Skip to comments.32 States Have Borrowed from the Federal Government to Make Unemployment Payments
Posted on 05/21/2010 7:21:54 PM PDT by NormsRevenge
EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal governmant has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion.
The state of California has borrowed $6.9 billion. Michigan has borrowed $3.9 billion, Illinois $2.2 billion.
Below is the full list of the 32 states (and the Virgin Islands) that have borrowed from the Fed to make unemployment payments, and the amounts that remain borrowed as of May 20 . (Numbers in red are billions)
(Excerpt) Read more at economicpolicyjournal.com ...
...the Dems will keep the unemployment checks flowing indefinately...they would rather do that then create jobs.
Well the states know that the Feds can just print more! problem solved!
I’m disappointed to see that Texas has borrowed a billion.
Hey, the feds got plenty of money. Hell, they either grow it on trees or print it themselves.
Well, that’s 32 states that are vassals of the fed.
The founders must be spinning in their graves. Again. and Again.
Anyone up to doing an analysis on Red State vs. Blue State? Perhaps normalizing over popultation or congressional seats?
Just wait until the unfunded mandates caused by the HC Reform bill are added to the tab! Vassalage will look good.
Barak is the greatest master of all time.
Debt is the basis of a sound economy
Okay, I’m laughing as I write that!! I can’t do it.
TEXAS??? We are required to balance the budget every year. How in the world can this happen.
Only 25 more states to go.............
More people unemployed, less paying in more taking out and the new Washington DC mandate extending benefits to the end of the year.
A few years ago Kansas ranked #1 in unemployment benefit overpayments.
Hmmm, didn’t see this coming.
Alabama $ 283 million
Arkansas 330 million
California 6.9 billion
Colorado 253 million
Connecticut 498 million
Delaware 12 million
Florida 1.6 billion
Georgia 416 million
Idaho 202 million
Illinois 2.2 billion
Indiana 1.7 billion
Kansas 88 million
Kentucky 795 million
Maryland 133 million
Mass. 387 million
Michigan 3.9 billion
Minnesota 477 million
Missouri 722 million
Nevada 397 million
New Jersey 1.7 billion
New York 3.2 billion
N.C. 2.1 billion
Ohio 2.3 billion
Penn. 3.0 billion
R.I. 225 million
S.C. 886 million
S.D. 24 million
Tennessee 21 million
Texas 1.0 billion
Vermont 33 million
Virginia 346 million
Virgin Islands 13 million
Wisconsin 1.4 billion
Total $37.8 billion
Red county v. blue county would be more accurate. At least as far as Commiefornia is concerned.
Ditto. Another $1 billion spent and Texas will have to find a way to make up the nearly $13 billion budget shortfall during the next session of the Texas Legislature. Texas only has about $9 billion in it’s so-called ‘rainy day’ fund. Before these ‘geniuses’ decide to raise taxes and fees on those of us that work, try cutting all the unnecessary spending(parks, recreation, etc.). If that doesn’t work, they can then tell all state agencies to cut their staffing by 25%. Private industry does it all the time.
In short, make do with less. When you run out of money, you stop spending. Why can’t the government?
States are borrowing from thwe fed, but where is the fed borrowing it from? China? And these are states that are already have huge budget shortfalls.
This is getting absurd. Some are forcasting the economy to collapse this summer. Be ready. Prepare. And hope it hangs on.
Of course its absurd.
Hope it hangs on? So they can go even farther into debt?
Just imagine what the economy would look like (statistically speaking) without this borrowing.
This is a giant stimulus package which is masking just how bad this economy is.
Until I get a decent paying job unemployment is all I have. So he** yes I need those benefits...I’ve worked since I was 18 and this the FIRST time I’ve ever had to collect unemployment. So spare those of us who are trying to land jobs any sarcastic comments...you try being over 55 and getting a job in today’s market...it ain’t gonna happen....and that’s a FACT Jack.
No Montana there.
I believe all these unemployment payments are just covering up a real depression to keep the public out of the bread lines, soup kitchens and out of the public eye. People would realize the much greater extent of the malaise perpetrated by the BHO regime and their Marxist, NWO cohorts and perhaps rise up and correct the situation.
From what I have seen though, don't make hasty generalizations about employers not hiring older workers. Many that I know - and I know hundreds - are desperate to jettison the 20 to 30 year old cohort. They just aren't worth the candle. I saw it again yesterday. A 61 year old replacing two twenty somethings.
Many of these jobs pay modestly but the upside is open. What business needs right now are the competent middle managers. Experience counts and counts heavily. You may not think that your skillset encompasses this but most of them require a reasonably intelligent human being who goes to work in the morning and leaves when the job is done. Promotion is rapid but there are so many four-flushers out there that employers usually require a stint in the ranks.
Try to approach businesses where you can deal directly with the manager or owner. They ARE looking for you.
Good luck and may God bless.
Maybe I'm reading the info at the link wrong. After all, there is an upcoming election and Perry will spew whatever he feels he needs to get elected..
Louisiana not there! Yay!
Mississippi not there either! Yay again!
Someone pointed out that we do have one heck of a bread line. Around 40 million people are receiving food stamps. The line’s just invisible because we get cards to use at the store rather than having to go stand in a kitchen line somewhere.
Borrowing borrowed bucks.
...when I was 55 I got the boot from a company I’d been with for 28 years of loyal service...I was on unemployment for a brief period because I couldn’t find a “decent job”...then it dawned on me that I’d better take what I could get...so that’s what I did...at less than half of what I used to make, but so what...it was honest work, and I took it.
....and NormsRevenge is right...the older worker has a place in the work force because the boss knows he’s reliable and doesn’t goof off on the job.
....I wish you good luck.
The money is being funneled into Chase debit cards, flowing from AZ. No relationship to gumby, of course... and I'm sure there are no fees funneled to Chase...
It is actually cheaper to use debit cards than to generate checks. Banks make money either way but the state pays less this way to transfer funds.
My point had nothing to do with saving money. Zero and his minions have no desire to do that. They are, instead, syphoning every dime they can from the flow of dollars. This isn't a redistribution thing. It is THEFT and will never be prosecuted.
Instead, this crew will leave us with a mountain of debt while they continue to drain our pockets with the taxes they are imposing. Most Banks aren't the problem... just their favored ones are the conduits.
What have they done with all the money?
Try moving. You can’t farm in the desert, so to speak.
Well, thats 32 states that are vassals of the fed.
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
The Democrats are enjoying every crisis that they can blame on Bush and that will keep the American people, depressed, angry and feeling helpless.
An unemployed person is another Government *dependent*.
For politicians who prefer slaves to citizens there is an upside to a depressed economy.....psychological & class warfare.
We’re broke. That’s the “change”. Fun isn’t it?
Move where? There's over 100K that move to North Texas every year.
As for us folks over 50, there's the federal government, and that's about it.
I hear St. Tammany parish has the lowest unemployment in the state, at around 4.8%. My parents live there..seriously considering moving back home. I hate it up north. Too frickin cold.