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Oroho Urges Corzine to Update Public on Increase in Unemployment Fund Deficit
By Andrew Pratt33-Year High in Joblessness May Increase $3.6 Bln Shortfall
Senator Steve Oroho, a Republican on the Senate Budget and Appropriations Committee, said he is concerned that the alarming increase in New Jersey's unemployment rate will lead to calls for higher business taxes. August unemployment was the highest in 33 years.
"Under current law, business taxes will increase if there is a lingering deficit in the unemployment fund, and at the rate we're going, we'll have a huge deficit," Senator Oroho said. "The worst way to deal with a 9.7 percent unemployment rate is to raise taxes on businesses that create jobs."
Overregulation and onerous taxation over the last eight years has hurt businesses that create jobs. Unemployment in New Jersey is now much higher than in neighboring states. That's forcing the state to borrow more to pay claims. The non-partisan office of Legislative Services indicated in July that the Unemployment Insurance Fund will have a deficit of $3.68 billion by the end of June 2011. The unemployment rate has risen steadily since that estimate was released.
Senator Oroho called on the Corzine administration to update the public immediately on how much the deficit in the unemployment fund has risen over the last few months, and on how much has already been borrowed to cover the fund's deficit.
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