$25 billion of the money which the stimulus act appropriated from taxpayers was apportioned to give the unemployed a partial subsidy for their health insurance premiums.

The subsidy covers 65% of an individual’s health insurance premiums for up to nine months, provided that the individual is merely continuing his pre-existing health insurance policy under COBRA.  COBRA is a law enacted in 1986 which allows discharged employees to maintain an employer-sponsored health plan by paying the premiums out of pocket.

Why is this news relevant now if the act was passed almost a year ago? In part, because only those who have lost their jobs since 1 September 2008 or who will lose their jobs by New Year’s Eve (just a few days away) qualify for subsidy.  The clock is ticking.  Why else?  Because Congress is in the midst of considering a bill to extend the coverage from nine months to fifteen and from 65 percent to 75.

Why would they extend the subsidy? Last month (nine months after the original bill was ratified) hundreds of thousands of Americans were still out of work and in a tizzy that the government wasn’t going to keep paying 2/3 of their health insurance premiums.  Laying aside the question of whether Americans ought to be legally compelled to succor their unfortunate brethren, it is apparent, at least, that the word “stimulus” does not aptly describe the Congressional measure under consideration: our unfortunate brethren remain unemployed.