The Booming Economy

Jobless claims have shot up to a 16-year high.

After years of being bullheaded about unemployment benefits extension, our dictator has decided to cave in:

The jobless figures come as the Senate is expected to vote Thursday on legislation that would extend unemployment benefits. The White House said President George W. Bush would quickly sign the bill.

The measure would provide seven additional weeks of payments to those who have exhausted their benefits. Those in states where the unemployment rate is above 6 percent would be eligible for an additional 13 weeks beyond the 26 weeks of regular benefits. Benefit checks average about $300 a week nationwide.

Without the legislation, its proponents say, 1.1 million people will have exhausted their unemployment insurance by the end of the year.