States going after businesses to get money to pay Feds

Law of unintended consequences...or more likely, intended consequences!

Get this one, folks: "States that borrowed billions from the federal government to keep unemployment benefits flowing through the recession..." This is the 99ers. This is the extended unemployment benefits. Wait 'til you hear this. "States that borrowed billions of dollars from the federal government to keep unemployment benefits flowing through the recession now have to start paying those loans back," and you know what they're doing? You know how they're doing it? They are hitting businesses with new assessments and higher taxes to make that happen. In all, 27 states owe the federal government nearly $38 billion." The Feds mandated extended unemployment benefits. The states went out and borrowed the money from the Feds in order to pay the unemployment compensation extension, and now they gotta start paying those loans back.

There's a total of $38 billion owed by 27 states. "The first interest payments on those loans were due Friday and totaled about $1.1 billion." So the states don't have the money because nobody has any money. A couple of states have the money. Virginia has some money; Texas has some money. But there aren't a whole lot of states that have any money, and what's happening here is so now the states are gonna raise taxes on businesses while Obama's out there, "Get my jobs bill passed!" Eric Cantor, by the way, made it official. He confirmed what I, your trusted and loyal host, have been telling you from the get-go: That bill is dead. The Obama jobs bill is dead as a package. It's going nowhere. It's dead in the House, it's dead in the Senate. It was never intended to be anything other than dead on arrival.

It's nothing more than a campaign prop. It's the 2011 version of the Greek columns at the Democrat National Convention in Denver in 2008. Now, back to this unemployment extension. Bills are coming due now. "Joe Olivo, owner of Perfect Printing in Moorestown, NJ, with 45 employees just outside Philadelphia, estimates that he’ll pay an additional $24,000 this year in unemployment insurance taxes. He’s also dealing with higher expenses elsewhere, mainly for his employees’ health care." Whoa ho! Health care? Shazam! So, Obamacare drove those costs up way sky-high, through the roof; Obama's unemployment extensions drove the costs to the states sky-high so they're now in debt to the tune of $38 billion. The first interest payment of $1 billion is due Friday, so they gotta start raising taxes on businesses while Obama's out there saying, "Yep, I know you're not better off than you were four years ago."