Tagged: Recession

Tens of thousands of unemployed North Carolinians will run out of federal benefits at the end of this week.

On Saturday, the federal government will end its extension of unemployment benefits, which began during the recession in 2008. There are about 87,000 unemployed North Carolinians who are currently relying on federal benefits because they've already exceeded the maximum state benefits.

The General Fund is the state’s piggy bank, where revenue goes in and payments come out.  Today, the State Controller’s office released a report showing that, since June, the fund earned almost $300 million more than the same time last year. That’s an increase of over four percent. Amber Young at the controller’s office says it’s for the best possible reason-- people are earning more.

“It’s just things are doing better—individual income went up five percent,” Young said. “We’re seeing more people working again. Corporate went up about that amount.”

Republican state legislators unveiled a plan Wednesday to reduce unemployment benefits and raise taxes on some businesses. They say those are necessary steps to pay back the nearly $2.5 billion the state owes the federal government for help paying unemployment insurance.