Wednesday, September 10, 2008
Where does the federal fund machine end ?
The sharp rise in joblessness is draining unemployment insurance trust funds in many hard-hit states, setting the stage for a federal bailout to keep the funds solvent. The unemployment rate reached a five-year high of 6.1% in August, putting the number of jobless people at 9.5 million, up 2.4 million from a year earlier. About one-third of the jobless collect unemployment insurance from state governments.