The Daily Outrage: Depleting insurance funds 

WHO: California’s unemployment insurance fund

WHAT: The state fund is facing a deficit of $1.6 billion by the end of 2009, forcing it to borrow from the federal government for only the second time since it was first established in the 1930s.

WHY IT’S HAPPENING: State lawmakers in 2001 raised weekly benefits to a maximum of $450, but did not raise the employer taxes that fund the program.

WHY IT’S A BAD IDEA: With state unemployment rates at a 12-year high, the fund paid out almost $662 million in July alone and already has a large backlog of applications and appeals. The deficit could reach
$3.5 billion by the end of 2010.

About The Author

Staff Report

Staff Report

A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It

Speaking of Opinion

More by Staff Report

Wednesday, Mar 21, 2018


Most Popular Stories

© 2018 The San Francisco Examiner

Website powered by Foundation