Monday, December 3, 2012
Many jobless in U.S. don't collect unemployment
About 2 million jobless Americans fear they'll lose their extended unemployment benefits, which are slated to end next month unless Congress votes to renew them.
Their concerns make a new finding all the more puzzling: Many people eligible for unemployment don't even bother to collect it.
In the depths of the recession in 2008 and 2009, only half of those who qualified for benefits applied, a study by the St. Louis Federal Reserve Bank shows.
The portion filing for benefits shot up to 95% in 2010 and 2011, the study says, but that still means about 200,000 people didn't claim money to which they were entitled.
"They're throwing the money out the window," says David Fuller, an economics professor at Concordia University in Montreal and co-author of the report, which analyzed Bureau of Labor Statistics data. Read more >>