Wednesday, September 10, 2008

Where does the federal fund machine end ?

States running out of money in jobless funds

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.

Posted by debtfree @ 12:55 PM (552 views)
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5 thoughts on “Where does the federal fund machine end ?

  • 3.2 millon benefit claimants x $299 per week x 52 weeks = $50 billion per year?

    Well, this also shows the scale of bail out the two FMs.

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  • The FED will have to keep creating new money just to keep the countries head above water.

    This is desperate stuff:

    New York has enough in its reserve for only two months.

    Michigan, which has the USA’s highest unemployment rate at 8.5%, owes $255 million it borrowed from the federal government earlier this year. More borrowing is likely.

    Thirty-two state trust funds are below the federally recommended level of having cash reserves equal to a year’s worth of recession-level payments.

    What a mess = more money required = inflation = destruction of worlds reserve currency.

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  • did anyone notice the article about immigration dropping to low levels…lol no-one wants to work in the states anymore..

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  • did anyone notice the article about immigration dropping to low levels…lol no-one wants to work in the states anymore..

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  • landofconfusion says:

    > What a mess = more money required = inflation = destruction of worlds reserve currency.

    Indeed and yet £ vs. $ & both vs. XAU still show no improvement. How come? Who’s buying all the dollars?

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