Leaving $18.5 billion obligation to the federal government unpaid is not only fiscally imprudent, it harms employers.
Gov. Gavin Newsom does not plan to repay the $18.5 billion California owes the federal government for state unemployment insurance benefits it covered during the COVID-19 crisis.By committing not to tap $36 billion in state reserves amidst declining tax revenues, Gov. Gavin Newsom appears to be taking a fiscally prudent stance in 2023-24 budget negotiations. Unfortunately, Newsom does not plan to repay the $18.
One reason California has so much unemployment debt relative to other states is that it failed to clamp down on widespread unemployment fraud during the pandemic. According to the state’s Employment Development Department, this fraud resulted in the payment of $20 billion in unwarranted unemployment compensation, an amount close to the state’s outstanding loan balance.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Two Dallas tech companies haul in $18 million to fuel growthA rival to Zoom video conferencing and an AI-powered hiring tool both announced large funding rounds.
Les mer »
Opinion: California’s next senator should share Feinstein’s bipartisan valuesWhen it comes to fighting for the state, you must build alliances — and, yes, that includes with Republicans
Les mer »
Opinion: California needs a progressive senator to succeed FeinsteinA lot has changed since she was first elected in 1992; her replacement should reflect the state’s shifting values
Les mer »
Southern California braces for first blizzard warning in LA area since 1989: California weather updatesA winter storm Thursday primed the Los Angeles area for a historic Friday: its first blizzard warning in decades, the National Weather Service said.
Les mer »