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 ...
Cloward-Piven
It wasn’t only CA that paid out to the shysters.
I may be confused, the California secretary of labor during Covid who bankrupted the state’s unemployment fund is now in the same position in Washington. California took a loan from the Federal Government to cover the loses in their employment fund, which they now can’t pay back, they are seeking loan forgiveness from the same person who bankrupted the fund to begin with.
I see no conflict of interest whatsoever.
What did California do with the Billions that the federal government handed out to states during covid?
A lot of it was specifically designed to handle unemployment.
I am going to guess that they used it for other BS, and now they want their unemployment system debt viewed in a vacuum as insolvent, so they can ask for more money to pay for what they should have used their covid money for.
He’s representing his state by socializing the losses.
Now those are great ideas!
Encourage more businesses to leave Kalifornia and discourage the unemployed from finding jobs.
Penalize behavior you don’t want (business) and encourage behavior that you want (unemployment)
And the Gov is tops for their next POTUS? Lol.
Nowhere on the planet does a Deep State hire the front office appearance types for brains.
BTTT
Just raise the minimum wage to $50 an hour. That will fix everything!...................
But CA is the model state for the DNC.
That’s o.k. We’ll bail them out.
Businesses to pay unless they go out of business.
Businesses to pay unless they go out of business.
The ship has a leak called California.
That’s o.k. We’ll bail them out.
~~~
Yes. That’s what I am saying.
That’s how it works, particularly in California. They run it particularly ragged, and aside from being blessed with a huge economy for a state which means they are lucky to have not gone bankrupt in the past several times because they were bailed out with no help from themselves.
States, unlike the federal government, must balance their budgets, but california knows that if they fly over the cliff that the fed will bail them out. The phrase “too big to fail” will get dusted off. The GDP of California is 3 trillion or so. For comparison, General motors (bailed out because “too big to fail”) had a gross revenue in the tens of billions, a tiny sliver fraction in comparison.
I’m not saying that the Unemployment solvency problem is going to sink California. I just agree that they will be helped with this, even though I suspect they completely mis-managed their covid relief funds.
It is commonly said that the Democrats might ditch Biden and put the guy who is running California and put him in charge of the whole country.
Seems appropos of the nightmare.
Don’t laugh. Those of us here at FR as well as other conservative hangouts know all about their Gov. The typical American nimrod voter does not and this guy can be painted by the media as the second coming of the Lord. This guy will get votes if he’s ever put up to run.
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