State Unemployment Money Is Drying Up
By Susie Madrak Tuesday Dec 16, 2008 5:30amNot the most reassuring news for the unemployed:
With unemployment claims reaching their highest levels in decades, states are running out of money to pay benefits, and some are turning to the federal government for loans or increasing taxes on businesses to make the payments.
Thirty states are at risk of having the funds that pay out unemployment benefits become insolvent over the next few months, according to the National Association of State Workforce Agencies. Funds in two states, Indiana and Michigan, have already dried up, and both states are borrowing from the federal government to make payments to the unemployed.
[...] “You don’t expect the loans to happen this early in a jobs slump,” said Andrew Stettner, the deputy director of the National Employment Law Project, an advocacy organization for low-wage workers. “You would expect that the states should, even when they are not well prepared, to have savings.”
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As long as we have plenty of money to bail out the billionaires.
Seems to be a pattern here....
They are askin for open revolt.
Agreed!
But I know this will come to a halt here in the not too distant future. I figure March or April if I'm lucky. After that, I gots nuthin. Such is life in the trades.
I haven't filed for unemployment in over 20 years.
Just yesterday I was thinking if I have to I will.
But only if I have too.
Now I read this.
great.
I live in an upper-middle income area of NW Connecticut.
Must be immune to the recession, one might say.
Au contraire.
The guy who cuts my hair told me yesterday that business in his salon has dropped off a cliff and that he's going to have to get a second job.
This in a land of Acuras, BMWs, Saabs and Volvos.
In your land of BMWs, he probably drives Honda. Just because he cuts the hair of the upper class, doesn't mean he is one. I grew up in the Hartford area back in the 70's and 80's, nice to know my state hasn't changed.
What am I missing here?
Maybe Blackwater is taking applications. Then again, I would rather wear a paper hat for my McPaycheck.
To make the federal deficit not look as bad as it really is Bush pushed large parts of the federal deficit off on the states to have to deal with, so not only do the states have less to work in terms of funds as a result of this "creative accounting" by Bush, there is still a huge federal deficit so how can states borrow from the fed?
The Bush legacy just keeps on giving. Makes me want to clear out my f*cking shoe closet.
he will give his buds on wallstreet ALL the money they want. As for the American people, FUCK OFF. watch your CREDIT CARDS IF YOU HAVE ANY, THEY ARE GOING TO JUMP THEM TO AROUND 24.99% IN JANUAR 1,2009. THEY GET MONEY FROM THE FED RES @1% AND GIVE YOU 24.99%. THE RICJ=H LOOKING OUT FOR THE RICH.
I think there is a good possibility that present conditions COULD push groups of reasonable people to new heights of conflict. The French Revolution gave "history" images of peasants marching members of the social and economic ELITE down main street to their executions... clean fast swipes of a heavy sharp blade. Kind of an ultimate class warfare.
The last two elections in this country have been "shots over the bow" for an emerging economic underclass finding new political influence. Hannity, Rush, Billo... are all in DENIAL regarding this circumstance. Each of them should be contacting a good barber. (Long hair dulls the cutting edge of the guillotine.)
Hey, we can work with that! What's a few extra minutes of blade sharpening when there's so much to be gained.
This has been a long setup of imposing on the states and bullying them (Skeletor's threats about other fed funding if states didn't cooperate w/national id's & billions in burden on states) and/or sweetening cooperation with "HOmeland Security" windfall make-work do-nothing bonanzas. Our gov. Ritter was all a-twitter when those funds arrived. Swear I thought he was better than that or just damn naive.
Aside from that the States could utilize this opportunity to develop and thicker skin and take power back to the states where it constitutionally orginates anyway. Depends on which govs are gucci loafered pussies. This I think is where the peasants revolt.
This is early for the funds to be drying up. Did they know before 6 to 8% was all the system could handle? someone above commented that the fed transferred debt to the states but I'm not sure how that affects the states unemployment funds.
I guess what I'm trying to say is there should be more money (I read 12 states a week ago, this is accelerating).
Like everything else that was supposed to be "guaranteed," I assume that NOTHING will be left in place for assistance. The only things that will be guaranteed will be requisite taxes, insurance payments, ATM fees, ticket and probation costs, and of course, death.
Many days, the last seems preferable...
A half trillion dollars blown on Bush's war would have shored up a lot of unemployment funds but hey, that would have helped rank and file Americans not KBR and Halliburton. Bush/Cheney to America, go f*ck yourself!
Then they eliminate our jobs,
Then they weaken our dollar,
Then they take away our safety nets,
Then they use the US military in conjunction with the CHP for DUI checkpoints.
http://www.infowars.com/?p=6570
God, I can't wait to get out of CA back to Florida...
States are in debt. California 28 billion, New York 47 billion. Debt is not savings. In boom times, states have expanded spending, instead of setting aside savings for the inevitable future downturn.
This is also not a garden variety recession, either. Despite what all the talking head smartest guys in the room keep saying, i expect an economic depression. The last 2 months, the CPI has deflated. Bernanke has failed to prevent deflation- student of The Great Depression that he is, and is thus supposed to be smartest guy in the room enough to avoid that which occurred in the 1930's. Greenspan was supposed to be "The Maestro". Worked fine during the boom- how is that working during the bust- not very well. The smartest guys in the room aren't smart at all. They are just good at poker until their cards are turned face up.
Debt is not wealth. Real GDP growth has been ZERO since 1996. The gwoeht of debt has given the illusion of prosperity. The bill is now due and payable. But there is no money.
Bernanke thinks he can print his way out of this, but that is mathmaticly impossible.
a good way to get people to enlist in the military. Gotta restock the fodder after all.
There no longer is any criteria for fitness for the military either. Felons, skinheads freaks and swirling schizophrenics. Anyone is suitable for using up and discarding.
Done by drying up funding for public edu, eliminate kid's hopes for college while they're still in h.s. remove their prospects so it appears it's military by default.
dry up the job market, including min wage work which can be life-saving in a true recession/depression and fill vacancies with you-know-what.
If you're hungry enough the military looks like the opposite of what it is: hell wrapped in salvation.
Economic Terrorism may prove to be the worst type of terrorism we'll see. Anyone studied up on the Federal Reserve System lately? Anyone interested in the monetary policy of this country?? It might be a good time to dig in and take some responsibility for your education.
Men Behind the Curtain ~ 47 minute primer on the Federal Reserve System
http://video.google.com/videoplay?docid=-1693...
America: Freedom To Fascism ~ Documentary on the legality of the Income Tax
http://video.google.com/videoplay?docid=-1656...
Fiat Empire ~ Why the Federal Reserve Violates the U.S. Constitution 1 hr.
http://video.google.com/videoplay?docid=52326...
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