California Broke
California is broke. In fact, they are so much in the red that they are borrowing over $40 million dollars per day just to cover mandatory unemployment payments to its citizens.
In a recent article from San Francisco Gate.com, the publication outlines how much California borrows just to pay for this social program.
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.
The continued borrowing means federal unemployment insurance taxes are going to increase, upping the annual payroll costs $21 a year per worker.
California tops the list of 32 states that have borrowed a total of $41 billion to pay claims.
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The Democrats have been in charge for years in California. Good job, guys.
In a recent article from San Francisco Gate.com, the publication outlines how much California borrows just to pay for this social program.
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.
The continued borrowing means federal unemployment insurance taxes are going to increase, upping the annual payroll costs $21 a year per worker.
California tops the list of 32 states that have borrowed a total of $41 billion to pay claims.
____________________________
The Democrats have been in charge for years in California. Good job, guys.
Comments
While the amount of the deficit is huge, I don't the CA is in as bad shape as a number of other states.