Unemployment surge pushing state funds toward insolvency

 

Last updated 4/29/2020 at 2:50pm



DAVID A. LIEB

Associated Press

JEFFERSON CITY, Mo. (AP) — A surge in unemployment stemming from the coronavirus shutdown of large parts of the U.S. economy is starting to push some state jobless funds toward insolvency.

At least a half-dozen states already have notified the federal government that they could need to borrow billions of dollars to pay unemployment benefits because their own trust funds are running out of money.

While the shortfalls won't prevent unemployed workers from getting government aid, the federal loans could lead to higher taxes for businesses in future years to rep...



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