Skip to comments.Unemployment fund facing years of borrowing unless fixes made
Posted on 01/28/2004 8:12:58 PM PST by AmerigomagEdited on 04/12/2004 2:10:56 PM PDT by Jim Robinson. [history]
SACRAMENTO (AP) - Unless some corrections are made, California's unemployment insurance fund faces years of deficits and borrowing, a state Assembly committee was told Wednesday.
"It's an ugly scenario," said Deborah Bronow, an Employment Development Department deputy director.
Bronow said the fund will be forced to go to the federal government for a first-time loan of more than $1 billion this year and will have to borrow increasing amounts in future years to remain solvent, with the total topping $4 billion in 2008.
(Excerpt) Read more at fresnobee.com ...
The fund is bankrupt and we need to raise taxes.
In the meantime, US taxpayers are going to have to bail us out.
This coupled with a report that you must have a minimum $124,000 a year family income to afford a median house purchase in the Bay Area.
Utopia is in big trouble.
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