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.
1 John 4:16
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“And so we know and rely on the love God has for us. God is love. Whoever
lives in love lives in God, and God in them.”
22 hours ago
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