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State borrows more money to pay unemployment

So many North Carolina residents are unemployed that the state has borrowed $13 million from the federal government to pay their benefits this week. An Employment Security Commission spokesman said Thursday the money covered two days of payments and that the state may have to borrow again Monday. The loans are interest-free if repaid by October. North Carolina last borrowed money for the unemployment insurance trust fund in 2002, when it borrowed 23 times. In December, the state had an unemployment rate of 8.7 percent; the highest since June 1983.

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Your missing the point

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 ..

not to worry

at a time when all is on the brink; at a time when we think the ship is about to sink, our Governess, Her Highness, the one and only Bev Perdue is out of the country on a "working vacation" to escape all of the stress and sleepless nights by focusing on her re-election campaign funding. Where oh Where can our Governor be? Why did she not meet with the Lieutenant Governor to coordinate some positive actions in her absence? For that matter, why did she inform him of her absence through a memo? Are their working relationships that tawdry and unstable in such a short period of time? Even the President took his planned vacation prior to his inauguration. Was the Governor caught by surprise at her election? What type of planning and thought process went into planning a vacation in what was to have been a portion of her first 60 days in office?

Oh, its only going to get

Oh, its only going to get worse. The new stimulus bill calls for unemployment extensions and even more per week. This is wonderful, but what happens when the bailout money runs out. Do you honestly believe the unemployment rate will be at zero? please. Until this state learns to manage something called a budget, it will always be in the hole. But then balancing a budget might require dipping into the pocketbooks of dirty politicians and we can't have that. After all, what in the world would they do if they only had 200,000 per year to live on? oh, mercy me.....

Film guys in line for mo money

these film workers are always collecting unemployment even though its not a real full time job. I got a neighbor that works in the films and he makes more then I do working only about 30 weeks a year, the rest of the time he "dials for dollars" collecting over $400 a week while he does cash under the table jobs. And hes been doing it for years. My guess is he puts in at the most couple of grand a year tops and pulls out 10. Now multiply that times a few hundred. There's a million right there!

yeah here im out busting my

yeah here im out busting my butt trying to make money and i know a few that are abusing the system. they need to be turned in.

Unemployment payments

"My guess is he puts in at the most couple of grand a year tops and pulls out 10." >Employees don't pay into the system. It's totally funded by employers. Look at your own paystub...there's no "deduction" for unemployment tax. However, I will agree. There are many who "game" the system and don't ever get caught.

maybe you should get a job

maybe you should get a job in the film industry *s*