Congressman James Lankford and Senator Tom Coburn said today they are jointly introducing legislation to end unemployment insurance for Americans earning more than one million dollars a year.
According to the Internal Revenue Service, the federal government paid out $18.6 million in unemployment benefits to 2,840 households with incomes exceeding one million dollars a year in 2008.
The legislation being introduced by Lankford and Coburn would save $20 million a year and $100 million over the next five years.
“This unemployment safety net should be provided for those most in need, not giving an extra cushion to those who have failed to prepare for the future,” said Lankford.
“Members from both sides of the aisle should be willing and able to support legislation that incentivizes individual responsibility and helps cut wasteful spending. This is one of many common sense proposals that will help restore the American people’s faith in our government and confidence in our fiscal state.”
|Senator Tom Coburn|
“In a federal budget rife with waste, duplication and, sometimes, sheer stupidity, giving unemployment benefits to millionaires may take the cake. Ending this practice will save nearly $100 million and correct a gross injustice against the millions of Americans who are out of work. Congress should pass this bill without delay. If there was ever a common sense spending cut, this is it,” Dr. Coburn said. ###