32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion
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)
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
Mr B,
ReplyDeleteAt first when I saw the list, I thought, "Oh well, CA is not doing so bad at only $6.9.." and then I re-read your post and saw that was with a "B".
That's absolute crap. I gotta tell you I am blessed with a good -- although not high-paying -- job but I am a little jealous because I start SS next March and if I were on the bricks, between that and the weekly dole, I could almost survive..
..but, of course, I am proud I am employed although one wonder who's getting this in addition to those well-deserving people genuinely out of work here in Crapland.
Betcha there's a lot of folks sucking this stuff down who don't deserve it but think they do.
I'm glad to see that Arizona (my state of residency) isn't on the list, but on the other hand, I'm not pleased with my fellow residents who just voted away more of my money (state sales tax).
ReplyDeleteThanks, neighbors, for making it even harder to feed my kids.
Maybe it is a genius plot to screw the world. Have the USA federal government borrow every other countries' money, and then when they have no more to lend, we'll just dissolve the fed government and all the states will be debt free--the feds owed the money, not the states. I like it! ;)
ReplyDelete