Streams

Extended Unemployment Benefits Running Out

Tuesday, November 30, 2010

A vital lifeline for the jobless is starting to slip away.
Extended unemployment benefits -- beyond the traditional 26 weeks --  will end for millions of Americans, if Congress does not approve additional funding today.
In New York State that means 200 thousand people in will stop collecting benefits by December 31st.
Already, paying out all those checks has depleted state coffers. Colleen Gardner is the Commissioner of Labor.
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[our unemployment insurance trust fund has been insolvent almost two years. We're gonna owe 3.2 billion dollars starting next year.]
Gardner estimates it could take as long as 9 years to repay funds the state borrowed from the federal government.
To try to make a dent in that debt, employers will pay a surcharge of point-two-seven-five percent on every worker's salary, starting next year.
The state's unemployment rate was 8-point-3 percent in October.

A vital lifeline for the jobless is starting to slip away. Extended unemployment benefits, running beyond the traditional 26 weeks, will end for millions of Americans if Congress does not approve additional funding.

In New York State, that means 200,000 people in will stop collecting benefits by December 31.

Already, paying out all those checks has depleted state coffers. 

"Our unemployment insurance trust fund has been insolvent almost two years," said Colleen Gardner, State Commissioner of Labor. "We're gonna owe $3.2 billion starting next year."

Gardner estimates it could take as long as nine years to repay funds the state borrowed from the federal government.

To try to make a dent in that debt, employers will pay a surcharge of .275 percent on every worker's salary, starting next year.

The state's unemployment rate was 8.3 percent percent in October, compared with 9.6 percent nationwide.

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Comments [8]

dan

do the rich not realize they wont be rich with out the middle class

Nov. 30 2010 08:22 PM
hsr0601 from other

I favor the following idea from a web user : ""I understand that TARP monies are still not being spent on the scale promised. Perhaps as a solution, now would be a good time to free up some of those funds."

Nov. 30 2010 06:36 PM
Carol from MA

I am an unemployed VET. If they don't extend benefits there's no house and certainly no Christmas for my children. I have been working for 40+ years. I've never seen anything like this. They're so worried about tax breaks for the wealthy, why not worry about families that will loose everything if they don't extend benefits.

Nov. 30 2010 12:38 PM
Greg from Ohio

They need to quit worring about everything elese and start worring about Americans....with out us the government will not exist....no matter what party...all I want is a job to provide a comfortable life for my family...don't want to be rich...don't want the over priced house on the hill...just want to live....now I can't even afford to buy my kids a Christmas gift...
If they don't pass the unemployment benefits I will not be able to keep a roof over their head....we are going to have to move in with the parents...my wife's job dosen't pay to make it alone....

Nov. 30 2010 10:44 AM
scott from lv

opps ment to put isnt that the truth, anyways, it will only get worse now, good luck to you tara, late

Nov. 30 2010 05:38 AM
scott from las vegas, nevada

isnt that the truth, im only 26 and cant find work here in las vegas, nv, ive been on it for over a year, and were the highest unemployment rate in the usa, so it will only get worse if they say no to extend it, uhhh....

Nov. 30 2010 05:37 AM
scott from las vegas, nevada

isnt that the trust, im only 26 and cant find work here in las vegas, nv, ive been on it for over a year, and were the highest unemployment rate in the usa, so it will only get worse if they say no to extend it, uhhh....

Nov. 30 2010 05:35 AM
Tara from Oregon

I am a mother of three I depend on my unemployment to provide food on the table for my kids to eat. If they stop the benefits more and more people will be in the welfare line.

Nov. 30 2010 02:18 AM

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