States running out of Unemployment insurance benefit funds

[$5 submissions]

It looks the news outlets are beginning to pick up on this "hidden" problem that's ripe to blow up.

Source: http://news.yahoo.com/s/ap/20110220/...arning_ignored

"Trust Fund Reserves Inadequate," federal auditors said in a 1988 report.

It's clear now the warnings were pretty much ignored. Instead, states kept whittling away at the trust funds, mostly by cutting unemployment insurance taxes at the behest of the business community. The low balances hastened insolvency when the recession hit, leading about 30 states to borrow $41.5 billion from the federal government to pay unemployment benefits to their growing population of jobless.

The ramifications will be felt for years.

[~Ray]

just another way to force spending

[Rochard]

They aren't running out. They've already ran out. States have borrowed $41 billion to fund unemployment. We are so fucked.

[brassmonkey]

bunch of bull.

[HerPimp]

Damn shame.

[GatorB]

Originally Posted by $5 submissions

It looks the news outlets are beginning to pick up on this "hidden" problem that's ripe to blow up.

Source: http://news.yahoo.com/s/ap/20110220/...arning_ignored

It's clear now the warnings were pretty much ignored. Instead, states kept whittling away at the trust funds, mostly by cutting unemployment insurance taxes at the behest of the business community.

Gee I wonder which party is the party of "pro-business" and "low taxes"? Then you'll know who to blame.

[$5 submissions]

Originally Posted by GatorB

It's clear now the warnings were pretty much ignored. Instead, states kept whittling away at the trust funds, mostly by cutting unemployment insurance taxes at the behest of the business community.

Gee I wonder which party is the party of "pro-business" and "low taxes"? Then you'll know who to blame.

Maybe instead of blame, the focus should be on finding a solution?

[baddog]

Originally Posted by GatorB

It's clear now the warnings were pretty much ignored. Instead, states kept whittling away at the trust funds, mostly by cutting unemployment insurance taxes at the behest of the business community.

Gee I wonder which party is the party of "pro-business" and "low taxes"? Then you'll know who to blame.

Yeah, the idiots that feel that extending unemployment benefits is a good thing. How the hell are you supposed to keep paying people to not work? Who pays for that?

[blackmonsters]

Let them eat their illegal downloads since the tax money I used to pay is no
longer available because of content theft.

[HandballJim]

Originally Posted by baddog

Yeah, the idiots that feel that extending unemployment benefits is a good thing. How the hell are you supposed to keep paying people to not work? Who pays for that?

I agree, it's getting abusive already. Big deal you got a masters degree...no reason you cannot work at a supermarket. You know whats sad is the guy who stayed working at a job he hates during this recession....then he finally leaves when times are good...and he really becomes unemployed when he can't find a job...he will only get 26 weeks of unemployment insurance. When these lazy fucks are going on 2 years of bleeding unemployment insurance, I bet half are working off the books and also collecting...

[GatorB]

Originally Posted by $5 submissions

Maybe instead of blame, the focus should be on finding a solution?

Well as soon as you can build a time machine and go back and fix the problem let me know. There is no fix. well higher taxes but peole don't like that. Idiots think you can just cut spending and that solves things. No it doesn't. cutting spending is like applying a tournaquite. It temporarily stops you from bleeding to death but you still haven't stopped the actual bleeding.

[The Demon]

Don't worry, the idiotic duo of Obama and Bernanke will introduce QE3 and everything will go to hell while the select few bank on precious metals... Bank how you say? I have no idea. When shit hits the fan, how am I going to get paid for my silver? Probably with more silver. Oh well.