Are Your State’s Unemployment Funds Running Out?

The experts say the economy is starting to recover, but unemployment rates still remain high across the country. In many states, so many workers have been unemployed for so long that state funds for unemployment are running out.

Why the shortfall? There are several factors to consider, including the massive surge in people filing for unemployment benefits, the extended length of many benefit claims and poor budgeting and planning by some states.

The shortfall has forced many states to borrow from the federal government and go into debt to keep paying benefits to out-of-work individuals in their state. In many cases, these benefits are the only form of income for some families, many of which have sought relief with Chapter 7 bankruptcy laws.

Is your state in trouble? Find out which states are already in the red, and which are going broke.

Are Your State's Unemployment Funds Running Out

Are Your State's Unemployment Funds Running Out

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Are Your State’s Unemployment Funds Running Out?

The Unemployment Insurance System is in a crisis due to a combination of skyrocketing unemployment and – in some cases – poor planning.

Since January, 2010, 24 states have run out of unemployment funds and been forced to borrow from the federal government.

Another nine states will be heading into the red in six months.

Only 17 states have solvent funds.

Unemployment is at 9.6%, the highest percentage in 25 years, resulting in over 14 million workers.

On average, workers who rely on Unemployment Insurance get about half as much as they earned while they were working.

Employers in 36 states face Unemployment Insurance Tax increases. Six states have taken steps to cut back or freeze benefits.

In Massachusetts, the average unemployed worker gets $411 per week. In Mississippi, it’s $197. Of course, a buck goes further in Mississippi – but not much further.

These 24 states have been forced to borrow from the Federal Government. Is your state on this list?

  • Alabama: $67,392,286.20
  • Arkansas: $145,754,513.21
  • California: $4,698,681,588.44
  • Connecticut: $58,416,788.65
  • Florida: $567,100,000.00
  • Idaho: $75,249,625.00
  • Illinois: $700,763,378.83
  • Indiana: $1,310,882,141.54
  • Kentucky: $489,100,000.00
  • Michigan: $2,840,260,000.00
  • Minnesota: $168,264,220.01
  • Missouri: $350,818,754.20
  • Nevada: $10,007,065.43
  • New Jersey: $787,955,333.38
  • New York: $1,642,289,773.00
  • North Carolina: $1,306,395,933.38
  • Ohio: $1,463,837,799.00
  • Pennsylvania: $1,416,322,840.01
  • Rhode Island: $107,674,569.00
  • South Carolina: $610,681,164.00
  • South Dakota: $1,079,851.39
  • Texas: $806,892,176.13
  • Virginia: $8,636,200.00
  • Wisconsin: $721,898,731.37

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