August 31, 2009
-- by Dave Johnson
The "stimulus plan" included a 9-month subsidy that paid 2/3 of COBRA for newly-unemployed people.
That subsidy runs out in a couple of months and millions of people will lose their health care.
In my opinion the reasons we did not enter a depression had less to do with bailing out the big banks than with the following:
1) FDIC Insurance meant that people felt safe keeping their money in banks and didn't "run" to remove deposits. THIS is why the banks didn't all close.
2) Unemployment insurance kept millions of people from losing all of their income and having to turn to breadlines. This starts running out soon for the people laid off during the crash.
3) The stimulus plan subsidized COBRA for millions of people. This starts running out soon for the people laid off during the crash.
Posted by Dave Johnson at August 31, 2009 11:53 AM
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