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Ten states unemployment insurance funds face insolvency
CNN.com
10/9/08
Emanuella Grinberg
The demand for unemployment benefits across the country has put a strain on state unemployment funds, with such funds in at least 10 states facing insolvency in 2009, according to a policy group.
On Tuesday, California state officials told lawmakers in a hearing that their unemployment reserve fund was on track to run dry by March based on the state’s forecast unemployment rate, which hit 7.7 percent in August.
Last month, South Carolina Employment Security Commission chief Ted Halley said his state’s fund was also projected to run out by January. As of August, the state’s unemployment rate was 7.6 percent.
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13Oct2008 | The Real Deal | Comments Off | Continued
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