Georgia Unemployment Fund Running Dry
Press release from the issuing company
Friday, March 25th, 2011
Labor officials say thousands of recipients will be paid despite depleted trust fund and legislative wrangling
Georgia’s fund that sends checks to the unemployed is nearly empty, and legislation in the General Assembly won’t refill it. And the state may take money from Medicaid and job-creating budgets just to cover the fund’s $24 million interest payment due in October.
State officials said this week that the legislation, pushed heavily by the tax-averse business community, won’t return the unemployment insurance trust fund to solvency. So far, the state has borrowed $672 million from Washington to pay tens of thousands of unemployed Georgians. And the tally rises daily.
