IPFS News Link • Economy - Economics USA

33 states out of money to fund jobless benefits

04-12-2010 • money.cnn.com/

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. Debt-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.

1 Comments in Response to 33 states out of money to fund jobless benefits

Comment by Ross Wolf

Entered on: 4/12/2010 11:03:04 AM

If Congress keeps printing and borrowing money to loan states to extend and pay unemployment benefits to persons not producing, the dollar could become worthless. This only creates inflation and a pretent economy.

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