Links
Illinois' unemployment insurance fund goes broke
Illinois has just become the 16th state forced to borrow money from the federal government to pay unemployment insurance benefits because its trust fund has run dry.
The roughly $34.7 million Illinois has borrowed so far pales in comparison to the unemployment insurance debt of states like neighboring Michigan, which has borrowed $2.2 billion so far.
But since Illinois, like many states, received most of its unemployment insurance revenue in the first two quarters of the year, the borrowing has probably only just begun.
"The borrowing is a result of the national economic challenge," a state workforce department spokesman told Crain's Chicago Business [1].
Au contraire.