Monday, April 27, 2020

Every level of government is broke!-----State unemployment funds are quickly running out of money - Business Insider

State unemployment funds are quickly running out of money - Business Insider
    People wait on line to file for unemployment in Fayetteville, Arkansas, April 6, 2020.
  • The current real unemployment rate is 20.8%, the highest since the Great Depression.
  • Many states' unemployment funds aren't robust enough to meet growing demand.
  • Typically states can apply for help from the Federal Unemployment Account, but even that could run out, experts warn.
  • "No system is designed for [this] level of unemployment," former North Carolina budget director Lee Roberts told Business Insider.
  • Roberts said it was "highly likely" states would begin limiting the duration and dollar amount of payouts to prevent the coffers from running dry.
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