States' Unemployment Coffers Feel The Recession Squeeze
Kelly Wallace is a CBS News correspondent based in New York.
Every day we’re reminded of another example of the ripple effects of what looks to be the worst recession in a generation and how just when you think things can’t get any worse, they do. I’m sorry to say our story tonight on the CBS Evening News with Katie Couric illustrates both points.
Consider your own checkbook for a moment and how there are times, probably a lot more lately, when you don’t have enough cash in your account to cover all your bills. That’s exactly what’s happening in 30 states around the country when it comes to unemployment benefits. States – from New York to California – are running out of money and may need to get loans from the federal government to provide unemployment insurance to laid-off workers like 50-year-old Jennifer Sloan, a Web designer and manager in New York City. How much does she rely on her unemployment benefits?
“They’re essential, I need them to buy my food, pay rent, that’s the money that’s keeping me going right now,” she told us.
Michigan and Indiana have already run out of money for unemployment and have had to get loans from the federal government. Michigan has had to borrow more than $500 million. That’s five-hundred million dollars.
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(AP / file)
Consider your own checkbook for a moment and how there are times, probably a lot more lately, when you don’t have enough cash in your account to cover all your bills. That’s exactly what’s happening in 30 states around the country when it comes to unemployment benefits. States – from New York to California – are running out of money and may need to get loans from the federal government to provide unemployment insurance to laid-off workers like 50-year-old Jennifer Sloan, a Web designer and manager in New York City. How much does she rely on her unemployment benefits?
“They’re essential, I need them to buy my food, pay rent, that’s the money that’s keeping me going right now,” she told us.
Michigan and Indiana have already run out of money for unemployment and have had to get loans from the federal government. Michigan has had to borrow more than $500 million. That’s five-hundred million dollars.
What’s wrong with this picture?
