Florida's Unemployment Benefits Fund Insolvent

[Jarmusch]

More rosy economy news...

It's like sipping through a straw to put out a raging fire.

The fund that Florida uses to pay unemployment benefits officially ran dry this week. A victim of underhafunding, it became overwhelmed by the prolonged recession and the pressure to meet benefit needs brought on by the state's 10.7 percent jobless rate.

A year ago, Florida's unemployment insurance trust fund sat fat and happy with $1.9 billion in its coffer. The fund dipped to $1 billion by March, $449 million by July and zilch on Monday.

Read full article here

[Due]

Holly shit!

That's bad news!

[TrafficRush]

sux for all the you know whos!! shame for the people who really need it though

[fmltube]

And this is why I turned to adult.

[CaroMark]

Well and many want to say things have started to turn around saying that we had 100% improvements in some areas but if you don't sell any house for months and then sell one , while it may be 100% better lol where does it leave you, we are not out of these wood until at least some time in 2011.

[Jarmusch]

But the effects won't be felt by the unemployed for some time. You see, Florida went and borrowed 300 million from the Feds..

The result? Florida is now borrowing from the federal government ? a lender hardly flush with money ? to keep close to half a million unemployed Floridians receiving an average of $240 a week for up to 26 weeks. The state will borrow, interest free, $300 million this month and up to $310 million in September.

Beyond that, nobody knows. But it looks unlikely any windfall will appear to revitalize the state fund in the near term.

[Sly]

I wonder what the psychology is behind unemployment benefits. How many people don't save for emergencies, such as unemployment, because they know that they can depend on it?

[Kevin Marx]

Hey.. I have an idea. Let's tax the rich people more to make sure that the poor people don't ever prepare for emergencies. That sounds like a great idea!!! Sounds like a great way to garner votes too!

[IllTestYourGirls]

Originally Posted by Kevin-SFBucks

Hey.. I have an idea. Let's tax the rich people more to make sure that the poor people don't ever prepare for emergencies. That sounds like a great idea!!! Sounds like a great way to garner votes too!

The poor have very limited ways to prepare for something like long term unemployment. They tend not to invest they tend to save. Why cant they save enough? Look up "inflation tax"

[~Ray]

the politicians need to do the math.

available jobs minus people on unemployment = % of unemployment check everyone gets.

The more jobs available, the less % of the total weekly check people will receive.

after a while, it won't pay to be on unemployment.

[topnotch, standup guy]

Originally Posted by Sly

I wonder what the psychology is behind unemployment benefits. How many people don't save for emergencies, such as unemployment, because they know that they can depend on it?

Yeah, well maybe they figure they can depend on it because they pay into the fucking unemployment fund the entire time they are working.

You know, kind of like depending on any other insurance policy to pay up in the event of having a legitimate claim.

[topnotch, standup guy]

Originally Posted by ~Ray

the politicians need to do the math.

available jobs minus people on unemployment = % of unemployment check everyone gets.

The more jobs available, the less % of the total weekly check people will receive.

after a while, it won't pay to be on unemployment.

Let me see if I got this right.

You're saying that all the available jobs out there have pretty much the same requirements and that all, or most, of the people currently collecting enemployment meet those requirements, right?

Well, yeah, I guess there's really no excuse for people to be unemployed then.

I mean, all they gotta do is go fill out a job application - any job application - and bingo they won't be unemployed anymore.

Wow you're really smart Ray

[Forest]

Originally Posted by Sly

I wonder what the psychology is behind unemployment benefits. How many people don't save for emergencies, such as unemployment, because they know that they can depend on it?

what about the people who live week to week with no ability to save anything

i have a very good friend of mine in that boat here in florida. Guess i will have to start finding things for him to do around here

[onwebcam]

We should trade Florida to Mexico for all the cocaine they can produce. We'll all get coked up while they build us American cars to drive around in. The government can do a "cash for cocaine" program to stimulate the economy. Fuck it, let's throw California in there too. Maybe we can get some hot latina's in addition. Cocaine and whore's is all we need. Fuck a bunch of jobs and land.

[Iron Fist]

This should really open the "hooker" market nicely! Get ready for a glut of low quality cheap "content providers" coming soon!

[Serge Litehead]

eventually unemployment and unions will have to be reformed

[GregE]

Originally Posted by holograph

eventually unemployment and unions will have to be reformed

Reformed?

I think you really mean abolished, don't you?

For the record, I blame the recession and nothing more.

[Agent 488]

death spiral usa.

[Sly]

Originally Posted by Forest

what about the people who live week to week with no ability to save anything

i have a very good friend of mine in that boat here in florida. Guess i will have to start finding things for him to do around here

Sure, those people exist. There are also plenty of people that have the ability to save for disaster, and don't.

[HighEnergy]

Originally Posted by Sly

Sure, those people exist. There are also plenty of people that have the ability to save for disaster, and don't.

You're really out of touch with reality.

[PurrrsianPussyKat]

Maybe we can just do away with social security too.. granny should have saved more when she was making 50 cents an hr in the sewing factory!

[Forest]

Originally Posted by Sly

Sure, those people exist. There are also plenty of people that have the ability to save for disaster, and don't.

i think a lot more of those people exist then many realize.

but your also right there are plenty of people who make good money who spend beyond their means

[Jarmusch]

Originally Posted by HighEnergy

You're really out of touch with reality.

Literally everyone can put some money aside each month for a rainy day if they want, even the so called poor people. Even just 5% of the income put aside can go a long way. That is achieved by living bellow your means.

But the sad truth is the majority of people choose to live above their means and get up to their eyeballs in debt. At some point not living paycheck to paycheck isn't an option.

[Sly]

Originally Posted by HighEnergy

You're really out of touch with reality.

Haha, ok.

Saving $100 a month for emergencies is not that difficult. Many, many people do it. Many poor people do it, I even know some!

Does it take discipline? Absolutely.

[Darkland]

Originally Posted by Kevin-SFBucks

Hey.. I have an idea. Let's tax the rich people more to make sure that the poor people don't ever prepare for emergencies. That sounds like a great idea!!! Sounds like a great way to garner votes too!

I always find this idiotic rhetoric funny and it always seems to come from someone who has money and never had to face life like some people or was lucky enough to have the skills to make a better life. Life must be so simple for you when you think your insight is the rule for everyone, like some omnipotent God. Life is never as simple as one imagines it in their own head.

Originally Posted by IllTestYourGirls

The poor have very limited ways to prepare for something like long term unemployment. They tend not to invest they tend to save. Why cant they save enough? Look up "inflation tax"

Exactly right, and as someone else said in this thread it gets harder and harder to save money in this day and time. And even if it isn't a matter of not making enough money our entire lives are bombarded by capital zealotry to spend, spend, spend!

"People are saving at the lowest level since the Great Depression, and that could be a problem for the millions of baby boomers getting ready to retire.

In fact, the Commerce Department reported Thursday that the nation’s personal savings rate for all of 2006 was a negative 1 percent, the worst showing in 73 years.

The negative rate means people are spending all of the money they have left after paying taxes — and then some. They are dipping into savings or increasing their borrowing to finance current spending."

http://www.msnbc.msn.com/id/16922582/

And another reason why many people can not save enough money is the most obvious and often overlooked. Especially by the other poster I quoted or any other person who makes decent money and has lost touch with reality of being in an actual work force.

In the last 30 years the average mans increase in salary or wage has been far less (less than .20 cents per hour per year) that the rise of just gasoline prices alone in only ONE SINGLE YEAR. You do the math. Many people make barely any more than the average Joe did back in the 1970's. Since then EVERYTHING ELSE has raised to meet standards of inflation (food, gas, transportation, clothes, entertainment, etc.) as well as cost of living (house/apt, gas, electric, water, etc.).

http://www.kyklosproductions.com/articles/wages.html

To rationalize it with numbers, visual capital growth or inflation for all those areas to say 300% over 30 years. That is all the shit we spend our money on that has raised over time. Now lets look at wage and salary growth over 30 years and it looks more like 10% or less.

My dad has worked at the same plant for over 35 years and he probably only makes $5 more than the salary he started out at.

[Sly]

Originally Posted by Darkland

I always find this idiotic rhetoric funny and it always seems to come from someone who has money and never had to face life like some people or was lucky enough to have the skills to make a better life. Life must be so simple for you when you think your insight is the rule for everyone, like some omnipotent God. Life is never as simple as one imagines it in their own head.



Exactly right, and as someone else said in this thread it gets harder and harder to save money in this day and time. And even if isn't a matter of not making enough money our entire lives are bombarded by capital zealotry to spend, spend, spend!

"People are saving at the lowest level since the Great Depression, and that could be a problem for the millions of baby boomers getting ready to retire.

In fact, the Commerce Department reported Thursday that the nation?s personal savings rate for all of 2006 was a negative 1 percent, the worst showing in 73 years.

The negative rate means people are spending all of the money they have left after paying taxes ? and then some. They are dipping into savings or increasing their borrowing to finance current spending."

http://www.msnbc.msn.com/id/16922582/

And another reason why many people can not save enough money is the most obvious and often overlooked. Especially by the other poster I quoted or any other person who makes decent money and has lost touch with reality of being in an actual work force.

In the last 30 years the average mans increase in salary or wage has been far less that the rise of just gasoline prices alone in only ONE SINGLE YEAR. You do the math. Many people make barely any more than the average Joe did back in the 1970's. Since then EVERYTHING ELSE has raised to meet standards of inflation (food, gas, transportation, clothes, entertainment, etc.) as well as cost of living (house/apt, gas, electric, water, etc.).

http://www.kyklosproductions.com/articles/wages.html

To rationalize it with numbers, visual capital growth or inflation for all those areas to say 300% over 30 years. That is all the shit we spend our money on that has raised over time. Now lets look at wage and salary growth over 30 years and it looks more like 10% or less.

My dad has worked at the same plant for over 35 years and he probably only makes $5 more than the salary he started out at.

That number has risen to about 6.5% now. People are saving like mad right out.