32 States Borrow $37.8 Billion Total to Make Unemployment Payments; CA Tops List at $6.9 Billion; Bill to Extend Benefits Until DEC in Congress

By Mike Shedlock on 05/21/2010 – 8:18 pm PST -- Economy

Inquiring minds are reading the Economic Policy Journal for clues on how much states are borrowing to make unemployment insurance claims.

The totals are not pretty. As of May 20, the total balance outstanding by 32 states plus the Virgin Islands is $37.8 billion.

The CINN Group accounts for $14 billion of it.

California $6.9 Billion
Illinois $2.2 Billion
New York $3.2 Billion
New Jersey $1.7 Billion

The worst 4 grouping accounts for $17 billion, nearly 45% of the total.

California $6.9 Billion
Michigan $3.9 Billion
New York $3.2 Billion
Pennsylvania $3.0 Billion

Other Notables

Florida $1.6 billion
Indiana $1.7 billion
North Carolina $2.1 Billion
Ohio $2.3 Billion
Texas $1.0 Billion
Wisconsin $1.4 Billion

I bet the entire amount is forgiven. Any takers?

Note that the Emergency Unemployment Compensation (EUC) Extended to June 2, 2010 is about to run out.

But Wait! More Free Money Cometh

The Public Policy Examiner reports Unemployed must wait for Congress to preserve benefits.

A vote on a new end for unemployment benefits will not come until next week. On Thursday morning, Sen. Max Baucus (D-MT) and Rep. Sandy Levin (D-MI) proposed amending H.R. 4213 to extend benefits until December 31, 2010.

The amended bill, American Jobs and Closing Tax Loopholes Act, would extend COBRA health benefits until the end of the year.

Other plans accompany the benefits extension effort. Rep. Bob Filner (Dist. 51) plans to help San .Diegans in economic trouble by passing George Miller’s Local Jobs for America Act. Filner says the city would get 3,263 jobs, with more jobs expected in the other county communities. The bill targets communities with high unemployment.

Rep. Susan Davis (Dist. 53), on Wednesday, was one of three legislators introducing the COBRA Health Benefits Extension Act, H.R. 5324. The unemployed could receive COBRA benefits past the standard 18 months, as long as they needed. At least until Obama’s health exchanges arrive.

Damn, I am sure glad there is a nascent economic recovery. Otherwise, who knows how bad this could get.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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liam

I have been laid off since sept. 9th 2008. My benefits were exhausted long ago. The 99 weeks that our wonderful and caring government granted the suffering hard working individuals is all CRAP!!1.. I was given a total of 55 weeks. That is just over a year of assistance. I have been paying into unemployment for over 30 years….I was told that I made too much $$ and received tha max amount allowed each week. The way I see it if u make too much you are screwed, if u dont earn enough your screwed…The people that should benefit from unemployment is EVERYONE without a job.. The working class did not cause our economy to collapse.

If you have been unemployed as long as i have and still manage to keep looking for work everyday, give yourself a break and pat yourself on the back, because it is people like ourselves that make up the WORKING CLASS!!!!!! We were the first casualties when this all started. And if i am not mistken it should be us that receives the priority assistance..A person that just lost his job, should be thanking god that he or she was able to make it through most of the collapse. We the people…..my ass!!! I have been left for dead and my family was never even considered..I am a firm believer in te old saying “WHAT COMES AROUND GOES AROUND”. Thank you all for listening and if you understand, then we share the same pain!!!