Summary of Current Economic Events

Here's a summary on the economic current events.

More Utahns turn to government for financial help
July 27th, 2009 @ 10:39am
SALT LAKE CITY (AP) -- The number of Utahns getting financial help from the government has gone up 30 percent since last year.

In May, 6,797 Utah households were on public assistance. A year earlier the number was 5,219.

To qualify for Temporary Assistance for Needy Families, a family of three can make no more than $1,050 per month. The state has not increased the income limits since the 1990s.

However, the state is planning to temporarily extend the eligibility time period for help. Starting as early as September, the change would affect residents who have recently been laid off, have essentially no other income and have previously maxed out the 36-month time limit for TANF.

It's not clear how many people the change would affect.

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"WASHINGTON -- The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.

Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end."

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"The Congressional Budget Office has estimated the proposal now under consideration will cost over 10 years a little more than $1 trillion, depending on the final deal. House Democrats have vowed to find a way to pay for that cost despite an acknowledgement by a Congressional Budget Office official that the deficit will increase $239 billion because of Medicare payments to doctors.

But fully phased-in coverage of Americans under the plan will only occur for six of the 10 years measured by the CBO. That's because the Democratic plan in the House will start collecting revenues in 2011 but won't start providing coverage until 2013 and won't be fully implemented until 2015."

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"Though Americans still blame former President George W. Bush for the ailing economy, President Obama faces dropping approval ratings amid doubts that he has a clear plan for fixing the economy."

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