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Author Topic: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report  (Read 1088 times)

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Offline rangerrebew

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California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« on: December 04, 2024, 06:32:14 am »

California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
Story by Jamie Joseph • 14h


California’s unemployment insurance (UI) financing system is facing big deficits, requiring a full "redesign," according to a new report from the state’s nonpartisan Legislative Analyst’s Office (LAO).

The system, meant to be self-sufficient, has fallen short of covering annual benefit costs, resulting in a projected $2 billion annual deficit over the next five years and an outstanding $20 billion federal loan balance.
 
"This outlook is unprecedented: although the state has, in the past, failed to build robust reserves during periods of economic growth, it has never before run persistent deficits during one of these periods," the LAO report, titled "Fixing Unemployment Insurance" and published Tuesday, stated.
 
Independent analysts project that annual shortfalls will increase California's federal loan, costing taxpayers around $1 billion in interest each year. The system, which is funded by employer payments to the UI Trust Fund, hasn’t been updated since 1984 and "cannot keep up with inflation or provide the intended wage replacement of half of workers’ wages," according to the report.

https://www.msn.com/en-us/money/personalfinance/california-s-unemployment-benefits-system-broken-with-20b-owed-to-feds-in-loan-debt-report/ar-AA1vdflA?ocid=msedgdhp&pc=HCTS&cvid=0080c214b80c4beeb656511a5293443c&ei=131
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The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth.  George Washington - Farewell Address

Offline rangerrebew

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Re: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« Reply #1 on: December 04, 2024, 06:33:58 am »
NEWSOME FOR PRESIDENT!!  A MAN WHO KNOWS HOW TO BUDGET!!
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The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth.  George Washington - Farewell Address

Offline GtHawk

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Re: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« Reply #2 on: December 04, 2024, 06:04:39 pm »
Poor greaseball Noisome, Auntie Pelosi won’t be able to pull his chestnuts out of the fire this time by funneling tax dollars into California’s coffers.
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Offline DefiantMassRINO

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Re: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« Reply #3 on: December 04, 2024, 06:42:41 pm »
What's the vig Trump will charge Governor Greaseball for the unpaid loan?
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"Political correctness is a doctrine fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it’s entirely possible to pick up a turd by the clean end." - Alan Simpson, Frontline Video Interview

Offline PeteS in CA

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Re: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« Reply #4 on: December 04, 2024, 08:08:07 pm »
Quote
"This outlook is unprecedented: although the state has, in the past, failed to build robust reserves during periods of economic growth, it has never before run persistent deficits during one of these periods," the LAO report, titled "Fixing Unemployment Insurance" and published Tuesday, stated.

Translating this into plainer English: the legislature has under-funded Unemployment Insurance to boost General Fund $$ and smokescreen budget deficits.
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I am not and never have been a leftist.

If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Offline rangerrebew

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Re: California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report
« Reply #5 on: December 07, 2024, 06:08:21 am »
Quote from: DefiantMassRINO on December 04, 2024, 06:42:41 pm
What's the vig Trump will charge Governor Greaseball for the unpaid loan?

Don't be surprised if Biden forgives the debt at the last minute. **nononono*
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The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth.  George Washington - Farewell Address
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