[Sgt_Schultze]

The net effect will be that 1 million people will no longer be considered unemployed and will be dropped from the pool of those seeking work. The official unemployment rate will drop. Leftist will cheer.

[TomGuy]

The net effect will be that 1 million people will no longer be considered unemployed and will be dropped from the pool of those seeking work. The official unemployment rate will drop. Leftist will cheer.

There are already some articles about the possibility of the UE rate dropping to the 6.8% range:

If 23% of the current 1.3 million people receiving unemployment insurance drop out of the labor force, which is what the BLS data imply, the unemployment rate will promptly fall to 6.8% from 7.0% currently, all else being equal. Another 850k individuals who are currently in state unemployment insurance programs would be impacted in Q1 2014. This would be worth another tenth on the unemployment rate. As such, the rate could be 6.7% by the March FOMC meeting—purely due to benefits expiration. This does not even account for the ongoing improvement in the labor market.

source: Business Insider: Here's Why The Unemployment Rate Could Abruptly Drop To 6.8%

[Track9]

Exactly right.