Posted on 04/23/2024 4:32:48 AM PDT by Sam77
California’s unemployment insurance fund is “structurally insolvent” due to $55 billion in fraud and overpayment during COVID-19 crisis, leading to a growing $21 billion unemployment benefits loan from the federal government the state is unable to pay down.
While the state seeks loan forgiveness from the Acting United States Secretary of Labor, who was California’s Secretary of Labor during the COVID-19 era and oversaw the state’s fraudulent payments — including nearly $1 billion to felons in prison filling out fraudulent paperwork — California Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.
(Excerpt) Read more at justthenews.com ...
This is how they suck the finances out of the fly-over country into the abyss. State losses come from the general federal funds.
YA...and the HELL with getting the money back from the crooks they sent it to! ....signed Newsom
California Dreamin’ is becoming a reality 🎶
CA budget was flush with billions of Clovid money. Greasy gruesome and his cronies pissed it away to buy votes. The trillions in Covid spending was a total destructive waste. That said, I bought another AR and 2000 rounds with my Covid check.
“California’s unemployment insurance fund is “structurally insolvent” due to $55 billion in fraud and overpayment during COVID-19 crisis”
Another Democratic success story.
Let’s see if I’m understanding this. The Calif. unemployment fund was/is already underwater & now they want to increase the payouts considerably. Am I looking at this correctly? What could possibly go wrong?
For crying out loud.
Steal steal steal
And make people in the other states pay.
The Democrat Party Organized Crime Syndicate hard at work.
It’s amazing that there are still businesses in CA.
Democrats pissing away billions of dollars, I’m shocked!
The advent of working from home has also eased reducing the burden of paying for real estate. The threat to quintuple the unemployment insurance is going to make it financially attractive to have a HUGE reduction in the number of California based employees. Labor costs have a significant impact on the ability to bid contracts. Using less expensive labor away from high cost states is one way to "win" that battle.
Your post rang familiar to me and I found this:
https://freerepublic.com/focus/f-bloggers/3961247/posts
California is a beautiful state with generally nice weather.
Many if not most businesses are owned operated by native Californians.
And of course most humans hate change and the older you get the more you desire to stay where you are.
Then of course most have their families there in schools or living close by. So they desire to stay because family and life long friends are there.
It is hard to make a decision to leave a place as long as there is hope that things will improve or that at least you can survive.
But, like the Jews in Germany they may just wait until it is too late. Sometimes hope can be your worst enemy. (Some would say when hope becomes your enemy it becomes denial)
So... the nitwit criminal who got the “loan” from the US taxpayers is the one to approve vacating that debt??? So many criminal government employees...so little time.
So... the nitwit criminal who got the “loan” from the US taxpayers is the one to approve vacating that debt??? So many criminal government employees...so little time.
Why would anyone own or invest in a business these days?
lots of fraud is what happen
Owning vacation property in a small east coast beach community, I needed work done to repair some storm damage. During 2021 and 2022, I was trying to line up workers to make some of the repairs. One contractor I was able to use complained to me it was really hard to get local workers, because many of the “boys” were spoiled by their unemployment payments, and really were not eager to work for a living again. This was in a state with a Republican governor.
“California Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.”
When Leftist programs fail, the answer is always, “More of the same!”.
This will mean more people losing their jobs as employers cannot afford them. They will shutdown or move out of state.
FTA: If a state’s unemployment insurance fund owes money to the federal government for two consecutive years, federal law automatically imposes an escalating tax increase on employers to pay back the loan. This tax increase amounts to $21 per worker per year, meaning that in the fifth year of tax increases, the tax will have increased $105 over the baseline level.
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