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More proof! The economy is getting worse!


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By Bruce Mildwurf

 

Raleigh, N.C. — North Carolina lawmakers had a tough choice this spring: Change how unemployment benefits are calculated, potentially cutting off benefits to tens of thousands of people, or allow the state's debt to the federal government to continue as a drag on the economy.

 

The Tar Heel state was one of many in the same situation, but North Carolina lawmakers were the only ones who chose the quicker fix. Effective July 1, 71,000 people will see their extended benefits end.

 

During the 1990s, states gradually cut back on the unemployment tax they charged to businesses, explained Duke University economist Aaron Chatterji. When recession hit in 2008, and unemployment claims began to climb, the states lacked the trust fund to pay those benefits. They borrowed from the federal government, and now that bill is coming due.

 

"Most states have these have this deficits with the federal government," Chatterji said. "They are all dealing with it in different ways. North Carolina is unique in terminating the program so abruptly."

 

In order to pay down that debt, lawmakers agreed to a plan that reduces state unemployment compensation, eliminates extended benefits and raises employer contributions into the system. Under the plan, the debt owed will be paid off in 2016, three years early. It takes effect June 30.

 

"We believe it's the right decision," said Sen. Bob Rucho, R-Mecklenburg. "Had we not made these changes to start putting some fiscal sanity back into the system, that fund would not exist for any future people."

 

Chatterji agrees with the long-term benefit – both to businesses and the state economy overall. But he questions the timing.

 

"Given that we're still in an economically uncertain time, many economists would argue that it would be better to let the unemployment benefits continue and pay back that money later on, but there's a debate about that," he said. "Given that we still have the fifth-highest unemployment rate in the country as a state, it's not clear whether this was the best time to make this kind of decision."

Those on both sides of the issue agree, there is no easy solution.

 

"When the bills come due, we have to pay the debts," said Rep. Edgar Starnes, R-Caldwell.

Cuts hurt local communities

Chatterji points out that the 71,000 people who will lose their federal extended unemployment benefits next month will no longer have that income to spend in their local economy. He estimates the cost at about $20 million per week in consumer spending that will stop.

Lee Creighton is dependent on his weekly unemployment check. He has degrees in math, statistics and French literature, but has been out of work or underemployed for the past four years.

 

"I applied to work for the lottery, GlaxoSmithKline, LexisNexis, Red Hat, The Pantry, Kangaroo Express," he said.

The high unemployment rate actually makes it harder for job seekers to find something, Chatterji said.

 

"These folks aren't just any unemployed individuals. They are people who have been unemployed for six months or more. They tend to be older workers, less educated workers. So the chance of them finding a job after the benefits are cut are quite lower than the typical unemployed individual," he said.

 

"Our focus and our intention is to get folks back to work," said Sharon Decker, state Secretary of Commerce. She is the state's top job recruiter.

 

She pointed to training programs and community colleges as a way for the unemployed to learn new skills.

Patricia White is taking courses at Wake Tech. A mother of two whose husband is also out of work, White said she is reliant on her federal extended unemployment benefits to get by.

 

"As of June 29, I have no income," she said. I still have all my bills, house note, car payment, insurance, utilities, to eat. I don't know how I'm going to make it."

 

Creighton's savings are depleted, and he is starting to worry.

 

"I've started looking at bridges. That one, I can get under there, and they won't see me. I've started thinking like a homeless person," Creighton said.

 

"It does not have to be this way. The safety net has suddenly been pulled from us."

 

The federal unemployment benefits are slated to expire across the country at the end of the year. In North Carolina, the new law means that change comes six months earlier.

 

http://www.wral.com/nc-alone-in-choice-to-end-extended-unemployment-checks/12574715/

 

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The federal unemployment benefits are slated to expire across the country at the end of the year. In North Carolina, the new law means that change comes six months earlier.

Isn't it strange how you don't see liberals screaming for extending unemployment benefits anymore?

Must not be an election year, or they've made the determination it's better to drop these people from the unemployment rolls, so they aren't counted and Obama's unemployment numbers will go down.

 

Proof again that liberals don't understand that their leadership uses them as political tools.

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Isn't it strange how you don't see liberals screaming for extending unemployment benefits anymore?

Must not be an election year, or they've made the determination it's better to drop these people from the unemployment rolls, so they aren't counted and Obama's unemployment numbers will go down.

 

Proof again that liberals don't understand that their leadership uses them as political tools.

 

...and, wait until the welfare checks dry up! :lol:

 

The osama obama regime will give them IOUs...

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Back to basics: "The Economy" is this big thing that tallies all economic activity. The quick tally is GDP, which is growing, as it does most often. Downturns are rare, comparatively. And indeed it's going north.

 

Now for aspects within the larger system that is the economy: much is negative; much is positive; some is neither great nor terrible (DOW bouncing up or down.)

 

So if you guzzle righty koolaid, all is going to hell in a hand-basket (only focus on bad stuff)

 

if you guzzle lefty koolaid, all is wine and roses (only focus on good stuff)

 

Or if you have an IQ north of 1, you recognize that we're number one in the world, and richer than ever, but have problems which require fixing, namely unemployment (raise demand with +FMW), and runaway government borrowing (raise tax rates, and via +FMW, get more workers off poverty and back onto the tax rolls).

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Rethuglicans have no problem pushing 71000 people into homelessness.

 

This decision is regretable on two fronts;

 

Punish employers with higher taxes

Punish unemployed making them homeless

 

All you need to do is extend the benefits, and pay for that later. A simple solution!

 

It just amazes me how Rethugs continue to make decisions that harm America.

 

These cretins are soul-less ghouls, and have no hearts! :(

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Isn't it strange how you don't see liberals screaming for extending unemployment benefits anymore?

Must not be an election year, or they've made the determination it's better to drop these people from the unemployment rolls, so they aren't counted and Obama's unemployment numbers will go down.

 

Proof again that liberals don't understand that their leadership uses them as political tools.

Gee, I never thought of it that way!

Only an EVIL, DEVIOUS person like you would come up with that!

 

You are projecting your evil thoughts onto the Dem party!

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Rethuglicans have no problem pushing 71000 people into homelessness.

 

This decision is regretable on two fronts;

 

Punish employers with higher taxes

Punish unemployed making them homeless

 

All you need to do is extend the benefits, and pay for that later. A simple solution!

 

It just amazes me how Rethugs continue to make decisions that harm America.

 

These cretins are soul-less ghouls, and have no hearts! :(

 

...exactly what osama obama is doing!!

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By Bruce Mildwurf

 

Raleigh, N.C. — North Carolina lawmakers had a tough choice this spring: Change how unemployment benefits are calculated, potentially cutting off benefits to tens of thousands of people, or allow the state's debt to the federal government to continue as a drag on the economy.

 

The Tar Heel state was one of many in the same situation, but North Carolina lawmakers were the only ones who chose the quicker fix. Effective July 1, 71,000 people will see their extended benefits end.

 

During the 1990s, states gradually cut back on the unemployment tax they charged to businesses, explained Duke University economist Aaron Chatterji. When recession hit in 2008, and unemployment claims began to climb, the states lacked the trust fund to pay those benefits. They borrowed from the federal government, and now that bill is coming due.

 

"Most states have these have this deficits with the federal government," Chatterji said. "They are all dealing with it in different ways. North Carolina is unique in terminating the program so abruptly."

 

In order to pay down that debt, lawmakers agreed to a plan that reduces state unemployment compensation, eliminates extended benefits and raises employer contributions into the system. Under the plan, the debt owed will be paid off in 2016, three years early. It takes effect June 30.

 

"We believe it's the right decision," said Sen. Bob Rucho, R-Mecklenburg. "Had we not made these changes to start putting some fiscal sanity back into the system, that fund would not exist for any future people."

 

Chatterji agrees with the long-term benefit – both to businesses and the state economy overall. But he questions the timing.

 

"Given that we're still in an economically uncertain time, many economists would argue that it would be better to let the unemployment benefits continue and pay back that money later on, but there's a debate about that," he said. "Given that we still have the fifth-highest unemployment rate in the country as a state, it's not clear whether this was the best time to make this kind of decision."

Those on both sides of the issue agree, there is no easy solution.

 

"When the bills come due, we have to pay the debts," said Rep. Edgar Starnes, R-Caldwell.

Cuts hurt local communities

Chatterji points out that the 71,000 people who will lose their federal extended unemployment benefits next month will no longer have that income to spend in their local economy. He estimates the cost at about $20 million per week in consumer spending that will stop.

Lee Creighton is dependent on his weekly unemployment check. He has degrees in math, statistics and French literature, but has been out of work or underemployed for the past four years.

 

"I applied to work for the lottery, GlaxoSmithKline, LexisNexis, Red Hat, The Pantry, Kangaroo Express," he said.

The high unemployment rate actually makes it harder for job seekers to find something, Chatterji said.

 

"These folks aren't just any unemployed individuals. They are people who have been unemployed for six months or more. They tend to be older workers, less educated workers. So the chance of them finding a job after the benefits are cut are quite lower than the typical unemployed individual," he said.

 

"Our focus and our intention is to get folks back to work," said Sharon Decker, state Secretary of Commerce. She is the state's top job recruiter.

 

She pointed to training programs and community colleges as a way for the unemployed to learn new skills.

Patricia White is taking courses at Wake Tech. A mother of two whose husband is also out of work, White said she is reliant on her federal extended unemployment benefits to get by.

 

"As of June 29, I have no income," she said. I still have all my bills, house note, car payment, insurance, utilities, to eat. I don't know how I'm going to make it."

 

Creighton's savings are depleted, and he is starting to worry.

 

"I've started looking at bridges. That one, I can get under there, and they won't see me. I've started thinking like a homeless person," Creighton said.

 

"It does not have to be this way. The safety net has suddenly been pulled from us."

 

The federal unemployment benefits are slated to expire across the country at the end of the year. In North Carolina, the new law means that change comes six months earlier.

 

http://www.wral.com/nc-alone-in-choice-to-end-extended-unemployment-checks/12574715/

 

LMAO!! That fking red state can burn!!!!!!!!!!!!! Their voters elect those retarded assholes, so let them live with the consequences. How come they are not all working anyway? Isn't that a right-to-work state? God damned lazy bastards!!

 

The right to live includes the right to work. The exercise of the right to work must be protected and maintained free from undue restraints and coercion. It is hereby declared to be the public policy of North Carolina that the right of persons to work shall not be denied or abridged on account of membership or nonmembership in any labor union or labor organization or association.

 

LMAO!! They should all be working!!!!!!!!!!!!

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LMAO!! That fking red state can burn!!!!!!!!!!!!! Their voters elect those retarded assholes, so let them live with the consequences. How come they are not all working anyway? Isn't that a right-to-work state? God damned lazy bastards!!

 

The right to live includes the right to work. The exercise of the right to work must be protected and maintained free from undue restraints and coercion. It is hereby declared to be the public policy of North Carolina that the right of persons to work shall not be denied or abridged on account of membership or nonmembership in any labor union or labor organization or association.

 

LMAO!! They should all be working!!!!!!!!!!!!

 

..for someone like you, who's on welfare, think this is a joke?? More and more people are running out of unemployment benefits and options!

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Back to basics: "The Economy" is this big thing that tallies all economic activity. The quick tally is GDP, which is growing, as it does most often. Downturns are rare, comparatively. And indeed it's going north.

 

Now for aspects within the larger system that is the economy: much is negative; much is positive; some is neither great nor terrible (DOW bouncing up or down.)

 

So if you guzzle righty koolaid, all is going to hell in a hand-basket (only focus on bad stuff)

 

if you guzzle lefty koolaid, all is wine and roses (only focus on good stuff)

 

Or if you have an IQ north of 1, you recognize that we're number one in the world, and richer than ever, but have problems which require fixing, namely unemployment (raise demand with +FMW), and runaway government borrowing (raise tax rates, and via +FMW, get more workers off poverty and back onto the tax rolls).

Fair.

 

But cyclically this economy should have roared back much sooner and be humming at high growth right now. That is if we did nothing. But unfortunately we passed some bad bills in 2009 and 2010.

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LMAO!! That fking red state can burn!!!!!!!!!!!!! Their voters elect those retarded assholes, so let them live with the consequences.

"Most states have these have this deficits with the federal government," Chatterji said.

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Fair.

 

But cyclically this economy should have roared back much sooner and be humming at high growth right now. That is if we did nothing. But unfortunately we passed some bad bills in 2009 and 2010.

No, we are not roaring back, because millions of jobs are gone, and wont be coming back any time soon. And Rethug politicians do all they can to thwart Obama, and boot lick the corporate masters boots, who make record profits on overseas operations.

 

This time things are very different!

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No, we are not roaring back, because millions of jobs are gone, and wont be coming back any time soon. And Rethug politicians do all they can to thwart Obama, and boot lick the corporate masters boots, who make record profits on overseas operations.

 

This time things are very different!

 

...at least the 'Rethugs' prevent osama obama from WASTING more money!!

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