Global Insights is a national economic forecasting firm working with our state to make our tax collection projections and help us create the biannual budget with some assurance of accuracy. In November of 2009, Global Insights has updated its projections regarding unemployment for our nation to anticipate high levels (above 10%) from now through the end of 2012. These projections are, bluntly, some of the most dire figures when considering the likelihood of a strong economic recovery.
Indiana has taken great strides to make sure Hoosiers have opportunity. Our unemployment is running below the national average, even here in the Rust Belt. With so many jobs directly or indirectly tied to the automotive industry, amazingly we still run below the national average. In order for businesses to invest in hiring, and rehiring, the business community needs some degree of assurance they can recognize marginal gains with every employee. I pushed to defer the tax increases on state unemployment taxes, so that companies are not burdened with new increases for each new hire. We should finish this effort in early 2010.