Governor Christie's UI FIx
The NJTIA has been in the forefront of supporting the Governor's fix for the UI fund. Recently we received a letter from the Commissioner of Labor that we thought would be best shared with the membership.
While there is a "fix" bill running through the legislative process, the Governor's proposal is the optimum solution for the business community and is supported by the Chamber of Commerce and the Business and industry Association.
We encourage you, if you are so inclined, to communicate with your legislative representatives and the Governor's office. The full text of the Letter from Commissioner Wirths follows.
Governor Christie's UI Fix
As you are aware, New Jersey's unemployment compensation system is in crisis, Nearly 475,000 New Jerseyans are currently collecting unemployment benefits and the State's unemployment rate hovers near 10%. With an unemployment insurance trust fund that has been insolvent since March of 2009, New Jersey has been forced to borrow approximately $1.75 billion from the federal government, and the debt continues to grow each day.
While borrowing from the federal government may have been critically necessary over the past 14 months, we must be mindful that the borrowing will cause significant consequences for the business community and the State's economy. We must rein in some of these costs to quickly return the fund to solvency and avoid the long term consequences of continued borrowing.
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