33 states out of money to fund jobless benefits

[Liberal_in_LA]

33 states out of money to fund jobless benefits
By Hibah Yousuf, staff reporterApril 8, 2010: 6:28 PM ET


NEW YORK (CNNMoney.com) -- With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans.

A total of 33 states and the Virgin Islands have depleted their funds and borrowed more than $38.7 billion to provide a safety net, according to a report released Thursday by the National Employment Law Project. Four others are at the brink of insolvency.

From police horses to fireworks to wrangling stray chickens, these cash-strapped cities are eliminating all kinds of services.
View photosDebt-challenged California has borrowed the most, totaling more than $8.4 billion, followed by Michigan and New York, which have loans worth more than $3 billion. Nine other states have borrowed at least $1 billion from the federal government.

"The nation's financing system for jobless benefits is under unprecedented stress," said Andrew Stettner, deputy director of the New York-based advocacy group for the unemployed. "While the recession has certainly made things worse, this funding crisis has been developing for years."

http://money.cnn.com/2010/04/08/news/economy/state_funds_jobless_benefits/?hpt=P1&iref=NS1

[SpiralHawk]

1. "Tough shit." - Rush DraftDodger Limbaugh (R)

"Boo frikkin Hoo. The so-called 'unemployed' can just make a withdrawal from their secret Swiss Bank accounts, the way we fatcat Republicon Homelanders do. Smirk.

"What America really needs is More Tax Cuts for FatCat Republicons. Smirk."

- Rush DraftDodger Limbaugh (R- $40-million-a-year-corporate propaganda pimp)

[Demeter]

2. Is It a Depression Yet?

Wake me when Washington gets a clue.

[OhioChick]

10. No shit...

I'm tired of this "Recession" word being thrown around.

[Fla_Democrat]

11. I thought the recession was 'over'?

:shrug:

Last I heard, we were in a jobless recovery... :woohoo:

[obliviously]

3. Time to fire up the printing press!

[Newest Reality]

4. Actually, I think it is easier than that ...

They just punch in some numbers that are turned into bits and transmitted via the financial synapses to bank receptor organelles where fiscal enzymes convert the binary code into a nervous system altering agent that makes people who are loaned the digital creation think it is real ... ah ... I mean ... money.

Voila! Moolah! Hot time in the old town tonight, BABY!

It's pure science! I apologize if that was too technical an explanation for laymen and laywomen.

[lib2DaBone]

5. Congress is so out-of-touch with reality.. they have no idea...

..They have no idea what is going on, on the streets of the USA.

Congress has their solid gold health plan, free haircuts, free limo, free security, free phone and free postage, solid gold retirement, inflated salary and the ability to grant themselves raises each year... what do they care?

Flash-back to George H.W. Bush in the Supermarket... just "amazed" at how people buy groceries...

[tonysam]

6. And they're totally bought off by the financial elite. They make me absolutely sick. n/t

[1776Forever]

9. Right on!

:thumbsup:

[jaysunb]

7. Question

Doesn't the President have a discretionary fund that he might use to bridge the gap until Congress returns :shrug:

[chill_wind]

8. ProPublica has a good state-by-state tracker

here:

http://projects.propublica.org/unemployment/

(updated weekly)

[lonestarnot]

12. We are so fucking screwed. They can't print money fast enough.

[hayu_lol]

14. Since the employers pay into the unemployment system...

just go to the employers who have downsized, offshored, and otherwise eliminated jobs to make up the difference. Let those who caused the problem pay for the results of their greed.

Despite threads to the contrary, new unemployment claims are actually around 460,000 for the past months...a slight miscalculation and celebration pushing the false idea of rising employment.

[lonestarnot]

15. and those numbers came from whom?

[madrchsod]

13. fdr put them to work......

they built much of what we use, visit,and see today. it is a shame that we do not have the courage to do the same today.