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Originally posted by marg6043
Jobless Claims Show Surprise Gain; GDP Loss Cut to 5.5%
The government says the number of people filing first-time claims for jobless benefits increased last week, partly due to layoffs related to the end of the school year.
The Labor Department says new jobless claims rose by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000 claims, according to Thomson Reuters.
A department analyst says that states reported more claims than expected from teachers, cafeteria workers and other school employees.
So what this means, teachers, cafeteria workers and school employees are been fired? because I thought that this jobs comes back every year and teachers contracts are yearly and unless you get fire then you qualify for unemployment.
As usual something doesn't add here.
Officials in the Obama administration are moving quickly to develop the investment infrastructure behind the president’s proposal for mandatory automatic enrollment in individual retirement accounts, which could be supported by the creation of Treasury-issued retirement bonds.
J. Mark Iwry, deputy assistant secretary for retirement and health policy at the Department of the Treasury, said that administration officials are exploring some “conservative” options for investing the assets of 78 million Americans that he estimates could be automatically enrolled in this “universal” workplace retirement system.
He said that officials have discussed the possibility of making a low-risk life-cycle or target date fund the default investment option for these auto-IRAs, which would be mandatory for employers if they don’t offer a retirement plan to their workers.
Originally posted by jimmyx
Originally posted by marg6043
nope...you should see the massive cuts in school related jobs in California. in LA school district, there is no more summer school, all programs for the disadvantaged, poor, disabled, have been done away with or severely cut. it's going to get ugly here in California, from what i have been hearing. but on the bright side, PRISONS WILL BE FULLY FUNDED!!!!.....cops and firefighters are being laid off, park workers, fix-it crews, all public works and services are open game. huge layoffs in county and city governments up and down the state. time to put a loaded shotgun by the door.
Northern California not very far from where you are has had those cut's going for a few years now. It is about time that Southern California had to tighten their belt's the way we have had to over this past few years!
The only reason Southern California is in the news is because it is finally happening. Everyone has already forgotten they did it to Northern California almost 3 years ago and running.
This past budget meeting in 2008 they had to freeze MUCH needed hiring in the civil service job's and ask even MORE of them to retire early. Our school's have systematically been down sized into classes that have a minimum of 40 students to ONE teacher. There is no longer ANY elective classes like art., music, home economics etc. You want classes like that you pay someone in the community dearly to offer a very short class on it.(usually 4 days, one Saturday a week for a month. $115-$135 for the class plus materials you purchase at the store "they tell you too". Normally the over priced privately owned one down town that charges 8 dollars for a tiny tube of paint!)
LA has yet to feel the pain! If they are up in arm's over the "small" amount they are being deprived of now, I would hate to see how they feel when they stick them with what they have already done to the north. Wait till they start to down size the governmental job's and bring in federally based worker's to replace those that live there! We are broke and Washington has made it clear they aren't going to send in any monies to help. You think what is going on now is bad wait till we run completely dry at the end of this month into the middle of next! Then the spark's will fly and not from firecrackers.
sorry quote tags where up top with no closer and quoted the whole thing
[edit on 25-6-2009 by xoxo stacie]
[edit on 25-6-2009 by xoxo stacie]
ALBUQUERQUE, N.M. (AP) - New Mexico’s congressional delegation says state schools and education programs will share in $213 million in federal stimulus funding.
The delegation announced the funding Monday, saying it would be used to save teaching jobs and reform and improve the public education system.
New Mexico has already received $97 million in education stimulus funds. The delegation said that represents a combination of funding for Title I, the Individuals with Disabilities Education Act, vocational rehabilitation grants, independent living Grants and impact aid.
Sen. Jeff Bingaman said the economic recovery package was designed to stabilize the economy by creating jobs and preserving existing ones. He said the funds will help fill gaps in New Mexico’s education budget so that layoffs will not be necessary and students aren’t forced into crowded classrooms.
At least 19 states are still hammering out their spending plans as the recession wreaks havoc with their finances and sparks fights between governors and lawmakers. If spending plans aren't approved, state workers may not receive their paychecks and some government offices may shut down.
"A lot of states are coming down to the wire," said Todd Haggerty, research analyst for the National Conference of State Legislatures. "More than what's typical. The unprecedented economic situation is creating a lot of difficulty this year."
"Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression," Chiang said. "The state's $2.8 billion cash shortage in July grows to $6.5 billion in September, and after that we see a double-digit freefall."
Fitch downgrades California to A-minus
NEW YORK (MarketWatch) -- Fitch Ratings downgraded California's general obligation credit rating on Thursday to A-minus from A, based on the magnitude of the state's financial challenges and persistent weakening economy. The state's finances will continue to be strained through fiscal year 2010 and beyond regardless of any likely outcome to the current budget impasse, Fitch analysts said in a report. The $69.4 billion in debt outstanding affected by the downgrade are also on Rating Watch Negative, reflecting short-term concerns about the state's ability to solve its liquidity crisis, Fitch said. California was already among the lowest-rated states in the country. Moody's Investors Service rates the state, the nation's most populous, at A2, and said last week it may be downgraded.
California set to issue IOUs as fiscal crisis weighs
LOS ANGELES/NEW YORK (Reuters) - California's controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can't quickly solve a $24 billion budget deficit, and the state's treasurer plans to tap a reserve fund to meet debt service costs.
The measures came as a budget crisis deepened in the most populous U.S. state and the gridlocked legislature failed to pass a proposed $11 billion in cuts.
"Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression," Controller John Chiang said in a statement announcing that he would be forced to use IOUs to pay the state's bills beginning on July 2.