Ohio’s unemployment compensation fund is Bankrupt!
The state has been forced to borrow $500 million in federal funds, and they requested $50 million right away just to pay this weeks benefits.
What the article doesn’t tell you is that Ohio has already borrowed $550 million in November, that was suppose to cover December, January, and February! …… oops.
The last time Ohio borrowed money for unemployment was in the 2003 recession, we borrowed $342 million.
This time around the State has already borrowed over a billion, and that should only last until April, unless unemployment keeps going up, which it is.
Tack on that Forbes is reporting “Liquor sales in Ohio at all-time high”
And that equals Obama coming to Ohio to push support for his economic plan today.
This is going to get ugly
January 21, 2009 at 8:49 pm
[...] wrote last week Here, about Ohio’s unemployment fund being broke, and now rumors that welfare will be bankrupt in [...]