NJ Unemployment Soars

New Jersey Senate Republican Leader Tom Kean expressed deep concern that New Jersey’s unemployment rate is significantly higher than New York’s unemployment rate: “Governor Corzine’s statements about New Jersey being better positioned than its neighbors to weather this recession are contradicted by the facts. New Jersey lost 17,200 private sector jobs in March as the unemployment rate climbed to 8.3 percent. New York’s unemployment rate held steady at 7.8 percent.”
Kean urged Governor Corzine to support long-delayed legislation that would help New Jersey create jobs and strengthen the state’s safety net for unemployed and underemployed workers. “It is critical that we work to safeguard the funds that help unemployed and underemployed workers cope with tough times,” Kean said. “It’s only fair that we meet the promise to workers taxed to pay for these benefits.”
We urge the governor to push for passage of two more Republican initiatives:
S-281, The Economic Development Promotion Act, which will jump-start New Jersey's economic development efforts to create stable, high-paying jobs and increase the economic security of state residents.
SCR-60, Puts Unemployment Insurance Fund contributions in a locked box so laid-off workers are guaranteed that their taxes will go to pay the benefits they earned. Over $5 billion has been diverted from the funds during good economic times. On Monday Governor Corzine said New Jersey will borrow from the federal government to pay unemployment benefits because of the deferments.
Observation: When Joisey's unemployment numbers surpasse New York's, you know we've got a problem!