Maybe Bradgelina and the rest of the Hollywood A-listers can help with this. Fromt the SFGate:
With one in every eight workers unemployed and empty state coffers, California is borrowing billions of dollars from the federal government to pay unemployment insurance.
The Los Angeles Times reports that the state owes $8.6 billion already, and will have to come up with a $362-million payment to Washington by the end of next September.
The continued borrowing means federal unemployment insurance taxes are going to increase, upping the annual payroll costs $21 a year per worker.
California tops the list of 32 states that have borrowed a total of $41 billion to pay claims.
The state took out its first loan from the federal government early last year, to deal with rising payment of benefits and number of claims.
and from the latest S&P report:
We believe that the state’s progressive personal income tax structure also exacerbates revenue volatility. Personal income taxes make up slightly more than half of budget proposal revenues for fiscal 2011, and the top 1% of earners pay 48% of personal income taxes – or 25% of general fund revenues. When total personal income declined 2.2%, to $1.57 trillion last year, general fund revenue fell almost 14%, to $84.2 billion in fiscal 2009.
So, let’s review: all of America is paying for California’s unemployment benefits and it looks dubious that they can repay “us” anytime soon. Check out this link for an interactive map on California’s unemployment. I bet Biden is still telling them that the Stimulus worked!
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