State’s Unemployment Insurance Fund is falling behind on repaying federal debt

unemployment insurance

California still owes the federal government $8 billion on a loan California is falling behind on repaying a loan to the federal government. The state borrowed $10 billion from the federal government in order to ensure the recovery of its troubled Unemployment Insurance Fund. The fund exists as an insurance pool that is designed to cover the financial issues related to lack of employment. The economic recession that hit the country in 2008 and persisted through the following years placed the fund under a great deal of financial strain. Higher…

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