Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts
Tuesday, February 24, 2009
Down and out in Ireland
This recent post on Bloomblerg tells the sad tale of Ireland returning to such a desperate economic state that a new exodus is beginning to occur. http://www.bloomberg.com/apps/news?pid=20601109&sid=ana7rokmw9g4&refer=home
Tuesday, February 17, 2009
Additional State Budget Cuts
TRENTON – Governor Jon S. Corzine today announced a total of $3.6 billion in budget cuts and other actions to keep the state budget balanced in the wake of further declining revenues resulting from the national and global economic recession.
“We are in unprecedented times, and therefore unprecedented action is necessary to keep the state on sound financial footing,” Governor Corzine said. “With revenues continuing to trend downward, we must take appropriate steps to continue to live within our means.”
State Treasurer David Rousseau reported earlier today that state revenue collections for January fell $526 million – nearly 18 percent below projections. Through January, total revenues are now $1.33 billion under projections for Fiscal Year 2009, which translates to a $2.8 billion shortfall by the end of the fiscal year. In early January, Governor Corzine announced $2.1 billion in cuts and other budget-balancing measures based on revenue collections at the time.
Fiscal Year 2009 spending levels are now expected to come in at $31.6 billion, more than $4 billion less than projections when the budget process began last year.
Now, Governor Corzine said, the combination of a $2.8 billion shortfall and an additional $800 million in needed spending requires a total of $3.6 billion in cuts. Among additional spending needs is a replenishment of the Unemployment Insurance Trust Fund to prevent a statutory tax increase on employers of nearly 25 percent – a trigger that would further threaten the state’s economy.
“We have a legal obligation to balance the budget, and we also have a moral obligation – a duty to taxpayers – to ensure that we are fiscally responsible in the way we reshape state government,” Governor Corzine said.
The budget cuts and other actions Governor Corzine announced include:
A requirement that all state employees take two unpaid furlough days, one in May and one in June, saving $35 million;
Redirecting $160 million in balances from dedicated funds to support programs currently supported by general taxpayer funds. About half of these funds will be used to help avoid the Unemployment Insurance tax increase;
Requesting the Legislature to enact a Tax Amnesty Program, which is expected to generate $100 million;
Utilizing $500 million that was previously set aside for debt relief and $200 million available from the Fiscal Year 2008 budget surplus;
Accessing $450 million from the Rainy Day Fund.
In addition, the state is expected to receive about $850 million from the federal stimulus package, scheduled to be signed into law Tuesday afternoon by President Barack Obama.
“President Obama has acted quickly and decisively in addressing the national economic crisis, and in doing so, has helped ease the economic burden of an entire nation,” Governor Corzine said. “The measures the President has taken are particularly effective in concert with steps we took as a result of our Joint Session of the Legislature on New Jersey’s economy in October.”
Governor Corzine said these cuts, cost reductions and other actions are expected to total $3.6 billion, which will allow the state budget to remain balanced with a $150 million surplus.
“The cuts we have made so far this year are just part of the actions we will need to take to deal with this unprecedented economic crisis,” Governor Corzine said. “We hope the adjustments we make today will allow us to get through the year, but if revenues continue to decline, we will have to find additional actions to maintain our balanced budget obligation.”
“We are in unprecedented times, and therefore unprecedented action is necessary to keep the state on sound financial footing,” Governor Corzine said. “With revenues continuing to trend downward, we must take appropriate steps to continue to live within our means.”
State Treasurer David Rousseau reported earlier today that state revenue collections for January fell $526 million – nearly 18 percent below projections. Through January, total revenues are now $1.33 billion under projections for Fiscal Year 2009, which translates to a $2.8 billion shortfall by the end of the fiscal year. In early January, Governor Corzine announced $2.1 billion in cuts and other budget-balancing measures based on revenue collections at the time.
Fiscal Year 2009 spending levels are now expected to come in at $31.6 billion, more than $4 billion less than projections when the budget process began last year.
Now, Governor Corzine said, the combination of a $2.8 billion shortfall and an additional $800 million in needed spending requires a total of $3.6 billion in cuts. Among additional spending needs is a replenishment of the Unemployment Insurance Trust Fund to prevent a statutory tax increase on employers of nearly 25 percent – a trigger that would further threaten the state’s economy.
“We have a legal obligation to balance the budget, and we also have a moral obligation – a duty to taxpayers – to ensure that we are fiscally responsible in the way we reshape state government,” Governor Corzine said.
The budget cuts and other actions Governor Corzine announced include:
A requirement that all state employees take two unpaid furlough days, one in May and one in June, saving $35 million;
Redirecting $160 million in balances from dedicated funds to support programs currently supported by general taxpayer funds. About half of these funds will be used to help avoid the Unemployment Insurance tax increase;
Requesting the Legislature to enact a Tax Amnesty Program, which is expected to generate $100 million;
Utilizing $500 million that was previously set aside for debt relief and $200 million available from the Fiscal Year 2008 budget surplus;
Accessing $450 million from the Rainy Day Fund.
In addition, the state is expected to receive about $850 million from the federal stimulus package, scheduled to be signed into law Tuesday afternoon by President Barack Obama.
“President Obama has acted quickly and decisively in addressing the national economic crisis, and in doing so, has helped ease the economic burden of an entire nation,” Governor Corzine said. “The measures the President has taken are particularly effective in concert with steps we took as a result of our Joint Session of the Legislature on New Jersey’s economy in October.”
Governor Corzine said these cuts, cost reductions and other actions are expected to total $3.6 billion, which will allow the state budget to remain balanced with a $150 million surplus.
“The cuts we have made so far this year are just part of the actions we will need to take to deal with this unprecedented economic crisis,” Governor Corzine said. “We hope the adjustments we make today will allow us to get through the year, but if revenues continue to decline, we will have to find additional actions to maintain our balanced budget obligation.”
(How do you like those mashed potatoes? - ed.)
Friday, February 13, 2009
Looting Social Security
For an alternative take on what's going on under the table in WAshington, you may want to read the following article on how social security and other programs are in the crosshairs of certain political bigwigs.
It's starting to look like its everyman for himself down there in the state capital and people with these least amount of representation may get the hacket, which is like a hidden computer virus that will strike at the gut of out nation's neediest.
http://economistsview.typepad.com/economistsview/2009/02/looting-social-security.html
It's starting to look like its everyman for himself down there in the state capital and people with these least amount of representation may get the hacket, which is like a hidden computer virus that will strike at the gut of out nation's neediest.
http://economistsview.typepad.com/economistsview/2009/02/looting-social-security.html
Wednesday, January 14, 2009
More encouraging words from the Dems
on economic crisis
on economic crisis
NEW JERSEY BETTER POSITIONEDTO COMBAT CRISIS THANKS TO ECONOMIC FOCUS
TRENTON – Assemblywoman Nellie Pou, the Assembly Appropriations Committee chairwoman, released the following statement on Gov. Jon S. Corzine’s State of the State address:
“These are difficult times, but they would be much worse for New Jersey had we not worked with the Governor to slash state spending, boost businesses and help hard-working New Jerseyans weather this storm.
“New Jerseyans don’t want to hear bickering. They want an honest debate on how we can improve the state’s economy and business climate.
“That’s what we plan to do. Only then can we tackle the difficult decisions ahead.
“The coming months won’t be easy, but we know through continued hard work with the Governor that we can position the state to thrive.”
Check out what our fearless leaders are up to on the following Web siites:“These are difficult times, but they would be much worse for New Jersey had we not worked with the Governor to slash state spending, boost businesses and help hard-working New Jerseyans weather this storm.
“New Jerseyans don’t want to hear bickering. They want an honest debate on how we can improve the state’s economy and business climate.
“That’s what we plan to do. Only then can we tackle the difficult decisions ahead.
“The coming months won’t be easy, but we know through continued hard work with the Governor that we can position the state to thrive.”
www.assemblydems.com
www.youtube.com/user/njassemblydems
New Jersey Assembly Democrats on Facebook
Monday, January 12, 2009
Rothman wants to
end pay discrimination
end pay discrimination
WASHINGTON, DC – Congressman Steve Rothman (D-Fair Lawn) voted in favor of a pair of bills that will equip working women with a greater ability to challenge gender-bias in compensation. H.R. 11, the Lily Ledbetter Fair Pay Act, and H.R. 12, the Paycheck Fairness Act, both passed the U.S. House of Representatives early this afternoon by votes of 247 to 171, and 256 to 163 respectively.
“From the general store to General Motors, women are still earning an average of only 78 cents on the dollar compared with their male co-workers,” said Rothman. “These bills will give women who face injustice the tools they need to fight back in court, and ensure their arguments are given full attention by our legal system.”
The Lily Ledbetter Fair Pay Act—named for a woman who sued her employer upon learning she earned significantly less than her male counterparts—overturns a Supreme Court decision that allows employers to cheat their employees out of fair pay, as long as their deceit is not discovered within six months. The bill restores the law to its original intent: Each and every time an employer issues a paycheck for an amount determined solely by gender, that paycheck can be used against them in court.
The Paycheck Fairness Act provides further layers of protection for women facing wage discrimination. The bill broadens the types of damages that women can seek in court, while updating the standards that their employers must meet when attempting to justify lower wages for female employees.
Congressman Rothman has long been a champion of labor protections and pay equity for women. During the previous Congress, he co-sponsored and voted in favor of both the Lily Ledbetter and Paycheck Fairness acts, which passed the House but stalled in the U.S. Senate. Now, with expanded democratic majorities in the House and Senate and the strong support of the incoming President, he expects that these protections for working women will be finally be signed into law. “All through last year’s presidential elections, we were inspired by President-Elect Obama’s call for change we can believe in,” said Rothman. “For the Democratic Congress to strike a real blow for women’s rights immediately out of the gate is a true example of that change, and a very encouraging sign of things to come.”
“From the general store to General Motors, women are still earning an average of only 78 cents on the dollar compared with their male co-workers,” said Rothman. “These bills will give women who face injustice the tools they need to fight back in court, and ensure their arguments are given full attention by our legal system.”
The Lily Ledbetter Fair Pay Act—named for a woman who sued her employer upon learning she earned significantly less than her male counterparts—overturns a Supreme Court decision that allows employers to cheat their employees out of fair pay, as long as their deceit is not discovered within six months. The bill restores the law to its original intent: Each and every time an employer issues a paycheck for an amount determined solely by gender, that paycheck can be used against them in court.
The Paycheck Fairness Act provides further layers of protection for women facing wage discrimination. The bill broadens the types of damages that women can seek in court, while updating the standards that their employers must meet when attempting to justify lower wages for female employees.
Congressman Rothman has long been a champion of labor protections and pay equity for women. During the previous Congress, he co-sponsored and voted in favor of both the Lily Ledbetter and Paycheck Fairness acts, which passed the House but stalled in the U.S. Senate. Now, with expanded democratic majorities in the House and Senate and the strong support of the incoming President, he expects that these protections for working women will be finally be signed into law. “All through last year’s presidential elections, we were inspired by President-Elect Obama’s call for change we can believe in,” said Rothman. “For the Democratic Congress to strike a real blow for women’s rights immediately out of the gate is a true example of that change, and a very encouraging sign of things to come.”
Subscribe to:
Posts (Atom)