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Health & Lifestyle
Submitted by on Sat, 02/14/2009 - 4:35am.
According to the Artical,in addition from gleaned news sources elsewhere, the ESC has had to borrow 13 million, to cover 2 Days worth of payments for, the unemployed. Further research reveals that the unemployment fund for the ESC is at near ZERO. The ESC is out of funds. It also is reported they may have to borrow more from the Fed as Early as Monday, to cover the following week. The State has a 540 Million credit Lne with the Fed .Gov that is Zero Interest *if* repaid by October this year.. The next Major income for the ESC via taxes from Employers isn't due till May, except small payments thoughout this quarter.. Now consider this, with the Employment rate effectivly at 8.7% and a very real possibility of this going higher, for a sustained length of time,as Jobs contuniue to be non-existant, Employers won't be adding more taxes, but less, into the Unemployment fund, as less taxes are collected.More money to be borrowed from the Federal .GOV. Will We then be able to pay those Loans back by October? As the "Recession", turns into a "Depression"? As the next wave of Business Closures, Home Foreclosers, Layoffs, in addition, Maybe a major Bank Failure, or 2 that possibly will happen in the coming Months? This will surely be a *Summer of Discontent*. The State, (the Country as a whole also), is going to be in a position I frankly Don't wish to think about.. Can you say, Great Depression 2.0 ? This is becoming a very real possibilty, that will unfold in the coming Months ..
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