Tuesday, November 9, 2010

CA Borrowing $40M a day from Fed to pay unemployment

Via San Francisco Chronicle With one in every eight workers unemployed and empty state coffers, California is borrowing billions of dollars from the federal government to pay unemployment insurance. The Los Angeles Times reports that the state owes $8.6 billion already, and will have to come up with a $362-million payment to Washington by the end of next September.California tops the list of 32 states that have borrowed a total of $41 billion to pay claims.

No wonder these guys voted for a change in leadership. Psyche.

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