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Cash-strapped US running out of unemployment money

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posted on Dec, 28 2009 @ 12:46 PM
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Cash-strapped US running out of unemployment money


www.presstv.ir

According to The Washington Post, currently 25 states have been forced to borrow USD 25 billion from the federal government to keep their unemployed a float.

The Department of Labor estimates that by 2011 some 40 states will have run out of employment money and will be in need of borrowing USD 90 billion from the federal government.
(visit the link for the full news article)




posted on Dec, 28 2009 @ 12:46 PM
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If something isn't done immediately to curb unemployment our government will default. It may actually already be irreversible.

Government revenue = taxes = taxpayers paying taxes on income from jobs and spending the rest at businesses that then pay taxes on their income.

No jobs = no business income because people can't buy products and services = more businesses out of business = even less jobs.

Imagine what our society will look like when the only jobs are government jobs...

www.presstv.ir
(visit the link for the full news article)



posted on Dec, 28 2009 @ 12:51 PM
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well the source is presstv which is iranian... i dont discount the source, but it is biased. however, im not one of those people who dont take it into consideration at all just because of the source. i wonder where they got thier info from... if true, this is insane!!! and no surprise... guess we'll see where this goes and take it form there.



posted on Dec, 28 2009 @ 01:14 PM
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The article cited washington post so i went and found what i think might be the article they where citing.

www.washingtonpost.com...

This is direct for the WP article. Dated 12-22-09




according to federal projections, 40 state programs will go broke within two years and need $90 billion in loans to keep issuing the benefit checks.





he shortfalls are putting pressure on governments to either raise taxes or shrink the aid payments. Debates over the state benefit programs have erupted in South Carolina, Nevada, Kansas, Vermont and Indiana. And the budget gaps are expected to spread and become more acute in the coming year, compelling legislators in many states to reconsider their operations. Currently, 25 states have run out of unemployment money and have borrowed $24 billion from the federal government to cover the gaps. By 2011, according to Department of Labor estimates, 40 state funds will have been emptied by the jobless tsunami.





State unemployment-compensation funds are separated from general budgets, so when there is a shortfall, only two primary solutions are typically considered -- either cut the benefit or raise the payroll tax.





Nationally, the average tax is about 0.6 percent of payroll; the average weekly check is about $300.





"We've obviously got problems with the fund," said South Carolina House Majority Leader Kenny Bingham (R), blaming the trouble in part on the state's unemployment rate of more than 12 percent. The state owes about $654 million to the federal government for unemployment payments. "We're not trying to cut benefits," he said. But "if you jack rates up, those business that are struggling to hang on, you make things more difficult."


It is a serious problem, damned if you do and damned if you dont on the solutions. Raise taxes and that will directly impact business and possibly cause more unemployment and other negative impacts on the overall economy. Dont raise taxes and the funds will have ot be borrowed and or possibly have to come from somewhere else.

Unemployment is critical and one of the best uses of funds but there are a lot of people who re receiving benefits that should not be. Like a friend of a friend of mine she is 24 worked as a nurse assistant or something and got fired because of some drug issues. She has been receiving benefits for nearly a year and jokes that every time the benefits get extended she doesn't need to bother looking for work. Or he friend who was an intern and got fired because of something that was her fault and she is getting unemployment. If only there was a better way to sort out the people who deserve it from those who dont we would be in a better situation.

Raising taxes on businesses would be severely damaging though so I certainly hope they dont go that route or expect ot see the situation get worse.



posted on Dec, 28 2009 @ 01:25 PM
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You can thank G.W. Bush and his buddies as well as the Obama and his great idea's, this country has been raped so much from the politicians the people can't seem to feel it anymore.

Tru



posted on Dec, 28 2009 @ 01:29 PM
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California makes up 13% of the United States GDP....

Small-Business Bankruptcies Rise 81% In California
www.huffingtonpost.com...

California is debt ridden in ways which are almost impossible to recovery from without bankruptcy. The domino effect is about to start.



posted on Dec, 28 2009 @ 01:30 PM
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yet remarkably there is still plenty of money for the war machine.

And that isn't in any jeopardy.



posted on Dec, 28 2009 @ 01:32 PM
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I think freddie, the big bank gettiing unlimited funds courtesy of taxpayers money, should dump money into this then...only seems fair, insead of them skimming n refurbeshing thier homes with stolen money*



posted on Dec, 28 2009 @ 03:40 PM
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Originally posted by Desolate Cancer

Unemployment is critical and one of the best uses of funds but there are a lot of people who re receiving benefits that should not be. Like a friend of a friend of mine she is 24 worked as a nurse assistant or something and got fired because of some drug issues. She has been receiving benefits for nearly a year and jokes that every time the benefits get extended she doesn't need to bother looking for work. Or he friend who was an intern and got fired because of something that was her fault and she is getting unemployment. If only there was a better way to sort out the people who deserve it from those who dont we would be in a better situation.

Raising taxes on businesses would be severely damaging though so I certainly hope they dont go that route or expect ot see the situation get worse.


Well there is a great way for sorting out who deserves it and who doesn't... the law. Your one friend is committing fraud - she is breaking the law every week when she signs that piece of paper that says she's looking for work. Your other friend that got fired from her job shouldn't be getting unemployment either because your separation from the job has to have been "through no fault of your own" in order to qualify.

I know your friends' cases are not unique - the fraud is part of the problem we have...



posted on Dec, 28 2009 @ 03:52 PM
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Believe me, the USA is not "running out of money" — The U.S. has enough money to float our boat and the boats of the rest of the world. I mean, just shut off the flow of American cash and see what happens to the rest of the world.

It would be like dropping the world back into the 18th Century.

The main problem in the USA is money being misdirected to the wrong causes, such as Welfare and "Healthcare Reform " and "Economic Stimulus"... If the government simply stopped stealing the money of the citizens, the economy would self-correct in a few months.

The government is not the engine of the American economy — the government is a drain on the economy, and the sooner our power-drunk, money-burning Congress and our moronic, unqualified president come to understand that fact, the faster we'll be back on track in America.

— Doc Velocity



posted on Dec, 28 2009 @ 03:53 PM
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reply to post by Iamonlyhuman
 


i keep on saying obama needs 100 million gang stalking jobs to be filled.

Do you have what it takes to use weapons on your neighbours, for the government or rat them out, for doing nothing other than not talking to you?

The job is yours, america and its obsession with gang stalkers, will hollywood make this into a film to inspire youngsters to stalk people they do not like to drive them up the wall, as work for the government, who knows.

See there are plenty of jobs for the government.



posted on Dec, 28 2009 @ 03:57 PM
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So whats the problem ?
Just come and sign on for your free benefits here in the UK.
The rest of the world does, so don't feel guilty.



posted on Dec, 28 2009 @ 04:02 PM
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Originally posted by Iamonlyhuman
She has been receiving benefits for nearly a year and jokes that every time the benefits get extended she doesn't need to bother looking for work.

If she lived in North Carolina she wouldn't be laughing.

In NC, they require those receiving benefits to physically come in to the Employment Commission office every three weeks, with their Job Search paperwork in-hand, with up-to-date proof that they are actively seeking work. This includes the names and addresses of all job contacts, which the Commission then contacts to verify the claim of the unemployed individual.

If the info doesn't check out, the unemployed individual is dropped from receiving benefits, and that individual will be liable for perjury and illegally claiming benefits (yes, a crime). And, if the individual simply doesn't show up for the monthly appointment, he/she is automatically dropped from receiving benefits, as well.

Not quite so funny a situation in North Carolina.

— Doc Velocity



posted on Dec, 28 2009 @ 04:05 PM
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reply to post by Iamonlyhuman
 

YUP our state borrowed billions.



posted on Dec, 28 2009 @ 04:08 PM
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Originally posted by TheCoffinman
well the source is presstv which is iranian... i dont discount the source, but it is biased. however, im not one of those people who dont take it into consideration at all just because of the source. i wonder where they got thier info from... if true, this is insane!!! and no surprise... guess we'll see where this goes and take it form there.


www.sj-r.com...



posted on Dec, 28 2009 @ 05:13 PM
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Originally posted by Doc Velocity
Believe me, the USA is not "running out of money" — The U.S. has enough money to float our boat and the boats of the rest of the world. I mean, just shut off the flow of American cash and see what happens to the rest of the world.

It would be like dropping the world back into the 18th Century.


What makes you think that? The US dollar is not the only major currency in the world. In many ways it is no longer even THE major currency.



posted on Dec, 28 2009 @ 05:15 PM
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Originally posted by ukmadmax
So whats the problem ?
Just come and sign on for your free benefits here in the UK.
The rest of the world does, so don't feel guilty.


Or the rest of Europe, where the free benefits are even better.

I just don't understand why somebody looking for 'free benefits' would come to the UK first and foremost as our 'free benefits' are quite limited compared to Scandinavia, Germany, France etc.



posted on Dec, 28 2009 @ 05:35 PM
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This is no accident. It is not a "dammed if you do, dammed if you don't" scenario. Doing anything to combat this depression/recession is only prolonging the effects. Sure, it is damping the effect a little for now, but it is lengthening out the oscillation. We don't go as deep, but we go a lot further.

The problem with this approach is the interest. The longer we use this borrowed money to dampen the effects of a well-deserved depression, the more interest we pay, and there will come a breaking point!

Consumerism and ridiculous Consumption rates by individuals, combined with Greed and profit taking by the Corporations, and the Federal Government interfering where it doesn't belong have created the perfect storm!! Now, the Federal Bailout program, and the extension of the National Debt Ceiling are just piling onto the crest of this wave!

We are in for one hell of a tsunami when everything finally reaches the extent of its inflated protection, and natural laws start to take precedence over fluff and headlines! Some say the coming Commercial Debt crisis in mid to late 2010 will be the last straw, but I doubt it takes that long!



posted on Dec, 28 2009 @ 06:24 PM
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Originally posted by moniker
What makes you think that? The US dollar is not the only major currency in the world. In many ways it is no longer even THE major currency.

It has nothing to do with the preferred international currency... It has to do with the USA being the preferred trading partner of any country on Earth — like it or not, the poorest people in the USA are still more wealthy than the majority of humans on Earth. Plus, the USA is still the No. 1 provider of food and medicine and relief money for the vast Third World.

China would be out of business if not for the USA and our extensive outsourcing of manufacturing. We already know that China alone could not support the burgeoning demands of the world's population — China simply is not sophisticated enough nor inclined to save the world, while the USA certainly IS.

Look at the repeatedly failed Kyoto Accord, which is never going to fly without the USA totally financing the cleanup effort. If you were paying attention during the absurd Copenhagen summit, you would have noticed that the world will not cooperate with the CO2 crusade UNLESS the USA starts handing out multi-billion-dollar freebies to the biggest polluters.

That's because the world cannot afford to clean up its own mess — but the USA can afford it.

Figure it out.

The USA is the goose that laid the golden egg, and the rest of the world knows it, which is why they all expect America to finance everything.

America's only financial problem, as I said before, is that our power-hungry Congress and our bumbling president are misdirecting our money to ridiculous and useless welfare programs and "stimulus" packages that are dragging our economy down. Without greedy and self-serving government interference, the USA wouldn't have any financial troubles.

— Doc Velocity



posted on Dec, 28 2009 @ 06:52 PM
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Our state has been deferring payments to its pension plan. In essence saying they will pay into it in 2 years so they dont have to pay the funds now. Its funny, govt never gets it that deferring paymenst, raising taxes etc is not the problem, its the Hugemongus govt that has grown ridiculously large.



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