32 States Now Officially Bankrupt: $37.8 Billion Borrowed From Treasury To Fund Unemployment; CA, MI

www.zerohedge.com...

the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states. Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance.

California $6,900
Michigan 3,900
New York 3,200
Penn. 3,000
Ohio 2,300
Illinois 2,200
N.C. 2,100
Indiana 1,700
New Jersey 1,700
Florida 1,600
Wisconsin 1,400
Texas 1,000
S.C. 886
Kentucky 795
Missouri 722
Connecticut 498
Minnesota 477
Georgia 416
Nevada 397
Mass. 387
Virginia 346
Arkansas 330
Alabama 283
Colorado 253
R.I. 225
Idaho 202
Maryland 133
Kansas 88
Vermont 33
S.D. 24
Tennessee 21
Virgin Islands 13
Delaware 12

It'll get worse of course. But the government still tries to make like we're in a recovery.

I think the only real "recovery" is that the elites are 'recovering' what little assets they allowed the peons to still have and will end up owning it all.

I do the books for the company I work for, and it's just a handful of us employed there. We have never had a claim for unemployment so our Unemployment rate was .18% quarterly which for us cost around $40 a quarter for our state unemployment. The I received a letter before the first of the year stating that the rate was going up and there would also be a "pool fee" included in our rate. So now our rate is .58% and now it cost us around $240 per quarter for our unemployment! This is due to the state not being able to pay for everyone on unemployment. Oh, the mess we are in!!!!!!!!!!!!!!!!!!!

What is the alternative?

You know how many people would be screaming about benefits being cut? Not that anyone is holding out or anything bc they love living on $325 a week or whatever the poverty rate is..

There will come a point when the well runs dry with no more money to

give or borrow. The inevitable will take place and unrest could begin

and states that have, will not always share with the spendthrift

states that have not.


States that managed their budgets and cut instate spending will seal

off their borders with check points from the welfare states and their

populations that did not budget and spent like drunken sailors.


Sound familiar can you say Arizona and Mexico this is things to come.

Mexico may not be a state but shares a common border with

Arizona and we all know it is all about about economics. A state such

as Arizona can not and should not have to support a foreign country

and this is essentially what is happening with the illegals coming in

from Mexico. It is hard enough to keep up with it's own legal state's

population. ^Y^


[edit on 22-5-2010 by amari]