BUSINESS
May 24, 2012 | By Jane M. Von Bergen, INQUIRER STAFF WRITER
The fund that pays Pennsylvania's unemployment benefits is running in the red, and lawmakers are grappling with how to remedy that. Compounding matters is that the state owes the federal government $3.87 billion it has borrowed to pay jobless claims because of the recession. There seems to be little disagreement about how to pay back the money: Legislators are likely to pass a bill that will allow the state to float a bond. "This is akin to refinancing your house," said Pennsylvania Secretary of Labor Julia Hearthway.
BUSINESS
March 9, 2012 | By Eileen A. Connelly, Associated Press
NEW YORK - The stock market posted substantial gains Thursday as Greece closed in on a deal to restructure its debt and avoid a default. That overshadowed a small increase in unemployment claims last week. The Dow Jones industrial average closed up 70.61 points, or 0.55 percent, at 12,907.94. Two days of solid gains have erased about three-quarters of the loss from Tuesday, when the Dow fell 203 points, its biggest loss of the year. The close left the Dow up 97 percent on the eve of the third anniversary of its low point during the Great Recession.
NEWS
February 19, 2012 | By David Lightman, McClatchy Newspapers
WASHINGTON - Congress on Friday overwhelmingly approved extending a payroll-tax cut for 160 million workers through the end of the year, probably the biggest accomplishment lawmakers will be able to savor in 2012. The rare bipartisan agreement, which also provides jobless benefits to the long-term unemployed and preserves Medicare payment rates to physicians, came without the hostility that has scarred economic debates since President Obama took office in January 2009. The House voted 293-132 to approve the plan.
BUSINESS
February 17, 2012
In the Region Delaware to see uptick in jobs Bank of America Corp. said Thursday that it would add more than 500 jobs during the next three years to its workforce in Delaware. Gov. Jack Markell said the bank's decision was a strong endorsement of the state's workforce and its commitment to middle-class careers supported by the financial industry. BofA executive David Darnell said state officials created an exceptional environment for the bank to do business. Bank of America also said it would donate one of its buildings in Wilmington to a new nonprofit group that aims to help charter schools in Delaware.
NEWS
February 10, 2012
Democrats pitch 6-week benefit cut WASHINGTON - House-Senate negotiations on extending jobless benefits and a 2 percentage-point cut in the payroll tax - both of which expire at the end of February - remained stalled Thursday, despite a proposal in which Democrats urged a six-week cut in the maximum time unemployed workers can receive jobless benefits. Democrats rejected efforts by House conservatives to require beneficiaries to enroll in GED classes or permit states to require drug tests as conditions of getting unemployment benefits.
NEWS
January 6, 2012 | By Jane M. Von Bergen, Inquirer Staff Writer
A revamped law governing Pennsylvania unemployment benefits may come as a surprise to the newly laid off - severance payments above about $18,000 will offset unemployment benefits until the severance is used up. The law, which went into effect this year, will affect those being laid off this year, among them the hundreds of Sunoco Inc. employees who will lose their jobs when Sunoco mothballs its refineries in Marcus Hook and Philadelphia....
NEWS
December 30, 2011 | ASSOCIATED PRESS
WASHINGTON - The long-suffering job market is ending the year better off than it began. The number of people applying for unemployment benefits each week has dropped by 10 percent since January. The unemployment rate, 8.6 percent in November, is at its lowest level in nearly three years. Factory output is rising, business owners say that they're more optimistic about hiring and consumer confidence has jumped to its highest level since April. Even the beleaguered housing market is looking slightly better.
NEWS
December 28, 2011
By Leonard Boasberg Trying to explain why his fellow House Republicans had surrendered on a temporary extension of a payroll-tax cut and of unemployment benefits just before Christmas, Speaker John Boehner said his caucus decided: "Why not do the right thing for the American people, even though it's not exactly what we want?" I don't know if he intended to put it quite that way. In any case, though, what is it that the Republicans want? On what grounds are they so desperate to protect the rich from paying their share?
NEWS
December 26, 2011
The payroll-tax cut stalemate What was the problem passing the payroll-tax cut and extension of unemployment benefits for millions of Americans ("The pressure is on House GOP," Thursday)? The House, with its Republican majority, at first wouldn't pass the Senate plan, which would have covered the cost of the cut by raising taxes on those making a million or more a year. The Senate didn't pass the House plan, which would have allowed the tax cut and extension of unemployment benefits, along with the XL Keystone pipeline.
NEWS
December 25, 2011 | VOTERAMA IN CONGRESS
WASHINGTON - Here is how Philadelphia-area members of Congress voted on major issues last week. The Senate was not in session. Social Security tax cut. Voting 229-193, House Republicans on Tuesday rejected a Senate bill (HR 3630) to extend through February Social Security payroll-tax cuts, long-term unemployment benefits, and current Medicare reimbursement levels for doctors, all paid for by increases in fees charged by Fannie Mae and Freddie Mac. The vote embraced a rival House version of the bill that would extend the three measures for one year and pay for them with cuts in domestic spending.