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.
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