Tuesday, January 27, 2009
California's Unemployment Insurance fund has run out of money
According to SFGate.com the state of California's Unemployment Insurance fund went insolvent on Monday.
Don't worry, the state will be borrowing ~$2.4 Billion from the federal government for the rest of year. Odds are that the state won't be increasing the Unemployment Tax enough to counter this deficit, and will likely be borrowing more money in 2010, and having to pay over $150million per year in interest payments to the feds.
Read all of my California related links here.