I remember what happened to unemployment compensation insurance rates on business after the deep recession in the 1970’s.
They soared because there was not enough money in the fund to pay the required benefits to the unemployed and hundreds of millions had to be borrowed from the Federal government.
It was up to businesses, whether or not they laid anyone off, to replenish the fund.
This time around, the borrowing is in the billions.
There are billions in unearmarked Covid-19 relief, but Governor JB Pritzker thinks they cannot be used to repay the money borrowed.
Au contraire says the Better Government Association:
Fact-Check: States Can Use ARPA Money to Replenish Unemployment Funds, Contrary to Pritzker’s Claim
During an interview with Capitol News Illinois, Gov. J.B. Pritzker was asked if he is considering using money from the American Rescue Plan Act to help pay down the $4.2 billion Illinois has borrowed to cover unemployment claims. The governor claimed that use is prohibited, but federal guidance released in May says otherwise.
I’m of the opinion that he wants that money, not to pay bills, but for more free stuff and politically advantageous spending.
It’s just like the strings on all that money wherein states had to use it for additional spending, and could not use it to retire debt or reduce taxes and fees.
In this case, this should go directly to unemployment benefits, which was the whole point of most of that money.
It’s the least he can do to offset the massive unemployment fraud, which some sources estimate as high as $550,000,000 in easily identifiable false claims.
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Were I Governor, that debt would be hanging over my head, and I would be interested in knowing what I could use those funds for. I would have been very interested in the wrangling going on for that carve-out language, which got approved. Mmmmhmm…
Meanwhile, Nancy and Maxine, back in Washington, had no idea that the Eviction Moratorium expired, 🤷♂️ hadn’t heard about the Supreme Court ruling. Mmmmhmmm…
In this case, I don’t think Nancy wanted to go there, and sacrificed the Moratorium beneficiaries, for trying to get all their other pants load of crap passed.
It would have been one more distraction from numerous agenda items.
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Monk is dumb, the debt can be written off with a stroke of pen, like the debt owed to German, Japanese, Thai, Hungarian and Italian companies during WWII, even on debts originating before 1920.
AND ALL THE FRAUD CASES….
Fraud is right.
As we all are aware, the state is incapable of even administrating its unemployment program.
The DEMOCRATS have trashed that too.
https://youtu.be/BAjxn2US7J8
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More of our money for the pampered billionaire to throw away as he sees fit.
DISGUSTING
May soar? WILL soar!
as employee wages rise, so does the employer portion contributed to unemployment insurance so unemployment comp rates rising is not a crisis, it is what it is
The rates will increase a lot because empolyers have to pay off any debt to the Feds.