{"id":683,"date":"2009-12-11T07:46:08","date_gmt":"2009-12-11T12:46:08","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=683"},"modified":"2009-12-11T07:59:35","modified_gmt":"2009-12-11T12:59:35","slug":"georgia-unemployment-woes","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2009\/12\/11\/georgia-unemployment-woes\/","title":{"rendered":"Georgia One of Many States Where Unemployment Woes Strain Resources"},"content":{"rendered":"

U.S. unemployment rates may have finally peaked last month, but the economic woes for many Americans are likely to continue for some time. For example, we learned this week that nearly 1 out of every 8 Americans uses food stamps<\/a>. Yesterday, the Georgia Department of Labor reminded us of the severity of the unemployment situation in the state<\/a>:<\/p>\n

“Georgia\u2019s job market is mired in a prolonged downturn. A year-over-year analysis of initial jobless claims shows that the number of Georgians filing for unemployment benefits in November declined by 2.9 percent compared to November 2008. This follows a year-over-year decline of 2.8 percent in October…unfortunately, Georgia\u2019s job market is showing little improvement.”<\/p><\/blockquote>\n

The Atlanta-Journal Constitution interviewed state Labor Commissioner Michael Thurmond<\/a> for additional commentary. Although unemployment rates may have finally peaked last month, it is clear that states like Georgia face on-going, perhaps deeply entrenched and structural problems in the labor force. The AJC reports:<\/p>\n

“More than 1 million people \u2013 more than 20 percent of the state\u2019s work force — have filed for jobless benefits since recession started in late 2007, said state Labor Commissioner Michael Thurmond. ‘It is astounding,’ he said. ‘That is why I think the crisis is worse even than it first appears.’<\/p><\/blockquote>\n

Most critically in the short-term, Georgia is running out of money to fund unemployment insurance:<\/p>\n

“In two years, the state has paid roughly $2.6 billion to laid-off Georgians. That flood of checks has left the state\u2019s trust fund nearly dry. In the next week, Thurmond will likely ask the federal government for a loan so the state can keep paying its share of the benefits.”<\/p><\/blockquote>\n

Unemployment woes like the ones faced in Georgia are common across the country. Here are just a few examples:<\/p>\n

    \n
  1. A UCLA Anderson Forecast projects<\/a> that California’s unemployment rate will remain above 10% through 2012.<\/li>\n
  2. Maryland’s unemployment insurance fund nears bankruptcy<\/a>.<\/li>\n
  3. Texas will implement steep tax hikes<\/a> to cover its mounting costs of unemployment insurance.<\/li>\n
  4. Idaho continues to borrow money from the Federal government to keep its unemployment insurance program afloat<\/a>. The borrowing will likely continue for the next 15 months.<\/li>\n<\/ol>\n

    These dire conditions continue to leave me extremely skeptical that the Federal Reserve will raise interest rates much earlier than its typical pattern<\/a> (waiting 2-3 years after the recession ends).<\/p>\n

    Be careful out there!<\/p>\n

    Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"

    U.S. unemployment rates may have finally peaked last month, but the economic woes for many Americans are likely to continue for some time. For example, we learned this week that nearly 1 out of every 8 Americans uses food stamps. Yesterday, the Georgia Department of Labor reminded us of the severity of the unemployment situation … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59],"tags":[292,291,197],"class_list":["post-683","post","type-post","status-publish","format-standard","hentry","category-economy","tag-department-of-labor","tag-georgia","tag-unemployment"],"yoast_head":"\nGeorgia One of Many States Where Unemployment Woes Strain Resources - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2009\/12\/11\/georgia-unemployment-woes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Georgia One of Many States Where Unemployment Woes Strain Resources - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"U.S. unemployment rates may have finally peaked last month, but the economic woes for many Americans are likely to continue for some time. 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