Friday, October 10, 2008

Main Street Suffers With or Without the Bail Out Bill

According to Stateline, the number of Americans filing new claims for unemployment is at its highest levels in years, and many states have not increased payroll taxes to keep up with rising benefit payments:
Laid off from your job in Tennessee? Good luck getting unemployment checks right away. So many people have been calling the state lately to apply for benefits that callers often can’t get through. “We’re sorry. We’re unable to take your call at the present time due to extremely high call volume,” says a recording.
While taxes are going to be raised to pay for bailing out the banking, credit and insurance industries, taxes that would help average jobless workers collect their vital benefits are actually being denied. Is there anything in the seemingly exclusive $700 billion bail out bill that will motivate states to raise payroll taxes to match the higher numbers of unemployed people there are?

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