NEW YORK (CNNMoney.com) -- With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans.
A total of 33 states and the Virgin Islands have depleted their funds and borrowed more than $38.7 billion to provide a safety net, according to a report released Thursday by the National Employment Law Project. Four others are at the brink of insolvency.
Debt-challenged California has borrowed the most, totaling more than $8.4 billion, followed by Michigan and New York, which have loans worth more than $3 billion. Nine other states have borrowed at least $1 billion from the federal government.
"The nation's financing system for jobless benefits is under unprecedented stress," said Andrew Stettner, deputy director of the New York-based advocacy group for the unemployed. "While the recession has certainly made things worse, this funding crisis has been developing for years."
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This is not a problem; with all the money we are going saveing from pulling out of iraq and afghan wars just like he said; and the amazing savings from Obamacare; along with the VAT tax he is about to introduce
ReplyDeleteWe're definitly on the road to recovery; just like he said
5:05 Sarcasm I hope?
ReplyDeleteFunny how states can borrow from the federal govt when the federal govt's total debt exceeds $130 trillion, yes $130 trillion, at least that is what is known, including ss and medicare.
ReplyDeleteKids, the charade can't last forever. Sooner or later (most likely sooner), TSHF scenario will happen. Since the dumbed down idiotic mind controlled tv addicted sheeple are taught "debt" is good and please go out and buy a new flat screen tv today on credit, they have absolutely no clue what is really going on. I know this cause most of my friends and family are sheeple, living in the "how's your credit score?" world.
The awakening will come soon, as soon as the sheeple wake up one morning and find their bank accounts to have shrunk by 80% due to a devaluation of the dollar. Then what will the sheeple do?
Better prepare for hard times: water, storable food, guns & ammo , gold & silver.
Cause we are so screwed....
Lost my job in 2008. My last unemployment check is about to arrive. Every month, more and more will join me. Naturally once my name is removed from the UI database, it will appear that I now have a job and no longer need the UI checks.
ReplyDeleteThere are plenty of commission only sales positions out there. Commission only, in other words, you work for free!
My local Sam's Club is my economic barometer. For several years now, I visit that store at least twice a week to buy my milk and basic staples. Yesterday, there were 4 checkout lanes open, they have about 20 lanes available. One of the 4 lanes had a clerk standing there, looking board as hell. There was no one in his line. I'm not seeing the big screen TV's being pushed out the doors. Something new in the store can be seen that has never been offered for sale before. How about an above-ground garden frame, just add compost and start growing. No need to buy compost, you can buy a composter for $39.00. Recently I bought a pressure cooker, when was the last time you saw one of those? Mason jars and canning stuff are getting hard to find, but Sam's has a really nice vacume sealing, food storage system.
Looks like this country is devolving, back to the basics.
There sure ain't nothing wrong with the basics.
ReplyDeleteI know you've probably heard it before; but it 's worth repeating:
A new One Dollar bill is .0043" thick -
that means a stack of one Hundred of them would be .43" high ( a little less than 1/2")
One Million of them is 358 feet high ( just short of a football field including the end zones)
One Billion of them stacked up is getting impressive now at almost 68 miles high ( if you ever have walked that far - it's a long long way)
A trillion is 68 thousand miles ! 68,000 MILES
HIGH ! Thta's about 1/3 rd the distance between the earth and the moon
Thta's alot of money !
And that's "only" One of the Trillion
WE ARE CAPITAL S SCREWED