In the last two years, the state collected just $9.9 billion in unemployment insurance taxes—but it paid out $20.6 billion in benefits during the same time. California recently had to borrow $8.5 billion from the federal government to pay for the unemployment benefit obligations. If the state doesn’t pay off its loan from Washington, D.C. by 2012, it will owe a $362 million interest payment. That’s an expensive fantasy to finance—and California can’t print Monopoly money to stay afloat.
Mark 8:36
-
“What good is it for someone to gain the whole world, yet forfeit their
soul?”
6 hours ago
No comments:
Post a Comment