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Thousands to lose jobless benefits April 5

2010-03-27T05:06:00.000-07:00

By Jennifer Liberto, senior writer and Ted Barrett, CNN congressional producerMarch 26, 2010: 3:24 PM ET

WASHINGTON (CNNMoney.com) -- Extended jobless benefits will run out for at least 212,000 Americans out of work after April 5 because the Senate closed up shop Friday afternoon without a deal to extend filing deadlines.

Senate Democrats and Republicans failed to agree on passing a House version of the extension of deadlines to apply for federal unemployment benefits and the COBRA health insurance subsidy.

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In 10 days, those receiving state jobless benefits won't be able to apply for additional federally paid unemployment insurance, and anyone already receiving those checks could be cut off. They also won't be able to sign up for the 65% federal subsidy for COBRA unemployment insurance.

Key Democrats say they hope to pass a retroactive extension, compensating the unemployed for a gap in funding, after they return from a two-week break the week of April 12. If approved, it would be the seventh time the deadline has been extended since June 2008.

However, if lawmakers pass a retroactive package extending benefits, it could still take a couple of weeks to trickle down to some states with older processing systems, said Judy Conti, coordinator for the National Employment Law Project, an advocacy group.

"Those who are getting these benefits have been unemployed for at least six months and are already living paycheck to paycheck," Conti said. "This could really be disastrous for people. They have no margin of error for that one week."

On Friday, senators in both parties blamed each other for breaking without a deal.

Democrats said extending this benefits package is an emergency situation and that they'd rather pass the House version extending benefits for another month and work toward a longer term solution. They point out that Republicans are willing to pay for war spending without offsetting that.

"We have a crisis here, this is an emergency," said Sen. Jack Reed, D-R.I. "We routinely vote to aid flood-stricken areas across the country, and here we are with a disaster that's causing thousands of people in my home state and others to be unable to provide for their families."

Republicans - in particular, Sen. Tom Coburn, R-Okla. - are balking at extending benefits without finding a pot of money to offset the spending. Extending benefits costs about $10 billion a month.

"If we're going to take the immoral choice and spend money that we don't have, and not eliminate programs that are not effective, I feel obliged to stand in the way of it," Coburn said.

Last week, the House - which adjourned Thursday - extended long-term unemployment insurance through May 5 and health insurance subsidies for jobless workers through April 30.

The measure would also pay 2,000 furloughed workers who were put on temporary unpaid leave because legislation to fund federal highway projects is also tied up in a different congressional fight. And it would also extend the national flood insurance program, which will expire March 28.

About 11.5 million people currently depend on jobless benefits. Nearly one in 10 Americans are out of work and a record 41.2% have been unemployed for at least six months. The average unemployment period lasts a record 30.2 weeks.

0:00/4:50Don't ask for a state job

Federal unemployment benefits kick in after the basic state-funded 26 weeks of coverage expire. During the downturn, Congress has approved up to an additional 73 weeks. These federal benefit weeks are divided into tiers, and the jobless must apply each time they move into a new tier. If the Senate fails to act, the jobless would stop getting checks once they run out of their state benefits or current tier of federal benefits.

In February, Sen. Jim Bunning, R-Ky., single-handedly blocked a previous extension. This time, Coburn's fight gained support from several other Republicans, including Sen. George LeMieux, R-Fla., and Sen. Susan Collins, R-Maine, a moderate who had previously opposed Bunning's objection.Â

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Senate extends jobless benefits deadline#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;}First Published: March 26, 2010: 3:12 PM ETRight NowHealth reform impact: Your benefitsStocks up for the week
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Why a $14/hour employee costs $20

2010-03-27T04:51:00.000-07:00

Workers at Jim Garland's aviation-services firm need FBI background checks, uniforms, health and unemployment insurance and other hidden costs that push the price tag of a $14/hour worker much higher.By Catherine Clifford, staff reporterMarch 26, 2010: 12:35 PM ET

NEW YORK (CNNMoney.com) -- You probably cost your boss a lot more than you think you do.

For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called "loaded rate" includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire.

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Sam Meisler wants to bring on additional assistants for his veterinary business, but timing the hires so they pay off financially is tricky.

Washington's lawmakers are throwing a lot of ammo at reducing the jobless rate, including a new tax break for hiring the unemployed. But no matter what incentives the government offers, it's hard to convince business owners to hire until they're absolutely certain they need to. Employees are often the most expensive investment a business makes.

"Our entire existence revolves around two numbers: revenue and payroll," Garland said of Sharp Details, in Dulles, Va., which he launched out of his car trunk in 1991. Payroll for 60 workers accounts for around 70% of his firm's operating costs.

Garland outsources his entire human resource department. Joe Sherrier, director of human resources for Employment Enterprises -- the company that manages Garland's HR -- said that as a general rule, business owners should to expect an employee to cost an additional 25% to 30% on top of base salary each year.

Breaking down the numbers: Hilda Kernc has been running a Lebanese food production company out of her home kitchen near Chicago for a bit more than a year. Her vegetarian cooking is so popular that she works as many as 20 hours a day keeping up with demand for her hummus and other Middle Eastern fare.

Kernc is applying for a Illinois state business license and is about to start renting out a commercial kitchen part-time. Previously distributed under the name Hilda's Homemade Appetizers, Kernc's snacks will now be branded "Deleez Appetizers," a combination of the word "delicious" and the Arabic word that means the same.

Kernc thinks it might be time to bring on her first employee. "My husband is helping me, and we were thinking we need to hire somebody," she said. "It will kill me if I am going to work like this."

To prepare, Kernc began researching the costs.

State income taxes vary significantly, but federal taxes are standard: Social Security tax is 12.4% on the first $106,800 of earnings, and Medicare taxes run another 2.9% of all wages. The employer and employee each pay half. (The self-employed pay the full cost of both taxes themselves.)

Employers also have to pay a federal unemployment insurance tax of 6.2% on the first $7,000 of each employee's wages. Illinois adds on a state unemployment tax that's currently 3.9% for new companies on the first $12,520 of wages. (Existing companies have their rates adjusted up or down depending on how many former workers file unemployment claims.) Part of the state unemployment tax is deductible from the federal, but that still leaves employers on the hook for a tax bite.

"I can't afford it," Kernc concluded. "When I saw the price to hire somebody, at this point I can't do it."

But Kernc she also knows she can't put it off indefinitely if demand stays high. "I can't work 24 hours per day," she said.

Hidden costs: The little perks that employees come to expect, from free coffee to daycare services to group life insurance, factor into the price tag of a new worker.

"All of a sudden, by hiring a new employee, adding up all the fringe benefits, it can be costly," said Tom Ochsenschlager, a senior manager at the American Institute of Certified Public Accountants.

Sam Meisler owns two animal hospitals and a vaccination clinic in Knoxville and Alcoa, Tenn. He'd like to hire another one or two full-time assistants to work in his My Pet's Animal Hospital clinics. His company's business is growing, but still, timing the staff expansion is tricky: "What we have to try to do is anticipate the recovery," he said. "It is difficult to know when to hire."

A new hire can actually decrease sales in the short term as they learn the job. As new assistants train on their computer system, Meisler expects occasional missed charges.

"You may even lose a client or two just from miscommunication, because of the veterinarian assistant not knowing how to talk to them on the phone," he said. But on the flip side, extra administrative help gives the veterinarian more time to talk to each client and potentially sell additional services, such as grooming and dental cleaning.

0:00/2:24Treat employees like family

A bad hiring decision can be a big hit to a company's bottom line.

"The cost of hiring the wrong person becomes incrementally more expensive the shorter period of time they have been with you. The first 90 days are typically the most expensive to have them on board," said Sherrier of Employment Enterprises. "If they stay, that is cost you can recover."

The cost of losing an employee and hiring a replacement throws complicates the "loaded rate" calculation of what a worker costs each specific business.

Garland's employees work on high-profile corporate jets, and each of his new hires has to go through a full FBI background check and drug screening. Swapping an experienced worker for a brand-new replacement that needs training sets back the team's productivity.

Washington's policy plans: Job creation "must be our No. 1 focus in 2010," President Obama said in January in his State of the Union speech.

Since then, he's let loose with a fusillade of proposals, including a $5,000 tax credit for business owners for each new hire. That didn't fly on Capitol Hill: Congress pushed back hard against so much spending in the face of a record deficit and growing national debt.

The $17.6 billion jobs bill Obama signed into law last week included a one-year Social Security payroll tax holiday on new hires that were previously unemployed -- but it's a shadow of the more aggressive hiring initiatives Obama had pushed for.

Meisler can hire an entry-level assistant for $8 to $10 an hour. At an annual base salary of around $20,000 -- plus $2,018 for Social Security, Medicare and Tennessee's typical state and federal unemployment taxes -- every extra dollar of government hiring incentive puts a new worker closer to the tipping point of paying off financially.

The $5,000 tax credit Obama talked about would have prompted him to add staff. "I am not sure whether payroll tax credit alone would do it," Meisler said. "I will probably just act like I usually do -- when we need someone, we will hire them -- but there is no real incentive at this point."Â

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The art of the hire#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;}First Published: March 26, 2010: 9:52 AM ETRight NowHealth reform impact: Your benefitsStocks up for the weekThousands to lose jobless benefits April 5
Hot List What the hell happened in Florida?Sunshine State dominates the list of troubled metro areas for federally insured mortgages, thanks in part to the condo meltdown.Â More Workers are the most expensive investment a business like Sam Meisler's vet office makes -- and they come with hidden costs.Â More Californians to vote on legal weed Golden State voters will face a marijuana legalization referendum in November that experts say could raise $1.4 billion in tax revenue. Â MoreQuestions & Answers Latest Small Business QuestionAsk a Question Ask your question...View our privacy policy
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Original Shows The BuzzSpring gas prices pump upReaders of 'The Buzz' say $3 gallon gas is too high and will hurt the economy significantly.Â Play Small Biz TipsLending site helps launch boutiqueAfter being denied by three banks, the owner of Boutique Larrieux turned to prosper.com to get startup funds.Â Play Corner OfficeHow Starbucks found its way backChairman and CEO Howard Schultz says his focus on people, both employees and customers, spurred the company's comeback.Â Play All CNNMoney.com Original Shows Ask the Expert Best Advice Bing! Business of Green The Buzz CNNMoney NOW CNNMoney Reports Conscious Capitalism Corner Office C-Suite Disruptors Energy Fix Help Desk Home Work How We Got Started Innovation Nation My Biz Playbook Kids & Money Life at the Top Look AheadMoney Tips My Biz Playbook New Money Rules of Retirement Road Warriors The Score Small & Global Small Biz Tips Street Life Strategy Sessions Small Biz Makeover Tech Talk Tech Transformation TechmateThe Turnaround Sponsors
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A mixed Friday, but stocks up for the week

2010-03-27T04:36:00.001-07:00

By Alexandra Twin, senior writerMarch 26, 2010: 6:31 PM ET

NEW YORK (CNNMoney.com) -- Stocks closed mixed Friday, ending another up week, as investors considered the Greek bailout package, reports of a naval conflict between North and South Korea and a weaker U.S. dollar.

The Dow Jones industrial average (INDU) added a few points. The S&P 500 index (SPX) was little changed. The Nasdaq composite (COMP) lost a few points.

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Hot StocksWhat's moving the marketsDow 30Widely held stocksQuick VoteHow do you feel about your job?Like it a lotStuck in it, but need the moneyCan't stand it, looking elsewhereUnemployed or View results

Stocks rose through the early afternoon after European leaders agreed to a bailout package for Greece and other debt-plagued euro zone nations, cooling fears of a default that would roil global markets. The Greece news overshadowed a report that showed the economy grew at a slower pace than initially thought in the fourth quarter of last year.

But reports of a conflict between North and South Korea may have caused some stock selling. Reports said an explosion tore a hole in a South Korean vessel in the disputed waters near North Korea, and South Korean officials were investigating whether it was an attack from the North.

However, the market may have been primed for a pullback anyway after having hit 18-month highs on Wednesday.

The Dow, Nasdaq and S&P 500 have all risen in six of the last seven weeks.

Dollar drops on Greek aid package: Worries that Greece might default on its debt and kick off a broader debt crisis in Europe have dragged on the euro, leaving it at a 10-month low versus the dollar earlier this week. But news of the bailout lifted the European currency.

The dollar's weakness versus both the euro and yen Friday gave a boost to dollar-traded commodity stocks, such as Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500), the Dow's biggest gainers Friday.

Big multinational stocks that do a lot of business overseas also rose, as tends to be the case when the dollar is weaker.

Financial shares were also among the day's gainers, with JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Travelers (TRV, Fortune 500) rising on the Dow.

But Microsoft (MSFT, Fortune 500) and other select technology shares were weaker, dragging on the Nasdaq.

Stocks ended little changed Thursday as a late-session bounce in the dollar sapped the strength out of a rally that had pushed the Dow, S&P 500 and Nasdaq near new 18-month highs.

However, the trend has been largely to the upside over the last few weeks, with the Dow industrials nearing 11,000, a key psychological level.

0:00/4:25Downside of health care reform

Greece: The European Union and the International Monetary Fund agreed to a joint program that would make cheap loans available should Greece or other euro zone nations be unable to raise them on their own.

The deal, reached at the European Union summit in Brussels, would involve euro zone nations setting aside funds based on their GDP and population, meaning Germany will fund the biggest portion of the bill. The IMF will also contribute.

Greece said at the end of last year that its budget deficit was 12.7% of its GDP, far beyond the 3% that the EU allows. The country has announced plans to cut costs - including lowering government salaries and raising the retirement age - but has had trouble paying off its debts and securing additional financing.

Economy: Fourth-quarter gross domestic product growth was revised down to an annual rate of 5.6% from the previously reported 5.9%, the government reported Friday morning. Economists surveyed by Briefing.com thought GDP growth would hold steady at 5.9%.

The University of Michigan's consumer sentiment rose to 73.6 in March from 72.5 earlier in the month. Economists thought it would rise to 73, on average.

Twenty-seven states reported rising unemployment rates in February, down from 30 states in January, according to state-by-state unemployment figures released Friday morning.

Company news: After the close Thursday, Oracle (ORCL, Fortune 500) reported weaker earnings that beat forecasts and higher revenue that also topped expectations. Shares slipped 1.3% Friday.

Research in Motion (RIMM) rose after JPMorgan Chase reportedly upgraded the stock, saying that 2010 will see a broad adoption of mobile computers. Palm (PALM) rose in tandem.

Market breadth was positive. On the New York Stock Exchange, winners edged losers by a narrow margin on volume of 1.025 billion shares. On the Nasdaq, decliners topped advancers by a slim margin on volume of 2.26 billion shares.

Obama: Mortgage help for jobless

Commodities: U.S. light crude oil for May delivery fell 53 cents to settle at $80 a barrel on the New York Mercantile Exchange.

COMEX gold for May delivery rose $11.30 to settle at $1,105.40 per ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.89% from 3.90% late Thursday. Treasury prices and yields move in opposite directions.

World markets: In overseas trading, European markets fell. London's FTSE lost 0.4%, France's CAC 40 slipped 0.3% and Germany's DAX eased 0.2%. Asian markets ended higher, with Hong Kong's Hang Seng index up 1.3% and Japan's Nikkei index up 1.6%.Â

PrintEmail Where you should (and shouldn't) keep your cash

Bernanke: Economy not out of the woods yet

Why a $14/hour employee costs $20#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;}First Published: March 26, 2010: 9:40 AM ETRight NowHealth reform impact: Your benefitsStocks up for the weekThousands to lose jobless benefits April 5
Hot List What the hell happened in Florida?Sunshine State dominates the list of troubled metro areas for federally insured mortgages, thanks in part to the condo meltdown.Â More Why a $14/hour employee costs $20 Workers are the most expensive investment a business like Sam Meisler's vet office makes -- and they come with hidden costs.Â More Californians to vote on legal weed Golden State voters will face a marijuana legalization referendum in November that experts say could raise $1.4 billion in tax revenue. Â MoreLoan CenterMortgagesHome Equity LoanAutosCDs & Money
MarketOvernight avgs 30 yr fixed mtg5.11% 15 yr fixed mtg4.37% 30 yr fixed jumbo mtg5.85% 5/1 ARM3.99% 5/1 jumbo ARM4.51%

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Original Shows The BuzzSpring gas prices pump upReaders of 'The Buzz' say $3 gallon gas is too high and will hurt the economy significantly.Â Play Small Biz TipsLending site helps launch boutiqueAfter being denied by three banks, the owner of Boutique Larrieux turned to prosper.com to get startup funds.Â Play Corner OfficeHow Starbucks found its way backChairman and CEO Howard Schultz says his focus on people, both employees and customers, spurred the company's comeback.Â Play All CNNMoney.com Original Shows Ask the Expert Best Advice Bing! Business of Green The Buzz CNNMoney NOW CNNMoney Reports Conscious Capitalism Corner Office C-Suite Disruptors Energy Fix Help Desk Home Work How We Got Started Innovation Nation My Biz Playbook Kids & Money Life at the Top Look AheadMoney Tips My Biz Playbook New Money Rules of Retirement Road Warriors The Score Small & Global Small Biz Tips Street Life Strategy Sessions Small Biz Makeover Tech Talk Tech Transformation TechmateThe Turnaround MarketsUS IndexesMarket MoversMarketsLastChange% ChangeDow10,850.369.150.08%Nasdaq2,395.13-2.28-0.10%S&P 5001,166.590.860.07%Treasurys3.85-0.05-1.18%U.S. Dollar1.340.010.60%Data as of 7:02am ETCompanyPriceChange% ChangeCitigroup Inc4.310.040.94%Bank of America Corp...17.900.160.90%General Electric Co18.340.040.22%Ford Motor Co13.860.060.43%Oracle Corp25.69-0.35-1.34%Data as of Mar 26Sponsored by -->symbol lookup-->
SectionsCOMPANIESAT&T takes $1 billion health care reform chargeCompany plans to take a hit from smaller Medicare-related tax deductions. More

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