Wednesday, February 11, 2009

7 States have borrowed money from the Feds to pay unemployment insurance benefits

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According to the Department of Labor there are 7 states which currently have run out of money in their unemployment funds and have been forced to borrow money from the feds in order to keep the unemployment insurance checks flowing.

  • The state of Michigan has already borrowed almost $1.2 Billion
  • The state of Indiana has borrowed $351 million
  • The State of New York has borrowed over a quarter of a billion dollars
  • Ohio has borrowed $186 million
  • South Carolina has borrowed $123 million
  • California has borrowed $113 million--and is quickly borrowing more.
  • Kentucky has borrowed $39 million
My guess is that with New York and California being the most populous states and having quickly rising unemployment rates will quickly surpass Indiana for the #2 spot on this list---and given time, California could even surpass Michigan.

It's also safe to say that in 6 months time, there will be a lot more states on this list

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