Posted on 08/09/2024 3:59:25 PM PDT by EBH
The U.S. unemployment rate has drifted upward over the past year, fueling recession concerns.
The unemployment insurance program buckled during the Covid-19 pandemic under a deluge of claims.
Experts say the system for unemployment benefits is ill equipped to handle the next economic downturn.
Renewed fears of a U.S. recession have put a spotlight on unemployment.
However, the system that workers rely on to collect unemployment benefits is at risk of buckling — as it did during the Covid-19 pandemic — if there’s another economic downturn, experts say.
“It absolutely isn’t” ready for the next recession, said Michele Evermore, senior fellow at The Century Foundation, a progressive think tank, and a former deputy director for policy in the U.S. Labor Department’s Office of Unemployment Insurance Modernization.
“If anything, we’re kind of in worse shape right now,” she said.
The pandemic exposed “major cracks” in the system, including “massive technology failures” and an administrative structure “ill equipped” to pay benefits quickly and accurately, according to a recent report issued by the National Academy of Social Insurance.
There’s also wide variation among states — which administer the programs — relative to factors like benefit amount, duration and eligibility, according to the report, authored by more than two dozen unemployment insurance experts.
(Excerpt) Read more at cnbc.com ...
Now I understand all the obfuscation over the last 4 years. And perhaps why Harris doesn't have an economic plan...because she and the current regime are hoping this doesn't happen until after November.
A "recession" will lead to blood in the streets.
Going third world will be different and confusing for everyone.
.
Well at Least the Oil Reserves are full.
Wait
If you are laid off from your job in CA, but you work from home in MA…who foots that bill?
VA ripped for helping pay migrant treatment as over 400K veterans, their families wait
https://nypost.com/2024/01/10/news/va-ripped-for-reimbursing-migrant-treatment-as-veterans-wait/
I am a suburban prepper, getting close to the age of not working soon.
I have been watching a guy on YouTube, Cash Jordan. He’s been covering stuff in NYC now for a while. Illegals, homeless, crime and the basic fall of the city.
It is very concerning, because I do realize this stuff will just spread further out once the cities completely fall. I guess it is good to be old and grateful to have lived a pretty decent life. I don’t know how to stop the madness that is on the horizon and rolling down hill at us.
You’re way ahead of me, I’m still in denial.
The state the company is paying unemployment insurance to. I just had to go through that a 3-4 years back as I was working for a site in MI, but living in OH.
Granted they are border states and have tax agreements for commuters, but who gets the companies insurance check pays the bill.
I’m currently 10 weeks of a new round as my company sold off the factories I was responsible for thus eliminating my position. Good news is 1) this article likely won’t impact me since my 26 weeks will be up by then; 2) I got a decent severance, and 3) I’m making pretty good money day trading (capital gains isn’t income though short term is taxed basically the same) so far so haven’t had dip into any emergency funds.
.....the fact that this conversation is now out = the R word.
Day trading is a stressful life. I did it for a while and eventually made “a little.” Good for you. I hope it continues working for you!
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