Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

Unemployment surge pushing state funds toward insolvency

DAVID A. LIEB

Associated Press

JEFFERSON CITY, Mo. (AP) — A surge in unemployment stemming from the coronavirus shutdown of large parts of the U.S. economy is starting to push some state jobless funds toward insolvency.

At least a half-dozen states already have notified the federal government that they could need to borrow billions of dollars to pay unemployment benefits because their own trust funds are running out of money.

While the shortfalls won't prevent unemployed workers from getting government aid, the federal loans could lead to higher taxes for businesses in future years to repay th...

 

Reader Comments(0)

 
 
Rendered 11/10/2024 13:56