Pain ahead for North Carolina's unemployed
The state is cutting its weekly aid to the jobless and moving off of a federal compensation program.
Starting this weekend, unemployed residents will see the maximum weekly payment drop to $350 from $535. And that's the maximum amount -- many will receive less. The $535 a week the state had been paying was the highest in the Southeast, The Associated Press reports. Now the level is about even with what neighboring states pay.
That's not all. The state has cut back its window for unemployment pay to five months from six.
Normally in America, jobless folks can count on the federal government to pick up the slack when state payments run out. Not anymore in North Carolina.
That's because by cutting its jobless benefits, the state is now disqualified from the federal program that gives aid to the long-term unemployed. It's the federal government's way of making sure states keep up their share of jobless payments.
Now North Carolina becomes the first state to be disqualified from federal Emergency Unemployment Compensation, AP reports.
Why the hard line? Because North Carolina owes $2.1 billion to the federal government, and it needs to start paying the debt back. It borrowed from the federal government when it ran out of unemployment money in the Great Recession -- and its debt soared to the third-largest in the country. Now it expects to pay back its debt in 2015 rather than 2018, according to AP.
North Carolina companies will also take on some of the debt-repayment burden. The changes in the law now require companies to pay an extra $42 per worker every year toward the debt. Before the new law, companies had been expected to pay only an extra $21 per worker.
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Well I guess alot of folks took heed to all the signs this past election "vote the bible" I reallly don't think this was what they had in mind. We are well on our way to moving Mississippi up the list in all categories.I was once proud of this state, now I am ashamed to tell someone where I'm from.
The reason they did this is because the federal government loans the states money to give out as unemployment payments. The state does not want the loans anymore and had moved to limit their states debt. Sounds like a smart state to me. Of course if you’re bleeding lib that wants to grant illegal immigrants citizenship with a sky high unemployment rate then you will be complaining about why they did this.
You airheads, Pat M who was once the big dog in Charlotte voted not to take the extra money alloted to the 50 states. Because of this NC must make cuts it's not a Democratic or Republican deal.
Take a look at who the riches democrats are and how they become rich. Social welfare is usually the case, or they own a business they suck off the government. Dianne Feinstein is worth 150 million for this type of work. Only in California can you have your cake and eat it too. We are bankrupt here in California, but no one wants to admit it. Dam you Texas for being the #1 eight years in a row and steeling our spot light, even if you earned it. Oh wait thank god you did not let that white girl in Texas University. You’re ok with the democrats. Lol what a joke
All states should have a 3 month max for benefits which only renews every 2 years.
The people of North Carolina better think real hard come their next state elections . You have no one to blame but your voters . The GOP is out to cut the throats of the middle class republican or democrat .. Facts are facts ...I thought being a right to work state was to create jobs ? LMFAO all it did was make non union scab people collect benefits off my dues my paycheck and union ! << Who says republicans don't like welfare ? LMFAO Moochers... I am a so called REAGAN democrat who votes for people who supports my issues , balanced budgets , small government , I love my GUNs and fishing and hunting . And yet idiots on this board thinks I'm a Lib like i care ? I'm a conservative democrat and there are a lot of us out their ! REAGAN , IKE, and the sorts would throw up seeing the GOP today . No more moderates any more . That's the problem with the GOP .I love my union they give me a great living pensions and benefits bargained for me ...But republicans when they wanted right to work states made laws that FORCE my union bargained benefits to non due paying and non union people ? That's wrong being a scab mooching off my DUEs paycheck and union .. That's why the GOP today does not get a lot of votes for POTUS I'm too close to collecting soc sec , 6 yrs out and i need a POTUS that will not cut my soc sec this late in the game for me ! Republican politicians today are out to cut my throat , not because I'm a democrat or a republican ? Because I'm a middle class American that's why... DUH...
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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