Richard B. Alman Proposes New Economic Stimulus Program

08.12.11 – New York, NY – Richard B. Alman, Principal at Recruiter Media, owner of RecruiterNetworks.com, and former V.P. Investments at PaineWebber International/UBS states, "We now have 33 states that are out of jobless benefit funds, and over 14 million Americans who are out of work. 

More than six million American have been unemployed for more than six months. Does this sound like the great depression? Yes, it does, but with a 2011 twist because our country has not seen this many people out of work for so long since the 1930s.

Businesses are not only hoarding cash, they're not hiring, and/or placing new hires on hold. This also applies to contract workers as well. 

State and local governments continue to slash jobs as part of an ongoing pattern that started in 2009. For state and local government, it's been an almost surgical line by line reduction where the number of Americans working for government has shrunk by half a million. 

The result is the biggest reduction in civilian government employment since the Great Depression. Not stating that many state and local governments do/did not have far too many employees with a duplication of effort in many areas. That's something that needs to be addressed.

What I'm proposing is an economic strategy called lay-ons because our current unemployment system is broken.

"This strategy will put Americans back to work with full compensation, and it will also help companies rehire experienced employees who were laid-off.  

"Lay-ons will be funded by re purposing unemployment dollars to pay for 50 percent of employee salaries for five months. The premise is to rehire 10% of laid-off workers each month for five months. At the end of that period, this would reduce the national unemployment numbers by as much as 50%. 

"The costs and payments that the Federal/State Governments currently are expending would not be increased. The assumption is that the dollars they spend now would be re-directed to the employers to subsidize the payroll of the lay-ons for a six month period. I propose that the subsidy to rehiring employers should  last for a six month period.

"The latest Conference Board report shows that consumer confidence fell in June to the lowest point since November 2010 due to the slack labor market and the sputtering economic recovery. The trickle down effect of lay-ons will not only help put Americans back to work and raise consumer confidence, it will help to boost the economy. 

"By extending unemployment, companies delay rehiring laid-off workers. High unemployment does not promote economic growth. The use of extended unemployment benefits to stimulate economic growth failed during the 1960s. [1] There's no data to support the fact that it will work in this economy.

"I recognize that the economic strategy that I'm proposing will require the bipartisan cooperation of our elected officials, and I'm confident that this economic strategy will be supported. Think about the choices...a bankrupt unemployment system, layoffs, foreclosures, and a sputtering economic recovery, or putting Americans back to work with lay-ons."

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References
[1] For example, George E. Rejda, "Unemployment Insurance as an Automatic Stabilizer," The Journal of Risk and Insurance, Vol. 33, No. 2 (June 1966), pp. 195-208.

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