The Check is in the Mail
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With the ever expanding financial problems in the US and the World, state governments are having trouble coming up with the money they have promised to the unemployed. Not least of which is New York State. Take a look at this article from CNN Money:
States face unemployment cash crisis
Here is a piece about New York State:
Wall Street woes hit New York
The implosion of Wall Street and the weakened economy around the state has led to a surge of unemployment claims in New York. The state now pays benefits to 148,000 people, up from 113,000 a year ago, said Leo Rosales, spokesman for the state Department of Labor.
As a result, New York’s trust fund has dwindled to $357 million, down from $538 million a year ago. To meet its obligations, the state has been borrowing from the feds for years, receiving nearly $1.1 billion over the past three years alone. In 2006, the state had to pay $7 million in interest of $1.5 billion it borrowed in 2005.
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The state legislature tried unsuccessfully in the spring to increase unemployment insurance taxes, while also raising the maximum weekly benefit, which now stands at $410, to $550. The bill would have increased the wage base to $11,500 over time, from its current $8,500.
Tuesday’s election left Democrats in control of both chambers of the state legislature, and the bill now has a better chance of getting passed, said Assembly member Susan John, a Democrat, chair of the labor committee.
“Members are back home in their districts and are recognizing how much people are struggling,” John said.
So it looks like we can expect increased taxes on business come January. That will most likely mean more layoffs and even more pressure on unemployment rolls in addition to the proposed increase in payments. Let’s all be sure to thank local assemblywoman Susan John for her great work.
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Wow this is such a terrible idea. Why should we tax the private sector to protect public sector jobs? Why not let the public sector jobs be reduced and let those people work in the private sector. According to the calculations in my head that would increase tax revenues while keeping taxes unchanged. Also according to my calculations this would result in a growth of our economy instead of continual handicapping the NYS economy. It's already hard enough to do business in the US, and it's even harder in this state. Leave it to politicians to make it even harder.
Let's not forget to mention that over time America has a 100 trillion dollar debt to pay off!
So it makes sense then that they would be loaning money to state governments, because it's obvious that the Federal Government is loaded. What's a few trillion more?
How will america survive 2009 with the debts and the number of unemployed people rising???
By returning to a sustainable society. What we have become is unsustainable. How can people continue to spend more money than they make? We must return to saving and investing in the future instead of spending away our future. We will have have to live with less, in fact, we will have no choice. It is only a matter of time before the rest of the world gives up on supporting the US, at that point our survival will be in our own hands.
You have a good point here Ethan. I think you should expand this idea into a full article. My suggestion would be to show that all of the current talk about “sustainability” ignores the fact that most of our problems of overproduction, overconsumption, overspending and the like can be traced back to the overproduction of money. There's too much money being printed! There are environmental benefits to sound money.
You have a good point here Ethan. I think you should expand this idea into a full article. My suggestion would be to show that all of the current talk about “sustainability” ignores the fact that most of our problems of overproduction, overconsumption, overspending and the like can be traced back to the overproduction of money. There's too much money being printed! There are environmental benefits to sound money.
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