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He is a native of Seoul, Korea, and graduated from the University of Chicago. “Raising the taxable wage base has got to be part of the solution,” Traub said. To engage alumnae in active and meaningful ways in the life of the university and to provide opportunities for learning, leadership, and mentorship. By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
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When COVID struck in March 2020, U.S. unemployment jumped to 14.8% a month later and brought unprecedented jobless claims, forcing California and many other states to borrow from the federal government to keep paying benefits. Almost all the other states have since repaid those loans, some with pandemic relief money they also got from Washington. Businesses also pay a state unemployment insurance tax, also on the first $7,000 of wages, based on their layoff history, plus a surcharge when there’s a shortfall in the jobless benefits fund. “California had options and it chose the spending option instead of the responsible option,” said Matt Weidinger, a senior fellow at the American Enterprise Institute who has written widely on the unemployment insurance program.
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“California is going to muddle through until we begin to see those rates eased,” Brusuelas said. So even though more consumers in California are having trouble with credit card debt, data show mortgage delinquencies remain very low. “In general, housing often functions as a trigger or force multiplier in a recession in California,” said G.U. Don Lee writes economic stories out of Washington, D.C. Since joining the Los Angeles Times in 1992, he has served as the Shanghai bureau chief and in various editing and reporting roles in California.
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Analysts said California could have used some of the $43.5 billion the state received from the American Rescue Plan Act to pay down the debt. Instead, state officials spent the relief money for other purposes, including additional stimulus checks to residents. Higher taxes will hit small and midsize companies in sectors such as restaurants and tourism especially hard, he said. R. House is located in a former automotive showroom in Remington and features about a dozen casual, chef-driven concepts throughout a large square food hall with a central bar. The talented teams at diverse food stalls draw inspiration locally and from around the world — from Hilo to Santo Domingo to Seoul — and bring it all back to R. “HYBE secured substantial evidence to prove that Min deliberately led the plan to take over management control of the subsidiary, through the audit process.
In a conference call, the company said that robust album and concert sales by its major artists contributed to this achievement, including Seventeen, Tomorrow X Together, NewJeans, Enhypen and BTS members as soloists. Korean entertainment giant HYBE said it will report an executive of subsidiary label ADOR to police, a move coming days after launching an audit. Soondubu (Soft Tofu Stew) is a delicious and satisfying staple of Korean cuisine. Enjoyed with our stone pot rice and banchan (side dishes), our soondubu is sure to warm your stomach and soul. Tofu contains no cholesterol and is low in saturated fat and sodium.
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He said higher employer payroll taxes will ultimately spill over to employees in the form of less wages. California’s massive budget deficit, coupled with the state’s relatively high level of joblessness, has become a major barrier to reducing the billions of dollars of debt it has incurred to pay unemployment benefits. Currently California employers pay a federal unemployment insurance tax of 1.2% on the first $7,000 of wages per employee, but that will rise incrementally every year so long as California is in debt, to more than 3.5% after 10 years. And analysts estimate that it may take at least that long to pay off the debt. Data also show that jobless workers in California stay on unemployment significantly longer than the national average, which adds to the total payout amount. And California workers claim unemployment benefits in disproportionately high numbers.
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County — almost all of that due to losses in motion pictures, where employment has been very slow to rebound after the Hollywood strikes last year. Over the last year, California’s employment growth has been lagging behind the nation as a whole, in large part due to the deleterious effects of high interest rates on three pillars of the state’s economy — high-tech, entertainment and housing. On the positive side, data released Friday by the state’s Employment Development Department showed that California’s job growth turned upward last month, though the improvement still lagged behind the national average.
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In March, the state added 28,300 net new jobs — about 9% of the nation’s total, shy of its 11.5% share of the U.S. labor force. In February, California lost 6,600 jobs while the U.S. added 270,000. About 90% of homeowners, in fact, are carrying home loans with rates below 5%, said Joseph Brusuelas, chief economist at the accounting firm RSM US. Traub, of the National Employment Law Project, said employers have to pay more to make the math work and ensure the unemployment trust system is sustainable over the long haul.
And it was one of only two states, the other being Nevada, with a March jobless rate above 5%, said the Bureau of Labor Statistics. Sacramento collects unemployment insurance taxes on the first $7,000 of wages per employee per year. Traub noted that most other states have a significantly higher taxable wage limit — New York at $12,500; New Mexico at $31,700; and Washington state, the highest, at $68,500. But over the last 12 months, the high-paying sector is down 30,600 jobs in L.A.
The state accounts for about 20% of the nation’s jobless claims, far in excess of its 11% share of the labor force population. That partly reflects the state’s higher unemployment and accompanying increases in layoffs and jobless claims in the tech industry and other sectors, but also its comparatively easier eligibility rules and low re-employment rate. Payroll taxes paid by employers are rising not only to cover payouts to unemployed workers but also a state surcharge and a gradually increasing federal surtax to help pay off the principal on the debt.
The nation’s gross domestic product, or total economic output, likely expanded by a robust 3% in the first quarter, according to analysts’ forecasts. In California that year, 47% of recipients took the full maximum 26 weeks of jobless benefits. In 2022, California workers stayed on unemployment aid for an average of 18.1 weeks, compared with 14.5 weeks nationally, according to a study by the Department of Labor’s former lead actuary, Robert Pavosevich.
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Today only New York and California, plus the Virgin Islands, still owe money for unemployment insurance loans. California’s greater reliance on sectors such as real estate that are highly sensitive to interest rates for financing and investing has hampered the state. For one thing, the broader U.S. economy is continuing to expand nicely.
To keep the safety-net program operating at a time when the taxes paid by employers and earmarked for jobless benefits are insufficient, Sacramento has been borrowing billions of dollars from the federal government. The debt now stands at about $21 billion and growing, an increasing burden for state deficit fighters and for the businesses that pay into the jobless insurance program. But by far the main policy change that’s needed is to help jobless workers move into new jobs more rapidly. California’s Employment Development Department, which oversees the state’s unemployment insurance program, has said that it would rely on increased federal taxes on employers to pay down the debt.
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