Ohio cannot cover nearly 500 million in unemployment insurance... State almost bankrupt.....

[RollWithIt]

http://blog.cleveland.com/openers/2008/11/ohio_unemployment_funds_nearly.html



COLUMBUS -- The demand for jobless benefits has nearly exhausted the state's unemployment funds, say state leaders, who asked the federal government for $550 million to cover claims over the next few months.

The Ohio Department of Job and Family Services officially requested the line of credit with the U.S. Department of Labor on Friday. It would provide enough money for the state to make unemployment compensation payments through February.

The last time Ohio had to borrow federal money to pay state unemployment claims was between 1980 and 1988, when the state drew $3.8 billion.

Ohio is likely to receive the loan since it would be tapping into Labor Department money set aside to help states correct shortfalls, said Brian Harter, Job and Family Services spokesman.

"Us getting the line of credit is not going to interrupt people getting their benefits," Harter said. "We don't want people to think that if Ohio's fund goes dry that there is going to be some kind of lapse."

Sherry Keys-Hebron, assistant director of the Job and Family Services Department, requested $50 million for December and $250 million each for January and February.

Harter said the agency may get by without drawing cash from next month's allocation but surely will need to use funds for the following two months.

The unemployment fund has about $277 million, compared with $571 million at the same time a year ago.

300 million down the drain in one year.

[sam sarrha]

1. probably the biggest chunk of the Crisis is the insurance on other peoples homes the investors

bought up as the system went down.. a problem they caused and are profiting on after looting trillions of dollars and crashing the worlds economy

tell those assholes they cant profit on other peoples losses.. that they caused.. tax the money they get 99.99% and use the money to buy the failing mortgages.. end of problem

[Quantess]

2. Yikes.

[Double T]

3. 'BIG' Brother, can you spare a trillion?