Where is the US economy headed?

@BillRM,

Quote:

Let see my former company pay into the unemployment state trust fund for 33 years repeat 33 years to cover me and even with extended unemployment benefits I question if my grand total sum of 250 dollars a week payments came anywhere near to the amount the company pay into that fund for three plus decades.

I doubt that's true, Bill.

Quote:

The tax rate for new employers is .0270 (2.7 percent). The first $7,000 in wages paid to each employee during a calendar year is taxable. Any amount over $7,000 for the year is excess wages and is not subject to tax. Excess wages can never be greater than gross wages.
Your Tax Rate

When a new employer becomes liable for the tax, the rate is .0270 (2.7 percent) and will stay that until the employer has reported for 10 quarters. The account will then be rated by dividing the total benefits charged to the account by the taxable payroll reported for the first 7 of the last 9 quarters immediately preceding the quarter for which the rate is effective.

The one exception would be employers liable by succession and who choose to accept the tax rate of the previous employer, along with the responsibility of paying any outstanding amounts due. At that time, a tax rate will be calculated using the employment record and the rating factors, which are built into the Unemployment Compensation Law.

The maximum tax rate allowed by law is .0540 (5.4 percent), except for employers participating in the Short Time Compensation Program. Rate notices are mailed to all contributing employers each year. You may appeal your tax rate within 20 days from the date of notification (date printed on Form UCT-20, Unemployment Compensation Tax Rate Notice).

The minimum and maximum tax rates effective January 1, 2011 are as follows (based on annual salary up to $7,000 per employee):

Minimum rate: 0.0103 or $72.10 per employee
Maximum rate: 0.0540 or $378 per employee
http://dor.myflorida.com/dor/taxes/unemploy_comp_law.html

He only paid in $187/yr on any one employee unless his rate was adjusted upwards due to claims against his business or industry. Even then, it wouldn't have been more than $378/yr.

1 Reply

@BillRM,

I should have waited, Bill, for your post re the $250/week unemployment check. I did a bunch of googling and came up with a national average of $300. That works out, at 40 hours a week, to $6.25 in FL and $7.50 nationally.
For years politicians snarled at the numbers of people who would rather be on UE than work. That rhetoric has pretty much stopped since the economy tanked, but it is still out there. Here in VA, the UE used to be required to hit the pavement with a diary, documenting that they were indeed searching, collecting business cards from people like me. Sometimes, in response to the non-question "You aren't hiring are you can you give me your card" I would give them a job application. I would find it on the ground outside.

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@JPB,

Quote:

I doubt that's true, Bill.

Let say it is 300 dollars a year pay in and 33 years would be roughly 40 weeks of payments at 250 dollars and the basic non-fed extension coverage was for 26 weeks.

There was two short extensions that my group qualify for and frankly I can not remember the total weeks with the two extensions but the state of Florida had a more restricted maximum benefits periods with extensions then most other states.

1 Reply

@BillRM,

I'm not trying to say you made out financially by being on unemployment.

I don't think folks generally know how much UEIT their employers are paying, however. It's not a lot per employee per year. That 2011 rate in FL is probably higher than days of old. To help make up the shortfall In IL our rates went up from 0.65%-7.25% in 2010 to 0.7%-8.4% this year on base wages of $12,740. They were 0.6%-6.8% in 2001 on base wages of $9,000.

1 Reply

Gold busts $1,800. Phew!!!

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@spendius,

I sure know where to find out the closing price of gold, by crackey!

That is all.

And isn't that enough?

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@roger,

When Arthur Rimbaud died in hospital from the ravages of his life in Africa he was wearing a belt stuffed with gold.

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@spendius,

I'm happy for him. He died rich.

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@JPB,

I read that the states have had to borrow something like $15Bn from the feds recently to cover UE benefits.
In VA an average employer pays $170/yr per employee based on the number of claims ("experience"). That is up about 40% from a few years ago.

1 Reply

@spendius,

spendius wrote:

Gold busts $1,800. Phew!!!

Thanks Spendius....been too busy today to even keep track on my Android...

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Gold breaks $1810.

That is all.

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@realjohnboy,

Does this meet the condition that prescribes an 8% FUI rate from employers of those states? Without recalling the percentage, I used to consider FUI to be no more than another bit of paperwork.

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http://idealab.talkingpointsmemo.com/2011/08/clean-energy-is-booming-and-creating-jobs.php?ref=fpblg

Clean energy is now creating more jobs for the energy produced than coal or natural gas, and solar energy is the fastest growing industry in the United States, according to industry and academic sources.

Cycloptichorn

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It's not all doom and gloom.

An entrepreneur who bought disgraced Ponzi schemer Bernie Madoff's clothes at auction has turned them into exclusive iPad covers . I wonder if there's a premium on the gusset.

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@georgeob1,

georgeob1 wrote:

It's also true that a very large fraction of the frustrated demands for backup involve some trivial "gotcha" subset of the issue under discussion.

TRANSLATION: "I can't be bothered with you insignificant pipsqueaks."

georgeob1 wrote:

In other cases, the demands come from those (Cyclo prominently included) who only very rarely live up to the high standards they very loudly proclaim, and for whom the issue has become an enduring dodge to avoid undesired outcomes in the discussion.

TRANSLATION: "Nobody else does it, so why should I?"

georgeob1 wrote:

Finally, a very large fraction of the citations offered as "proof" for assertions made on this forum come from obviously biased sources, yet that aspect of things usually goes unchallenged.

TRANSLATION: "Your biased sources don't agree with my biased sources, so I'll just stick with mine."

georgeob1 wrote:

An equally relevant feature of the internet is its ability to fairly quickly satisfy the curiosity of anyone looking for facts.

TRANSLATION: "Look it up yourself, college boy!"

georgeob1 wrote:

What really should be the standard for references here? Where is the divide between readily accessible knowledge and a "requirement" for references?

TRANSLATION: "You couldn't possibly be insisting on some sort of standards here, are you?"

georgeob1 wrote:

Like others here, I have limited time for all this, and have no interest in responding to many such demands, patrticularly in cases where it appears to me they don't merit the effort.

TRANSLATION: "And get the hell off my lawn!"

1 Reply

@joefromchicago,

Well Joe you have accurately captured the spirit of my reactions, though several of your cute encapsulations are distortions of the materials to which they referred.

Cyclo made a big deal out of my statement that the select Congressional committee was commissioned to find a trillion of "cuts" in the 10 year planning projection, because I didn't specify whether the cuts were to the budget or the deficit. The context made it abundantly clear than it was the deficit (though I prefer it be accomplished by cutting the budgets directly). Similarly, though our vaunted president appointed a commission to come up with recommendations for solutions to our fast growing deficit/public debt problem; and was given the joint recommendations of its bipartisan senior members (though the body as a whole didn't agree on a plan) - he has as yet done nothing and offered no plan (other than vague rhetoric about a "balanced approach") to address our serious combined challenge of a stagnant economy and out of control deficits. I have been clear that there is a deadlock in the government and that such things inevitably involve both parties, but Cyclo chooses to puff himself up with bombastic feigned moral indignation about his claimed fidelity to the truth in an attempt to portray all this as the result of an evil Republican conspiracy and my alleged nasty twisting of "facts"..

You have accurately captured my contempt for this juvenile self-righteous hysteria.

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@georgeob1,

But Cyclo is a bit juvenile George. I wish I was.

When I was his age I thought some idiotic things rashly believing I could bring some compassion and goodwill into the world. It's youthful exuberance and idealism operating out of understandably limited experience and spying out a pot of gold, the wealthy, from which can be extracted the lubricant of his political career.

1 Reply

@georgeob1,

Quote:

Cyclo made a big deal out of my statement that the select Congressional committee was commissioned....

That was a small deal. I wrote one line about what you wrote being inaccurate. And it was arguably the least inaccurate out of all the factual errors you made in that post.

There's no conspiracy about you twisting the truth, George. It isn't nastiness; instead, you are intellectually lazy and proud of it. You repeat things that you know aren't true, and just don't care about accuracy, because you don't place great importance on such things. You entire attitude says that you believe such things to be beneath you.

That's why nothing you say can really be taken at face value. And it's certainly no problem for me to keep pointing this out, and I'm going to keep doing so.

Cycloptichorn

1 Reply

@spendius,

My political career? No, thank you.

Cycloptichorn

1 Reply

@Cycloptichorn,

That's what they all say Cyclo at your stage. It just means you haven't been invited yet.

1 Reply

Where is the US economy headed?

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