February 11, 2011 06:26 PM UTC

Udall takes on fight to end jobless benefits to millionaires

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• by: Denver Unemployment Examiner

( – promoted by Colorado Pols)

Sen. Mark Udall (D-CO) joined three of his colleagues in a bi-partisan effort to end the payment of jobless benefits to millionaires.

Senators Udall,  Coburn (R-OK),  Tester (D-MT), and Representative James Lankford (R-OK) announced the introduction of a bill that would no longer allow for the payment of federal unemployment compensation to persons earning over $1 million per year – a savings of over $100 million over the next five years.  

“Unemployment insurance is a critical, temporary, safety net for Americans who need help getting by,” said Senator Mark Udall of Colorado. “But making Coloradans pay for unemployment insurance for millionaires isn’t fiscally responsible – and frankly, it doesn’t make sense. Especially at a time when money is tight and our debt is out of control, we should be looking for smart, strategic ways to save money. I’m proud to work with Senator Coburn and Congressman Lankford on this common-sense proposal to save the taxpayers up to $100 million.”

Sounds a little bit unbelievable, huh?  I personally know firsthand of a case in Colorado in which a small business owner (with a net worth well more than a few million) closed the company’s doors last year due to the horrendous economic conditions that persist in Colorado.  Despite earning somewhere in the neighborhood of $1 million per year, this individual is now collecting unemployment insurance benefits.

If that’s not enough, …[there’s more]

http://www.examiner.com/unempl…