New York (CNNMoney.com) – With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans.
A total of 33 states and the Virgin Islands have depleted their funds and borrowed more than $38.7 billion to provide a safety net, according to a report released Thursday by the National Employment Law Project. Four others are at the brink of insolvency.
Debt-challenged California has borrowed the most, totaling more than $8.4 billion, followed by Michigan and New York, which have loans worth more than $3 billion. Nine other states have borrowed at least $1 billion from the federal government.
Call Cobourn, tell him to fix it, seeing he's playing mr. fiscal conservetive this week.
Now let's see what type of Tea party protest we get about increasing the deficeit for spending like this. Also, why are the state not claiming that they do not want to have the Federal government medling in matters like this.
My point is that anybody who does not have to help provide solutions to this mess can offer a lot of patriotic, free marketing, deficiet reducing talk - But given how this problem has been in the making for years ( since the Clinton surplus), let's have some rationale balance on how to continue to get this thing back on track. Does anyone think that all the money USA owes to China and other countries just started when Obama got in office.
Yeah, but you want Obama to pay off the debt in less than four years in the mist of a world-wide recession.
And we gave the banks $750 billion
California – Blue. Michigan – Blue. New York – Blue. What's wrong?
Debt-challenged California has borrowed the most, totaling more than $8.4 billion, followed by Michigan and New York, which have loans worth more than $3 billio
What do they ALL have in common?????
Tell this to Mr. Barack Hussein Obama as he has solution for since he acted office for more than a year now. He has solution, tax us more.
Thanks again Bush.
Is this when the Federal Government is supposed to step in or, like most far-right RepubliCAN'Ts would say – "... these people need to get out there and find a job and carry their own!"
Jeez! I don't understand the fact that if there are no jobs out there and the RepubliCAN'Ts are campaigning that when they 'overtake' the House and the Senate in 2010, they will bring JOBS back, correct the economy, cut taxes for the Rich, etc.
This is troubling because what happened to NOW! Jobs are needed NOW. Why can't the RepubliCAN'Ts come up with ONE solution NOW on how to create JOBS???!!! And what is the SICKEST part about this – some people believe it!
Perhaps Meg Whitman will kick in a few billion to help us out here in CA? Heck, she's spending enough on the election afterall.
I thought the jobless rate went down by the so called economists last week now these states are out of money.
What happened to all the jobs bozo said he had created? cnn you must be in error – bozo has been creating and saving jobs right and left.
It's always such fun to sit back and watch the Republicans eat their own. Gobble, gobble. They are, indeed, the party of No – no shame, no clue, no meaningful ideas.
Call the guy in Oklahoma. He has all the answers.
Unemployed? Out of a Job, no prospects? Maybe the next time you go into the Voting Booth try to not vote against yourself. Today the unemployment number went up another 18,000. Figured it out yet?
And the Federal Government borrows it from China.
Yip. This is how it works. The politicians in D.C. make all the promises to get re-elected and the state and local governments get stuck with the bill. How much longer can this continue before our house of cards collapses? Gold is sounding like a better investment every single day.
Don't blame me, been out of work over 5 years, never got a dime in unemployment.
Well, print some more! Oh right. Only the Federal government can do that.
Can't blame Obama for that!