Unemployment: We’re gonna need a bigger boat…
Sorry, no bailout for you
States are already beginning to run out of unemployment funds, and this downturn has only started. Years of underfunding their plans, combined with this year’s spurt in unemployment have drained state resources.
They will be compelled to stand in line behind Wall Street banks looking for handouts from the Moron and Washington – a line which is getting longer with the addition of bonds insurers, like Ambac, who have presented Treasury Secretary Hank Paulson a plan to buy their toxic assets as well..
- California’s Unemployment Fund Stingy and About to Be Out of Cash
- Tennessee: Claims draw down state fund
- Wisconsin: State unemployment fund may be drying up
- Report: Kentucky’s unemployment fund could run dry
- Ohio: Unemployment Funds Could Run Dry
According to CNN:
“There are some real serious problems with unemployment funding that need to be addressed,” said Andrew Stettner, deputy director of the National Employment Law Project, a policy group that advocates on behalf of unemployed and low-wage workers.
The group, which tracks legislation and activity related to state and federal unemployment benefits, says that California, Michigan, Missouri, New York, Ohio, South Carolina, Wisconsin, Indiana, Kentucky and Arkansas have less than six months’ worth of unemployment trust fund reserves, putting the funds at high risk of insolvency.
We’re gonna need a bigger boat…or a shorter work week.