It is reported that Governor JB Pritzker has decided to borrow another couple of billion dollars from the Federal government to finance unemployment insurance payments.
Know who pays it back?
It’s businesses in Illinois.
Additional amounts will be tacked on to their insurance payments for goodness knows how many years.
The bigger humungous problem in Illinois is the underfunded pensions for government workers and retirees. It us $137 Billion underfunded.
Illinois is the worst State of 50 fiscally.
Yeah, and the same buffoons keep getting elected.
Gerrymandering by Madigan and his goons big contributer.
Really? What about all the gases coming out of Fatty Pritzker?
Illinois unemployment will be paid by the businesses regardless of whether we need to borrow the money or not.
Those who have laid off large numbers of people will see how much they are charged for unemployment go up.
The system is designed that way, business with higher layoff rates pay more in the future.
Every business will pay more in the future.
They’ll add a “rebuilding” charge to all businesses, raise the rate and the basis of contributions.
Got to love a blue state!
And just think how many out of work families the governor could have help feed with the $50 million he blew on his fair tax.
Why don’t people like him ever redistribute their own wealth?
This is all they know how to do here in this chithole rob peter to pay paul… and remove toilets to not pay anyone.
Why are you claiming that the borrowing is to pay unemployment claims?
This is not true.
The State of Illinois has borrowed $2.6 Billion form the US Treasury for unemployment benefits.
Bloomberg Law
States Grapple with Cost of Jobless Benefits as Pandemic Worsens
Nov. 16, 2020
by Chris Marr and Sam McQuillan
https://news.bloomberglaw.com/daily-labor-report/states-grapple-with-cost-of-jobless-benefits-as-pandemic-worsens
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The State of Illinois has additionally borrowed $1.2 Billion from the Federal Reserve, and plans to borrow and additional $2 Billion from the Federal Reserve.
This is for various state spending initiatives and bills.
Bloomberg
Illinois Plans to Borrow Another $2 Billion From Federal Reserve.
By Nic Querolo and and Shruti Singh
November 25, 2020
http://www.bloomberg.com/news/articles/2020-11-25/illinois-plans-to-borrow-another-2-billion-from-federal-reserve
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Twenty states have borrowed from the US Treasury.
Only Illinois has borrowed from the Federal Reserve.
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Summary of State of Illinois borrowing from the Federal Government and Federal Reserve:
US Treasury – $2.6 Billion (unemployment benefits)
Federal Reserve – $1.2 Billion + planned $2 Billion (various state spending programs)
Total – $3.8 Billion + planned $2 Billion.