“This is Main Street economic stimulus,” Congressman Ellison said. “Any time you can help 1.3 million Americans – including 20,530 Minnesotans – buy their groceries and pay their bills, we help families and fuel our economic recovery,” Ellison stated.
H.R. 3548 provides 14 additional weeks of unemployment benefits to jobless workers in Minnesota and nationwide. It also extends the first-time homebuyer tax credit program through next spring enabling first-time homebuyers to continue receiving an $8,000 tax credit on their new homes.
“Helping Minnesotans buy homes makes sense because housing sales are a critical benchmark in determining our economic recovery. We already see recovery signs in Minnesota which will be reinforced by the extension of this tax credit,” Ellison stated.
Economists note that extending unemployment benefits is one of the most cost-effective and rapid ways to stimulate the economy because the money is spent promptly.
“Every $1 we spend on unemployment benefits to help folks get back on their feet generates $1.63 in new economic demand. It’s a very effective way to help people down on their luck and give a boost to the economic recovery,” Ellison said.