Cnn ran this article today about how Unemployment is sweeping the nation. See below for some highlights:
Swiftly rising unemployment claims is wreaking havoc on state unemployment trust funds. These accounts, which are funded by taxes levied on employers, are running dry.
Four more state funds — Indiana, New York, South Carolina and Ohio — have become insolvent in the last four months, according to a forthcoming report from the National Employment Law Project. They join Michigan in borrow from the federal government to continue paying benefits…While the jobless in these states will continue to get benefits, there are serious ramifications to having insolvent funds. State legislatures must bring the funds back into balance, which means either cutting benefits or raising taxes on employers. Neither are palatable during a recession.
On Monday alone, companies announced more than 71,000 job cuts.
Dear State of New York:
Please do not cut my unemployment benefits. I really need them.