The California Unemployment Insurance Fund will be over $24B in debt this year

California unemployment insurance - Debit - calculator - budget

The COVID-19 pandemic caused job losses causing the state to fall deep in debt to the federal government. The California Unemployment Insurance Fund (UIF) has racked up a substantial debt to the federal government in its efforts to support residents who lost their jobs throughout the pandemic. The revised 2021-22 budget published by Governor Gavin Newsom made reference to the debt. A paragraph in the revised budget on page 180 pointed to the challenge the state now faces regarding its California unemployment insurance fund’s debt. To support Californians who lost…

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