The State of Unemployment

The reason for New York's record unemployment is New York's anti-business economic policies.

New York's unemployed has reached record levels, according to a notice I received from the New York State Department of Labor.  New York does not have the money to pay these people. So it has to borrow the money from the Federal Unemployment Trust Fund. Since 2009, the amount borrowed is in excess of 4 billion dollars. 

Every year New York must pay back to the federal government 102 million dollars in interest by 09/30. They do this by assessing New York businesses an Interest Assessment Surcharge (IAS) of 0.15% of taxable wages per employee to a maximum of $12.75 per employee. Remember this payment is only for the interest, the balance remains untouched.

The opening line in this notice states that the reason for this record level of unemployed workers is the national recession. Bah-humbug! The actual reason for New York's record unemployment is New York's anti-business economic policies. There are 49 other states suffering through the national anti-business climate, yet many have lower unemployment levels than New York, per-capita. So it must be these other states have policies that encourage private sector growth. 

[To read more click here]



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Tracy S. July 20, 2012 at 08:48 PM
Have been for a while. Our fiddles come in many forms, including this one.
Patrick July 21, 2012 at 10:36 AM
Legal and illegal immigrants are a serious problem.
Cadeyrn July 21, 2012 at 11:32 AM
There is ... and will be ... plenty of energy opportunities ... IF they are not block by the greenies.
Aidan July 21, 2012 at 12:09 PM
Everyone knows that ... and no one cares. This is the single greatest American failure by government in the last several decades. And we keep electing these clods.
Aidan July 23, 2012 at 11:32 AM
"The Legislature is dysfunctional and in thrall to an array of special interests — few of which care about the state’s economy." Read more: http://www.nypost.com/p/news/opinion/editorials/new_york_by_the_numbers_cEdM80BmmALRAsIWqdwX4O#ixzz21RcAr2Rl


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