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Since January 1st, the state's unemployment fund has been borrowing roughly $90 million a week from the federal unemployment trust fund, and the deficit has already reached $212 million. M. Patricia Smith, the state's labor commissioner, tells the Times, "I think we went insolvent about two hours into 2009. We're seeing 50 percent more claimants each week than a year ago." Soup is good food! The article goes into infuriating detail about how New York has the lowest unemployment benefits in the region, and the deficit is caused not just from the spike in joblessness, but because the state has not increased the payroll tax that covers the unemployment fund in nearly a decade. With Democrats finally controlling the Legislature, there is some hope that the state might finally upgrade the system to cover the downsized masses, but in the meantime, the Fed's charging 4.64% interest, and New York's debt to Uncle Sam is expected to exceed $2.5 billion by the end of 2010.
With Unemployment Soaring, NY State Borrows from Feds
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According to the article, "New York pays lower benefits than about two dozen other states...." Um that would be about half of sates. So NY is right around the median benefit payer?
Remember, its not the benefits received as much as it the high cost of living in NYC. Where are the complaints from the recently unemployed in Binghampton, Albany, Buffalo? Or does the Times forget people actually live above 125th?
oops, should read: half of the states.
it seems to me that states like New York and California, who not only pump billions of dollars into the US economy, but pay more Federal taxes just based off sheer number of residents, should be getting this aid first without question. and this is coming from a Democrat, who believes in a lot of ways that taxes should be spread on a Federal basis.
yes, NYC is more expensive than the rest of the state. But you don't have to live in NYC. to a certain extent, its your choice.
I see it coming: OBAMA TO CITY: DROP DEAD.
Borrowed time, borrowed money, same thing.
There's no technical definition of a depression but more and more analysts are looking at this financial meltdown and national debt picture and calling depression on this one. Unemployment insurance funds are being drained out nationwide so NYS is in plenty of company:(