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 ...
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.