Friday, May 15, 2009

South Carolina borrows $20million more as Unemployment nears 12%

The state of South Carolina today borrowed $20 million (more) from the federal government in order to keep the state's unemployment benefit checks coming. Click on Chart for a larger image

According to Governor Mark Sanford, the state could end up owing the feds $1 Billion dollars in the near future. That would amount to almost $225 for every man, woman and child in the state of South Carolina.

As you can see in the chart above, the state has seen it's unemployment rate almost double---from 5.9% in March 2008 to 11.4% in March 2009.

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