The American people are suffering from the consequences of their leaders’ failed policies, says Mike Harris, financial editor at Veterans Today.
According to a recent report by the National Employment Law Project, more than two million Americans are to lose their federal unemployment benefits if Congress fails to extend the jobless-aid program.
In 2008, Congress temporarily expanded the unemployment-benefit program in response to the financial crisis and recession.
The federally funded Emergency Unemployment Compensation program is slated to expire on December 31.
Over 1.3 million unemployed Americans will lose their benefits immediately at the start of 2014.
The issue is being discussed in high-level budget talks on Capitol Hill, which resumed this week with a public hearing on Wednesday, the Financial Times reported.
“The problem in the US with both the understandable debt and deficit that the US government runs is a direct correlation to failed policies of the past. And, the US needs to do a policy reassessment,” said Harris in a phone interview with Press TV on Wednesday.
These failed policies “are bankrupting the country and the American people are the ones who are suffering for it,” Harris added.
The US Department of Commerce announced on Thursday that the US trade deficit rose to $41.778 billion in September, up 8 percent from August.
The increase in the September trade deficit of the US reflected a rise in imports, which hit the highest level in nearly a year, and a decline in exports, which continued to slide for the third consecutive month.