California's Unemployment Trust Fund $2.35 Billion underfunded

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According to California's Employment Development Department (EDD), the state's unemployment insurance trust fund is currently at a $2.3 billion deficit and is increasing the deficit by ~ $700million a month.

Things are likely to get worse for the state because its unemployment rate continued to climb in the month of May (not shown on the chart)--and is likely to continue to climb for a few months---So that means fewer employers paying taxes into the system, and more unemployed workers collecting benefits.