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Former Employment Security Chief said this yesterday on a Star News Op Ed piece.
http://www.starnewsonline.com/article/20130129/ARTICLES/130129651/-1/edi...

I questioned Harry about the "debt" and funny we aren't paying back the Federal Government - we're paying back our own trust fund:

"There is a pre-existing debt caused by the state borrowing to pay state benefits (the first 26 weeks, not any of the EUC Federal benefits) because of the depletion of the state trust fund. The extended federal benefits (beyond 26 weeks) are paid entirely by the federal government. The extension this year just approved by the Congress does not add to the state debt at all and those roughly 600 million dollars in aid to NC families and to Nc businesses who struggle does not affect our obligation at all.
No, it does not add to our debt of the state's business obligation at. Hard to explain a 70 page bill in 650 words. sorry"

So persistent unemployment not borrowing from the FEDS has caused a shortage in the trust fund.
This can be fixed by elimination of the corporate tax - IF you believe that such a thing will CREATE jobs.
But elimination of he corporate tax makes it easier for corporations to pay for the unemployment shortfall.
Anyone who suggests that there are jobs out there is being facetious because Bev's policies certainly didn't create them.
And anyone who suggest that we have to pay back extended federal benefits appears to be wrong. We are paying back our own fund which is depleted due to persistent unemployment not entitlement gorging.

Vog

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