It's one thing to have people out of work and drawing unemployment, but it's more terrible to be in a position where that unemployment insurance fund is running out of money.
According to the San Francisco Chronicle today the California unemployment insurance fund is running out of money and will have to borrow from the Federal Government for the first time since the 1930s. The projected deficit for 2009 is $1.6 billion.
To make matters worse, not just California but 18 other states may find their unemployment insurance funds in deficit, including New York, Ohio, Michigan and Missouri.
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