MIllionaire Slumdogs: Millionaires on Unemployment Insurance

2,362 Americans in households with $1 million or more in annual income received unemployment insurance in 2009, according to a recent report published by the nonpartisan Congressional Research Service. Lawmakers like Oklahoma Republican Senator Tom Coburn are attempting to cease this practice of awarding millionaires Unemployment Insurance, potentially jealous of the kickback lifestyle Uncle Sam is providing the decaying nation.  Bills have been introduced in Washington, though none have been part of legislation aimed at extending unemployment benefits, which one can now receive for up to 99 weeks.

The flipside of the argument goes that these individuals already paid for this insurance when they paid their taxes, just as they paid taxes expecting to receive Social Security retirement benefits in the future.  So, if the government wants to tax its citizens at nearly 50%, and if the citizens are going to put up with it, then they better expect to assist millionaires in their lavishly austere lifestyles. The 2,362 Americans with $1 million dollars received $20.8 million in assistance in 2009, just 0.02% of total reported unemployment benefits.

But, in contrast, there are more than 120,000 Americans in households earning between $200,00 and $500,000 receiving more than $1 billion and more than 800,000 Americans in households earning $100,000 to $200,000 getting approximately $7 billion in benefits: “Honey, I am pulling my own weight! My UI debit card just got credited – let me take you out to dinner, buy you some clothes.”

WSJ nearly suggests that perhaps the entire debate about unemployment insurance should revolve around its adding to the US’s overall GDP, as  federal and government cutbacks have detracted from America’s GDP