Monday, January 25, 2010
Tennessee Unemployment Fund in Danger
Posted By Mary Cashiola on Mon, Jan 25, 2010 at 2:58 PM
A friend of mine sent me this link today: estimates of where state unemployment benefit funds will be in six months.
The verdict for Tennessee's system? Insolvent.
ProPublica says:
Low taxes and benefits kept Tennessee's unemployment fund afloat before the recession — albeit with just six months' worth of reserves. We project that Tennessee's fund will be insolvent within six months. To slow the depletion, the state has imposed a business tax increase from $197 to $293 per employee, on average, for 2010.
The good news is, I suppose, that 25 states have already had to start borrowing money from the federal government or cutting benefits and Tennessee isn't among them.
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