Mar 4 2011
As you know, the Labor Commerce & Industry Committee has been looking at adjustments to the unemployment rates for a few weeks. After six subcommittee meetings and 18 proposals, we finally found a plan that may, and I stress may, garner enough support.
On Thursday, March 3, The LCI subcommittee adopted a plan, commonly referred to as plan 15, that was authored by representatives from the staffing industry to cut the top rates by 18% and extend the loan repayments. I hope that we will be able to move forward and produce relief as soon as possible.
There is one negative aspect in plan 15, however, that gives me concern as to if the General Assembly will support it. Plan 15 extends the debt repayment a full year. This extension leaves us in a very vulnerable situation in 2016. History tells us that the economy usually sees a downturn every 7 years. Many of my colleagues are hesitant to support plan 15 because of this vulnerability, so its adoption is questionable.