 - 11:43 | 2361337 Donnie Duvanie
Donnie Duvanie's picture

No, taxes are forced contributions to SOMEONE ELSE'S retirement and medical care, as well as forced contributions to the lifestyles of the American Politbureau.

Fri, 04/20/2012 - 12:10 | 2361402 Vincent Vega
Vincent Vega's picture

Well said.

Sun, 06/03/2012 - 19:31 | 2490188 HellFish
HellFish's picture

77, You can't really believe that can you?

Fri, 04/20/2012 - 20:33 | 2362833 Acorn10012
Acorn10012's picture

Fuck accuracy...that was funny as hell.

Mmmmmmmmmmmmmm...KFC. Chikin Lickin good.

Fri, 04/20/2012 - 10:02 | 2360942 Vince Clortho
Vince Clortho's picture

The BLS can handle this with one hand on the keyboard.

Fri, 04/20/2012 - 10:08 | 2360967 John Law Lives
John Law Lives's picture

"The BLS can handle this with one hand on the keyboard."

... and the other hand around their johnson...

Fri, 04/20/2012 - 10:02 | 2360943 buzzsaw99
buzzsaw99's picture

...what will happen when Americans are again forced to pay their mortgages?

 

What will happen when the banks are forced to recognize a loan loss? Oh yeah, that will never happen.

Fri, 04/20/2012 - 10:15 | 2361011 pods
pods's picture

Many will not have to pay their mortgages, because, as Al Gore said:

"There was controlling legal authority" to make them do so.

pods

Fri, 04/20/2012 - 10:24 | 2361042 SheepDog-One
SheepDog-One's picture

At some point it all WILL happen, nothing goes on forever. I'm sure the Romans also sat around saying extend and pretend last forever and the free bread at the colliseum will too.

Fri, 04/20/2012 - 11:02 | 2361203 AldousHuxley
AldousHuxley's picture

Italy is still G20,

France is still G8

UK is still G8

 

empires die slowly...very slowly.

 

 

Fri, 04/20/2012 - 11:24 | 2361280 DaveyJones
DaveyJones's picture

so...it'll be like torture? 

Fri, 04/20/2012 - 14:40 | 2361964 smiler03
smiler03's picture

If you look at the Worlds economies by GDP this is the order:

 

1 - United States

2 - China

3 -  Japan

4 - Germany

5 - France

6 - Brazil

7 - United Kingdom

8 - Italy

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)#List

Fri, 04/20/2012 - 10:02 | 2360947 GrinandBearit
GrinandBearit's picture

Bring it on!  I've got plenty of ammo.

Fri, 04/20/2012 - 10:10 | 2360983 Agent P
Agent P's picture

I know for a fact I've have more than I'll ever need...yet it still feels like it's never enough...maybe I'm bipolar...or maybe I'm not.  

Fri, 04/20/2012 - 10:13 | 2360999 GrinandBearit
GrinandBearit's picture

It depends if you live in the city or the country.  The city will be a zombie fest, the country... not so much.  You can never have enough.  IMO, it will be more valuable than gold one day.

Fri, 04/20/2012 - 10:57 | 2361182 dwayne elizando
dwayne elizando's picture

Bi-polar? Sign up for disability! After a couple years they hafta give it to you.

Fri, 04/20/2012 - 14:44 | 2361971 smiler03
smiler03's picture

You might get shot or have your throat cut before you ever use one bullet, or are you immortal?

Fri, 04/20/2012 - 10:04 | 2360957 John Law Lives
John Law Lives's picture

"Is the time finally coming to short the one company that is and has always been the primary beneficiary of government transfer payment largesse?"

If Apple blows it on a major new product release, gravity will assert itself on those AAPL shares.

 

 

Fri, 04/20/2012 - 10:20 | 2361017 Vince Clortho
Vince Clortho's picture

the iToilet?

Fri, 04/20/2012 - 10:08 | 2360969 yogibear
yogibear's picture

The cops are ready and have been practicing with their full riot gear. They look forward to beating up protesters/mobs.

Fri, 04/20/2012 - 10:49 | 2361156 toady
toady's picture

'... they look forward to beating up the poor and homeless.'

There, fixed it for you.

DO NOT become poor or homeless!

Sun, 06/03/2012 - 19:36 | 2490202 HellFish
HellFish's picture

For some reason your down arrow is disabled for me so here's your review: -1

Fri, 04/20/2012 - 10:08 | 2360972 booboo
booboo's picture

"Set the Spin Machine on Ludicrous Speed, batten the hatches, bring me Warren, get they pointy eared whats his name at Treasury on the phone, call a emergengy Fed meeting, where is the Joint Chief of Staff, that reminds me, get me a joint, get me a speech with lots of "shared sacrafice" blah, blah, blah, in it"

Fri, 04/20/2012 - 10:10 | 2360979 SDRII
SDRII's picture

What do they know?

 

Germany,France want power to reintroduce boarder control: report English.news.cn   2012-04-20 17:34:35            

BERLIN, April 20 (Xinhua) -- Germany and France want power to temporarily reintroduce boarder control to limit illegal immigrant flow, German newspaper Suddeutsche Zeitung reported Friday.

According to the daily, German Interior Minister Hans-Perter Friedrich had formulated a letter for the European Union (EU) with his France counterpart Claude Gueant, asking changing of the Schengen Agreement, which signed in 1985 and guarantees a boarder-free travel inside Europe.

The agreement grants passport-free travels within the area home to 400 million European. Once inside, illegal immigrant could theoretically move freely between countries, as people passing between the borders of two member states do not have to show identification.

The two ministers said in the letter that the reintroduction of internal boarder control within the Schengen area should be possible as a last resort and should last for a limited period, when a government is proven unable to stem illegal immigration from southern and eastern Europe.

The proposal is set to be discussed at the meeting of EU interior ministers, but a decision would not be made until June, said the newspaper.

Fri, 04/20/2012 - 11:14 | 2361235 Sandmann
Sandmann's picture

Crap they want to stop EU Flow from Greece and Spain - they are terrified of Refugee Caravans of Unemployed seeking Asylum

Fri, 04/20/2012 - 13:55 | 2361763 FeralSerf
FeralSerf's picture

Chinese dumbasses don't know the difference between "boarders" and "borders".

There's been informal border control for Spain for some time.  While on a train from Nice to Barcelona, it stopped at the Spanish border and Spanish cops wanted to see ID.  They removed a number of North African types.

The highway infrastructure in Europe is such that complete border control would be very difficult now.  Most of the illegal immigrants take public transport, so that's where the immigration cops concentrate.  They could start working the informal flea markets if they really wanted to make some hauls.

Fri, 04/20/2012 - 14:53 | 2362002 smiler03
smiler03's picture

It is NOT strictly passport-free travel. At the very least you need an EU Nationality Identity Card or an EU Passport or a Passport with a Schengen Visa. 

Fri, 04/20/2012 - 10:10 | 2360987 the not so migh...
the not so mighty maximiza's picture

Obamadomadingdong will sing an executive order, he needs these 700,000 votes

Fri, 04/20/2012 - 10:15 | 2361007 BandGap
BandGap's picture

The thing is I'll bet a lot of them don't vote OR the votes don't really matter. What I mean is, let's give Obama Illinois, New York and California in the upcoming election. Does it really matter if Chicago, NYC or LA welfare recipients vote for him? I don't think so.

This is yet another hole in the dike, we are running close to the end in the ability to plug them. And when the dam goes it is going to go hard.

Fri, 04/20/2012 - 10:25 | 2361048 mayhem_korner
mayhem_korner's picture

 

 

If it keeps on raining, the levee's going to break...

and when the levee breaks, we'll have no place to go.

Fri, 04/20/2012 - 10:19 | 2361019 buzzsaw99
buzzsaw99's picture

Like "those" 700K would ever vote for Romney. LMAO!

Fri, 04/20/2012 - 13:59 | 2361778 FeralSerf
FeralSerf's picture

Thanks to the public school system, a large number of them are functionally illiterate.  They're not even registered to vote.

Sun, 06/03/2012 - 19:38 | 2490206 HellFish
HellFish's picture

They're illiterate all right but they vote - the Dems will see to that.

Fri, 04/20/2012 - 10:23 | 2361041 Vince Clortho
Vince Clortho's picture

Are there any freedoms left he hasn't dealt with yet?

Fri, 04/20/2012 - 10:24 | 2361054 mayhem_korner
mayhem_korner's picture

 

 

You're still posting here on ZH, so yes.

Fri, 04/20/2012 - 10:45 | 2361137 Silver Dreamer
Silver Dreamer's picture

Only those that pose no threat to fascism remain.

Fri, 04/20/2012 - 11:28 | 2361299 LFMayor
LFMayor's picture

only those safety valves, (posting on webs, voting) that allow the  approved and controlled release of frustration and anger.

Fri, 04/20/2012 - 10:13 | 2360997 vincent van goo
vincent van goo's picture

I have a 2nd job at a major LTL trucking company, and we are constantly running ads for help.   Dock work, which pay starts over $15 per hour (not bad pay for a young man entering the work force) and drivers making considerably more.  We cannot fill the positions, and the ones we do, the employees do not seem to care enough to stick around.

I have told numerous people I know that are looking for work to come here.  Have not seen a 1.  I believe in some type of social safety net, but this 99 week benefit thingee has turned a large segment of the population sloth.  Part of any recovery needs people to get off their ass and do something.  Opportunities are out there.

Fri, 04/20/2012 - 10:20 | 2361018 Agent P
Agent P's picture

Have said this here before...there are still four pages of help wanted ads in my newspaper every Sunday. 

Fri, 04/20/2012 - 10:54 | 2361168 AldousHuxley
AldousHuxley's picture

HELP WANTED:

 

Self-unemployeed entity about to lose EBT benefits, need additional EBT immediately. Must be a good tax paying citizen working unpaid overtime without job security. Hiring Now!

Fri, 04/20/2012 - 10:33 | 2361088 mayhem_korner
mayhem_korner's picture

 

 

One of the side effects of the welfare state is the entitlement mentality = folks are lazy or think certain things are beneath their kingly selves.  Such are apt to be the most violent when the welfare spigots run dry or they have to stand in line to scoff some mealy, rationed bread from the back of a tank brigade...

Fri, 04/20/2012 - 10:38 | 2361106 Alcoholic Nativ...
Alcoholic Native American's picture

Oppertunities to jump on the dollar chasing tread mill in this disney land economy?

Sign me right up bossman!

Fri, 04/20/2012 - 12:48 | 2361503 Canaduh
Canaduh's picture

In my industry many companies are running help wanted ads and recruiting just to poach the top end talent from other companies, or to take advantage of people willing to work for far below the industry standard. There's no real positions to fill, they are just looking to upgrade their employee quality level, while lowering costs, which is understandable. When you look at all the ads, you would think that these companies are desperate for employees, but it's the opposite, they are screening for desperate employees.

Sun, 04/22/2012 - 10:24 | 2364673 MeelionDollerBogus
MeelionDollerBogus's picture

Is it dangerous? Is management underhanded? Is there a bad reputation going around about the job? There's a place in town like that.. can't keep workers no matter what. Ever.

Fri, 04/20/2012 - 10:13 | 2361004 Alcoholic Nativ...
Alcoholic Native American's picture

Is this for unemployment checks or food stamps?  I never was eligable for unemployment cause I didn't have a job but I got food stamps cause I have no reported income.

They better not cancel my EBT prosperity injections every month.  It's like payday for me on the 14th.

Also, I'm feeling this song.

Done cruized on down to the corner store this morning picked up a red bull and some beef and CHEEZE sticks.

Fri, 04/20/2012 - 10:19 | 2361020 youngman
youngman's picture

You do not think these underclass do not know how to fill out a form correctly to get the Card.....come one...they have generations on the dole...they know the game...and they know all the programs for free cash from the government....they LIE....oh my....oh and yes they will show up in a wheelchair...or a walker..or a cane..or with a limp...of course all props in the game...and the big fat friend behind the counter just winks and stamps it approved....reperations.....

Fri, 04/20/2012 - 10:33 | 2361085 Alcoholic Nativ...
Alcoholic Native American's picture

What makes you think I'm not one of these underclass you seem to know everything about?  I'm at a public library typing this.  Tax payer funded library i might add. 

Fri, 04/20/2012 - 10:57 | 2361178 AldousHuxley
AldousHuxley's picture

underclass includes cops who mace on college kid with lifetime student debt who then at 45 declares "disabled" and collects pensions rest of his life.

Fri, 04/20/2012 - 10:36 | 2361092 ElvisDog
ElvisDog's picture

No, the key to getting on disability is to hire a disability lawyer. Then (so I've read) approval is automatic. And the beauty of disability is once you're on it, you're basically on it until you are old enough for Social Security. Apparently they don't ever really confirm that the people on the lis are still disabled.

Fri, 04/20/2012 - 10:17 | 2361014 Walter Kurtz
Walter Kurtz's picture

Collapse can't come soon enough

Fri, 04/20/2012 - 10:42 | 2361123 vincent van goo
vincent van goo's picture

Collapse, or some change in group psycology.  I had a friend that was unemployed for a number of months, and he told me never to underestimate the ability to totally piss away a day when you are on benefits.  Days become weeks rather quickly.

Fri, 04/20/2012 - 10:17 | 2361015 pepperspray
pepperspray's picture

The alternative thus offered the nation was not between full and restricted Negro suffrage; else every sensible man, black and white, would easily have chosen the latter. It was rather a choice between suffrage and slavery, after endless blood and gold had flowed to sweep human bondage away. Not a single Southern legislature stood ready to admit a Negro, under any conditions, to the polls; not a single Southern legislature believed free Negro labor was possible without a system of restrictions that took all its freedom away; there was scarcely a white man in the South who did not honestly regard Emancipation as a crime, and its practical nullification as a duty. In such a situation, the granting of the ballot to the black man was a necessity, the very least a guilty nation could grant a wronged race, and the only method of compelling the South to accept the results of the war. Thus Negro suffrage ended a civil war by beginning a race feud. And some felt gratitude toward the race thus sacrificed in its swaddling clothes on the altar of national integrity; and some felt and feel only indifference and contempt.

W. E. B. DuBois. "Of the Dawn of Freedom"

http://chnm.gmu.edu/courses/122/recon/dubois.html

Fri, 04/20/2012 - 11:25 | 2361292 LFMayor
LFMayor's picture

+1 your post said negro, that be raciss.

Fri, 04/20/2012 - 20:53 | 2362864 Acorn10012
Acorn10012's picture

Yeah, but what did Snoop Dogg say? Faux-shizzle????? Dizzle????

Grady! Get me a bottle of Ripple.

Fri, 04/20/2012 - 10:20 | 2361033 Zymurguy
Zymurguy's picture

So let me get this straight... the executive branch touts the reduction of the enemployment numbers as a result of their great policies.  We all know in fact most of this reduction is from people giving up the job search or timing out on the exhaustion of their benefits.  And the administration loves to twist the statistical calculations to benefit their campaign.

Now, due to those number reaching a threshold it will automatically cut off the sugar to 1000s of people?

HAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAH!

Fri, 04/20/2012 - 10:24 | 2361052 SheepDog-One
SheepDog-One's picture

ObaMao's job was to 3rd world america, mission accomplished. All you who think the govt just keeps printing money to keep feeding millions of useless eaters, well you know nothing.

Fri, 04/20/2012 - 10:32 | 2361076 valley chick
valley chick's picture

Exactly what I have been telling friends.  Sadly though they do not understand. 

Fri, 04/20/2012 - 10:33 | 2361081 Bastiat
Bastiat's picture

. . . and the DHS bought enough hollow points to shred us all 1.5 times.

 

Fri, 04/20/2012 - 11:25 | 2361279 LFMayor
LFMayor's picture

yeah, but it takes more than just having the ammo.  Those wrinkle neck sub IQ's are in for a big fucking surprise when it finally kicks off.

Fri, 04/20/2012 - 10:42 | 2361129 Silver Dreamer
Silver Dreamer's picture

I always thought that was the Fed's job.  In fact I own a T-shirt that says it, and that shirt was made way before Obama was ever around.  He's just one of the star puppets in the show of course.

Fri, 04/20/2012 - 11:34 | 2361315 pherron2
pherron2's picture

they only bought them to take them off the market, and thus protect the people from themselves. Yes, more will be made, but they can then claim a dual mandate of creating more production. win win

Fri, 04/20/2012 - 20:55 | 2362868 Acorn10012
Acorn10012's picture

Brilliant!

Fri, 04/20/2012 - 11:11 | 2361229 Sandmann
Sandmann's picture

Obama's job was to look after Goldman which is why they funded him. He's done alright. Now they need another puppet to waste another 4 years

Fri, 04/20/2012 - 11:13 | 2361240 roadhazard
roadhazard's picture

I would like to thank Congress for making Obama's dreams come true. Especially the repubicans, the savior of the right wing people. lol, "heck of a job".

Fri, 04/20/2012 - 10:23 | 2361039 Guns N Metals
Guns N Metals's picture

Cue, "1st Of Tha Month" by Bone-Thugs-N-Harmony

Fri, 04/20/2012 - 10:24 | 2361050 GMadScientist
GMadScientist's picture

http://www.youtube.com/watch?v=pm-K5B9eGNs

 

"What if Christmas didn't come this year

 and noone paid for Christmas cheer

 who would cry the biggest tear

 the child, or the store?"


Fri, 04/20/2012 - 10:30 | 2361075 ebworthen
ebworthen's picture

If the Banks and Washington can do it, why not regular people?

Fri, 04/20/2012 - 10:41 | 2361111 Silver Dreamer
Silver Dreamer's picture

But... but...  Corporate welfare is OK (fascism)!  It's only individual welfare that's bad (communism)!!  Has anyone ever run the numbers?  I strongly suspect corporate welfare is far more "expensive" for us as tax payers than individual welfare.  Both types need to be ended, but that won't happen until things collapse.

Fri, 04/20/2012 - 10:32 | 2361082 valley chick
valley chick's picture

Question is will the administration extend just one more time to get their votes for the election.

Fri, 04/20/2012 - 10:35 | 2361093 navy62802
navy62802's picture

my ebt. my ebt. my ebt. Hahahaha. No more swipey for you!

Fri, 04/20/2012 - 10:38 | 2361098 Silver Dreamer
Silver Dreamer's picture

When in Rome do as the Romans do, right?  Everyone should apply for every benefit possible.  Just don't depend on it.  Hell, let's all steal from each other, and then this beast will die sooner.  har har

Fri, 04/20/2012 - 11:18 | 2361254 LFMayor
LFMayor's picture

This.

Fri, 04/20/2012 - 10:39 | 2361108 insanelysane
insanelysane's picture

Housing boom, going to need more projects.  Detroit is pretty much empty.

Fri, 04/20/2012 - 10:39 | 2361110 Stuck on Zero
Stuck on Zero's picture

There is absolutely nothing more evil than a government handing out money to people without expecting anything in return. 

Fri, 04/20/2012 - 10:42 | 2361124 Silver Dreamer
Silver Dreamer's picture

I agree but that principle should also apply to corporations.

Fri, 04/20/2012 - 12:31 | 2361465 GeneMarchbanks
GeneMarchbanks's picture

Individuals are the ones who will be demonized simply because it is palpable unlike the way corporations get handouts. Also, be sure that it'll be corporate media that will point this all out as usual.

Fri, 04/20/2012 - 12:56 | 2361534 Stuck on Zero
Stuck on Zero's picture

Of course: Buffet, Dimon, Blankfein, etc. are people, too.

Fri, 04/20/2012 - 10:40 | 2361118 WAMO556
WAMO556's picture

Yeah - where is Trav7777 - we want him/her back - that fucker had some zingers - and harpooned the holy cows as needed! Come on, where IS TRAV7777 at???!!!!

Fri, 04/20/2012 - 10:46 | 2361142 Incubus
Incubus's picture

Shut up you fucking idiot.  Grow a thought of your own and stop looking for idols.

Fri, 04/20/2012 - 11:05 | 2361211 Alcoholic Nativ...
Alcoholic Native American's picture

Nobody likes a school yard bully....

Fri, 04/20/2012 - 10:45 | 2361134 Incubus
Incubus's picture

I've never taken any handouts and I never will.  I'll off myself before I take or beg for anything from anyone.

 

Shameless peoples.  And they're not just on the bottom--the ones at the top take more and we all think it's okay.

 

EBT or TBTF: in the end, it's all just theft.

Fri, 04/20/2012 - 14:11 | 2361840 FeralSerf
FeralSerf's picture

Does that mean you won't collect on any insurance that you're legally entitled to?  Isn't governmental services also a form of insurance?  Isn't the military a form of insurance against foreign invaders, for example?  Remember "OASDI"?  Do you know what the "I" stands for?

"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."

Sat, 04/21/2012 - 21:58 | 2364280 honestann
honestann's picture

I did not sign the declaration of independence, the constitution, a "social contract" or any other document that morons love to mention when they claim that somehow I am "a member of" this-or-that, or that I am required to participate in some totally fictional verbal insanity such as "the general welfare".  Do you understand that?  CAN you understand that?

This doesn't mean there's nothing wise or intelligent in those documents, but it does mean they are nothing but ink on paper as far as obligating me or you or anyone else to anything whatsoever.

If humans would just learn the difference between real and fiction, and act accordingly, the world would become about 1000x better over night.  Then they'd realize that the following DO NOT EXIST:

government
corporation
organization
citizen
authority
constitutions
social contracts
general welfare
social obligations
society or any other form of collective

All the above, and endless other bogus terms are pure, unadulterated fiction.  They are words, phases and corresponding mental units that do not mean or refer-to anything.  Nothing.  Zip.  Zero.  Nada.

All that exists are individual, physical entities, and actions of those entities.  All supposed collectives are fictions - the reality is the elements of the so-called collective, and the so-called collective does not add anything whatsoever to the individual entities (which is why the collective doesn't exist).  This stuff should not need to be explained, because it should be standard elementary school fare.  However, school consists of intentional actions to cause braindamage, not help humans learn to operate their brains effectively.

As long as a human being believes any of those common fictions refer-to anything real, they remain stark, raving [and clinically] insane.  Which means, about 99.99999% of human beings are psycho-monkeys bouncing off the walls screaching jibberish pretty much all day, every day.

What does exist is:

predators DBA government
predators DBA corporations
predators DBA organizations
predators DBA central banks

Yes, the predators do exist.  They are individual human beings.  But those names they "do business as" (take actions as) are pure fiction, fantasy, lies.

Sun, 04/22/2012 - 10:12 | 2364654 MeelionDollerBogus
MeelionDollerBogus's picture

"I did not sign the declaration of independence, the constitution, a "social contract" or any other document that morons love to mention when they claim that somehow I am "a member of" this-or-that, or that I am required to participate in some totally fictional verbal insanity such as "the general welfare".  Do you understand that?  CAN you understand that?"

NO.

Your continued residence on the land is your consent.

Leave if you don't like it.

Mon, 04/23/2012 - 05:26 | 2366117 honestann
honestann's picture

You are totally insane and infinitely delusional.  I am NOT your slave.  You do not have any authority over me.  When you claim that I am a slave because I exist in this universe, you are simply making noise.  You have NO BASIS WHATSOEVER to justify such remarks.  They are simply NOISE.  They are simply completely insane and baseless assertions.

To claim that "existing == consent to be a slave" is such an extreme degree of insanity that you can be expected to say, believe and do absolutely anything, no matter how crazy.

At least you're correct about one thing.  You cannot understand anything.  You have totally destroyed your brain, and rendered it completely useless.

BTW, by the simplest logic possible, if I am supposed to be slave to someone just because I exist... then the individual who I am supposedly a slave to must be MY SLAVE just because HE exists.  The relationship is 100% symmetric, so you must accept the both sides of the insanity of your statement.  However, clearly the flip side negates the possibility of your entire way of thinking, because it is impossible to be the slave of someone who is a slave to you.  This is inescapable by simple first-order consistency, but you have slid so far down the insanity tube that you're incapable of telling night from day.

As for me leaving... the answer to that one is... I ALREADY DID.  However, I won't be satisfied until I leave this entire planet behind me, because it is overrun by screaming psycho-chimps like you bouncing off the walls.  Better to become free of endless insanity and psychosis than "deal with it".

I wonder whether people like you have any freaking idea how stupid you are, and how laughably stupid you make yourself appear.  Really!  To equate "existing" with "consent to be enslaved" is so flaming wacko-crazy-flakes that it makes me laugh at the astronomical absurdity of your neural malfunctions.

Fri, 04/20/2012 - 10:48 | 2361155 TonyCoitus
TonyCoitus's picture

Maybe if some of these unemployed "workers" would take a shower, cut their hair, and pull up their fucking pants, they could get a job.

When you get the job, don't forget to show up.........and get stoned and drunk on your own time, not mine!

If they could do this, they're in the top 80% of all unemploted.

"Retraining" fucktards is a waste of our money.

Tony

Sat, 04/21/2012 - 00:05 | 2363173 GMadScientist
GMadScientist's picture

If your meathead wasn't firmly lodged in your obstructed bowel, you'd be able to see there are 10-50X the number of applicants for each open position in many cases, shifferbrainz, but hey, why let reality intrude on a perfectly good false cause fallacy.

 

Fri, 04/20/2012 - 10:54 | 2361171 Uncle Remus
Uncle Remus's picture

Clearly, I do not have enough ammo.

Fri, 04/20/2012 - 11:09 | 2361219 krispkritter
krispkritter's picture

Don't worry, there are plenty of others like you who will help out. Of course it helps if you're not at Ground Zero in a major metro area...

Fri, 04/20/2012 - 11:01 | 2361192 Bicycle Repairman
Bicycle Repairman's picture

Please people, I know its insulting to see non-working folks given a lifestyle that is a reasonable approximation to that of working folks, but this is not what has destroyed the world's economy.  Focus your anger on the real criminals.  You know, the guys that created the welfare system, along with the really destructive stuff.

Fri, 04/20/2012 - 11:11 | 2361224 Sandmann
Sandmann's picture

So the Unemployed lose their Subsidy and the Bankers keep theirs together with Tax Cuts. Seems fair. Somewhere in the Bill of Rights is The Bankers' Charter guaranteeing Treasury Loss Guarantees

The United States is one of the finest Crony Capitalist societies on the planet no wonder Goldman Sachs and JP Morgan are headquartered there ! 

Fri, 04/20/2012 - 11:27 | 2361295 GeneMarchbanks
GeneMarchbanks's picture

Crony capitalist?! I see you've fallen pray to bullshit P.C terminology nicely.

Fascism. Pure as virgin snow.

Fri, 04/20/2012 - 11:55 | 2361358 Sandmann
Sandmann's picture

Exactly what was said about Korea in 1998

Guest Post: Crony Capitalism And The Expansive Central State

and recently 

 

Fascism had a more complete ideology of Nation which is lacking in Crony Capitalist Globalism.

Fascism upheld the Nation State and the Organic National Identity  - Crony Capitalism despises the Nation and treats the People as commodities to be traded

Fri, 04/20/2012 - 12:04 | 2361386 GeneMarchbanks
GeneMarchbanks's picture

So then it's even worse in one sense. No?

Crony Capitalism despises the Nation and treats the People as commodities to be traded

http://en.wikipedia.org/wiki/Commodity_fetishism

The psychologist, Erich Fromm, writes about this -- but again-- this is a byproduct of corporate capitalist logic taken to its extreme. He states very simply that the individual begins to experience him/herself as a commodity to be bought and sold on the market.

Fri, 04/20/2012 - 13:18 | 2361614 Sandmann
Sandmann's picture

Yes, it's even worse......obviously

Sat, 04/21/2012 - 00:08 | 2363177 GMadScientist
GMadScientist's picture

Shake that MoneyMaker(tm)!

 

 

 

Sun, 04/22/2012 - 10:04 | 2364648 MeelionDollerBogus
MeelionDollerBogus's picture

Crony Capitalism despises the Nation and treats the People as commodities to be traded

"The psychologist, Erich Fromm, writes about this -- but again-- this is a byproduct of corporate capitalist logic taken to its extreme."

What are hookers?

Seriously, someone's been reading Marx and huffing glue, or, just woke up yesterday without checking up on the history of sex workers, slavery, etc. This didn't quite start recently.

"What is Fascism" (youtube)

Sun, 04/22/2012 - 10:14 | 2364658 GeneMarchbanks
GeneMarchbanks's picture

Thanks for the youtubeducation. My apologies for reading, doubly so for reading Marx.

Fri, 04/20/2012 - 11:22 | 2361268 LFMayor
LFMayor's picture

I disagree.  Why waste a perfect chance to thin out the leech herds?

if you're going to get into the pool, you might as well fucking swim.

Fri, 04/20/2012 - 11:33 | 2361313 Bicycle Repairman
Bicycle Repairman's picture

Who does the thinning?  Where does it stop?  Are you sure that you and yours are sufficiently valuable?  If you don't get thinned now, will you still be a sheep?  Maybe when you get older, you'll get thinned then.

Fri, 04/20/2012 - 12:00 | 2361370 LFMayor
LFMayor's picture

You've read some history, haven't you?  What you describe has been played through how many times? 

Your mistake is that "this time it will be different".

Fri, 04/20/2012 - 15:47 | 2362160 Bicycle Repairman
Bicycle Repairman's picture

We'll see who is mistaken.  I don't think white skin, a high IQ or "productivity" will be enough this time.

Sat, 04/21/2012 - 00:13 | 2363188 GMadScientist
GMadScientist's picture

http://www.youtube.com/watch?v=E5EQaEHNeco

Son, you are mistaken
You are obsolete
Look at all the white men on the street

Sat, 04/21/2012 - 00:09 | 2363178 GMadScientist
GMadScientist's picture

Because you stand a good chance of going with em.

Fri, 04/20/2012 - 11:06 | 2361207 uno
uno's picture

5.4 million on disability scamming -- look at the chart on it's growth, now 6% of scammers to active workers

http://news.investors.com/article/608418/201204200802/ssdi-disability-rolls-skyrocket-under-obama.htm

"We see a lot of people applying for disability once their unemployment insurance expires," 

Hope and Change we can believe in

and for the best part

What's more, the explosive growth in enrollment is not only increasing the financial strain on the Social Security Disability Insurance trust fund — which is scheduled to go bankrupt in 2018 — it's boosting costs for Medicare as well, since SSDI enrollees can qualify for Medicare after two years. SSDI now accounts for more than 16% of Social Security's budget and more than 15% of Medicare's.

Fri, 04/20/2012 - 12:27 | 2361319 Shizzmoney
Shizzmoney's picture

I love how in MA, they (rightfully) crack down on vendors and convienence stores in Chinatown running EBT Card scams.

http://www.bostonherald.com/news/regional/view/20220420raid_of_ebt_card_cheats_just_beginning_of_fight_patrick_downplays_sting_but_officials_vow_to_root_out_fraud/srvc=home&position=0

Yet, the state gives Liberty Mutual $45mil in tax breaks to move business here to "create jobs", and instead use that capital to spend on increasing the size of their corporate private jet fleet (which, btw, are made IN CHINA).  So, that money to create jobs....actually goes right to the CEO's bank account. 

So we go after low income people and scam degenerates because they can't afford the legal counsel to word-magic their way out of their crime; but some guy in a suit can do whatever the fuck he wants. 

Nice system.

Then, I read today that the MA UE number that went down from 6.9% to 6.5%......is probably not right (obv). 

http://t.co/m48woIDW

And again, no news in ANY MSM, left or right, on the stagnating and even lessening income of workers.  Just the fact "they are getting jobs".  It's not good enough for this country, to just create jobs.  We need good, stable jobs so consumers can spend again, pay down debt, and have enough income so that the taxes we collect actually put a dent into our debt.

Instead, the reverse is happening.  Under a "progressive president".  I LOL'd!

The country is going to shit, and quite frankly, deserves it.

Fri, 04/20/2012 - 11:41 | 2361325 Yen Cross
Yen Cross's picture

 Time to go long Corrugated cardboard Boxes.

Fri, 04/20/2012 - 12:23 | 2361431 Shizzmoney
Shizzmoney's picture

The majority of my company's product is made in Corrugated Cardboard boxes...and of course, they are made in China.

I bought a noose to hang myself made in China the other day; it broke.  I guess free trade has its benefits!

Fri, 04/20/2012 - 12:41 | 2361485 Yen Cross
Yen Cross's picture

lmao, Good comment, and I hope you make a shitload of cash!

Fri, 04/20/2012 - 21:00 | 2362875 Acorn10012
Acorn10012's picture

Shizz,

If at first you don't succeed; try, try again!!!

1-800-GET-ROPE

Fri, 04/20/2012 - 11:42 | 2361327 Donnie Duvanie
Donnie Duvanie's picture

If I couldn't get my foodstamps, I don't know what I'd do. How would I get my soda pop and chips? Or ice cream and candy bars? Or my TV dinners (sorry guys) and popcorn? Or my New York Strip for the weekend Bar-B-Que? Life would be very hard. Yes, very hard indeed. 

Fri, 04/20/2012 - 12:03 | 2361384 Walt D.
Walt D.'s picture

Even "60 Minutes" got this right - when you pay someone not to work for 99 weeks, they have a hell of a time finding a job when their benefits run out. Most employers will not even consider them. BTW - These people do not show up in official unemployment statistics.

Fri, 04/20/2012 - 12:22 | 2361433 natty light
natty light's picture

Potato Chips

Chips?

My EBT

What?


Fri, 04/20/2012 - 12:36 | 2361477 savagegoose
savagegoose's picture

time to leverage up on my EBT,.  $100 a month on ebt, should let me buy $5000 of food,  just like a  bank. and ill put it on the tax payer if it all fucks up?  sure why not

Fri, 04/20/2012 - 12:41 | 2361494 MFL8240
MFL8240's picture

How many of them have retrained themselves for new jobs?  Probably a very small percentage!  That is what happens when you take the motivation out with handouts.

Fri, 04/20/2012 - 13:29 | 2361659 Born-Again Bankster
Born-Again Bankster's picture

Obummer:  No, no, no...I'm not talking about ending unemployment benefits.  Do you know how that would make me look!  This is an election year for fuck sake!  I'm talking about rigging the employment numbers so people just don't qualify any more.  You guys can have the left over money for pet projects and I get to pretend I fixed the economy. 

Boehner: That works for us over here on the right. 

Obummer: Deal? 

Boehner: Deal.

Obummer:  Stop crying.

Fri, 04/20/2012 - 14:32 | 2361936 Bansters-in-my-...
Bansters-in-my- feces's picture

 

This is one of the reasons that the USSA law of enforcement agencies ordered all those hollow points.

Fri, 04/20/2012 - 15:22 | 2362093 geotrader
geotrader's picture

That's bullish right?  Unemployment will fall again.

Fri, 04/20/2012 - 18:50 | 2362657 Alpacanio
Alpacanio's picture

My wife has been unemployed for just over a year. She got an extention for 9 weeks. They told her mid-June your all done...

With only my salery, we can't pay all the bills. Bye-bye mortgage. It's sad, I never missed or been late with a payment since we bought the house 10 years ago. Unless she finds a job. Were toast... 

Fri, 04/20/2012 - 21:03 | 2362881 Acorn10012
Acorn10012's picture

I hope your luck changes for better.

Sun, 04/22/2012 - 19:03 | 2365499 skully1969
skully1969's picture

My guess is you were once a postal worker...

Tue, 06/19/2012 - 23:39 | 2541927 Knobbius
Knobbius's picture

I'm kinda sad nobody seems to have commented on the video.  It's kinda catchy, in a gangsta-lite sort of way.

 

Long live NWA....

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