California has been approved to borrow what is expected to be billions of dollars from the federal government to pay unemployment benefits to those left jobless by the coronavirus pandemic, raising concerns about the cost of repaying the debt.are being quickly depleted, requiring California to begin borrowing in just a few weeks, officials said Wednesday.
“Just this last week, $2 billion of UI claims were dispersed, just in one week, in the state of California to help support the financial needs of those individuals that have been directly impacted by COVID-19,” Newsom said. California keeps a small reserve, but it is dwindling. Last year, before the coronavirus pandemic, the state government collected $5.9 billion in unemployment insurance taxes from employers and issued about $5.5 billion in total benefits.
AND.....the money grab, for state pensions, begins.
But they have all the money to support illegal immigrants. California needs to understand how to budget.
Why don't they make big business pay it?
Borrow Federal money that’s BORROWED!! OMG
Maybe CA will get back some of what is paid in for a change.
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