Saturday, February 21, 2009

Pennsylvania borrows money to keep unemployment fund going

According to the state of Pennsylvania has resorted to a short term loan from the federal government to keep the unemployment insurance benefits going to the jobless in the liberty bell state.

Department of Labor and Industry spokesman Troy Thompson said Friday this will be the third time in the last six years that Pennsylvania has had to seek such a loan.

The problem is that more people are seeking benefits after being laid off, while shrinking payrolls mean less is being paid into Pennsylvania's unemployment compensation trust fund.

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