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Pastimes : California - The Golden State?
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From: miraje12/4/2024 2:02:22 PM
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California's unemployment benefits system 'broken' with $20B owed to feds in loan debt: report

Taxpayers to foot the bill with California's unemployment-insurance deficit

foxnews.com

... 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...
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