Posted on 07/08/2023 3:39:13 PM PDT by ChicagoConservative27
The Unemployment Insurance (UI) trust fund the California Employment Development Department uses to pay benefits is now “structurally insolvent” a new Legislative Analyst’s Office report states.
The report – a reaction to the “May Fund Forecast” released by the EDD last week states quite bluntly that the “temporary” – now about 15 years and not the six or seven years the EDD originally projected – federal surcharge will be used to cover on-going bills before actually paying the $18 billion-dollar federal debt the agency incurred due to gross incompetence during the pandemic.
(Excerpt) Read more at californiaglobe.com ...
Newsome: the consummate mismanager. How you you dealt a hand like California and wind up losing to a pair of deuces?
Oh crap. This is dangerous to the San Fernasco Negro Slave Reparation Task Force. All those promises could cause them to get their asses kicked, royally.
There was a point that California was a desirable place to live or visit…now neither is true!
From a week ago...
https://abc7.com/california-myedd-website-login-issues-unemployment-benefits/13438188/
Never was a “surplus”...just an extra $200 billion in printed “CARES Act” $$ funneled into CA from the Feds. As far as the EDD $$ goes the Biden admin. will waive/forgive the $18 billion “loan”...no problemo!
Not to worry, they will redistribute money from red states to CA it is after all socialism
A Pentagon sized “accounting error”?
“Not to worry, they will redistribute money from red states to CA it is after all socialism”
*************
Some variation of redistribution or use of federal “loans” is certain to happen. Major bailout coming.
It’s borrowed fed money.
49 states have already paid their covid debit calif and THE VI have not.
Damn all of those Republicans!
Isn’t this the agency implicated in the CA default on federal funds?
Have any promises been made to the descendants of the 300,000 union white soldiers who died in the Civil War?
Color me surprised /sarcasm in full view!
The Dems need California to win the White House, and a considerable number of House seats as well as keep two very liberal senators. California will get whatever it asks for.
Uh...hmmm...that’s not good. They’ll get bailed out, but systemically it is not of any benefit.
Guess that just creates an even higher demand for UBI?
They will not let this “crisis” go to waste....
I can already here the calls for a UBI bail-out.
Looks like Ava in needs another bail out. Watch your wallet.
While the rest of us pay for the underlying socialist experiments, liberal mismanagement and blatantly stolen elections. No wonder the Dems are big on repealing the 2d Amendment.
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