South Carolina Unemployment Benefits Run Out Tomorrow

December 30, 2008

Here’s some unsettling news from my home state of South Carolina: This economic shit storm is just getting rolling and the state’s unemployment benefits will be exhausted TOMORROW!!

Did you know that 30 American states have unemployment insurance trust funds that will run out of cash within the next few months? (Several already have.)

But it’s all good: The federal government “insures” the money, so the states just plan to “borrow” the money from the feds. Indiana and Michigan alone have already “borrowed” nearly One Billion Dollars from the United States and will need more money within days.

South Carolina may also get the money ($146 million for January, February and March 2009) but the governor has refused to ask for it until the state’s Employment Security Commission submits to an audit of its books.

[Update: At the last minute, the governor relented and asked for the federal money. South Carolina will receive $146 million for three months, but rising numbers of layoffs mean the money won’t last that long.]

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