32 States Have Borrowed from the Fed Gov

[PeacePlan]

http://www.economicpolicyjournal.com/2010/05/32-states-have-borrowed-from-treasury.html


Friday, May 21, 2010

32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion (http://www.economicpolicyjournal.com/2010/05/32-states-have-borrowed-from-treasury.html)


EconomicPolicyJournal.com (http://economicpolicyjournal.com/) has learned that 32 states have run out funds to make unemployment benefit payments and that the federal governmant has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion.

The state of California has borrowed $6.9 billion. Michigan has borrowed $3.9 billion, Illinois $2.2 billion.

Below is the full list of the 32 states (and the Virgin Islands) that have borrowed from the Fed to make unemployment payments, and the amounts that remain borrowed as of May 20 . (Numbers in red are billions)


Alabama $ 283 million
Arkansas 330 million
California 6.9 billion
Colorado 253 million
Connecticut 498 million
Delaware 12 million
Florida 1.6 billion
Georgia 416 million
Idaho 202 million
Illinois 2.2 billion
Indiana 1.7 billion
Kansas 88 million
Kentucky 795 million
Maryland 133 million
Mass. 387 million
Michigan 3.9 billion
Minnesota 477 million
Missouri 722 million
Nevada 397 million
New Jersey 1.7 billion
New York 3.2 billion
N.C. 2.1 billion
Ohio 2.3 billion
Penn. 3.0 billion
R.I. 225 million
S.C. 886 million
S.D. 24 million
Tennessee 21 million
Texas 1.0 billion
Vermont 33 million
Virginia 346 million
Virgin Islands 13 million
Wisconsin 1.4 billion
Total $37.8 billion

[QueenB4Liberty]

Ugh Texas. I thought Perry refused the funds?

[BuddyRey]

Note a few states you don't see on that list; Montana, New Hampshire, and Wyoming. The freest states in the union and also, coincidentally(?) the ones that are least hooked on the federal teat.

[free1]

Then they foreclose on your state for non payment.

[sevin]

Ugh Texas. I thought Perry refused the funds?

Part of the reason Texas needed so much is because they're the 2nd most populous state.

[Zippyjuan]

Note a few states you don't see on that list; Montana, New Hampshire, and Wyoming. The freest states in the union and also, coincidentally(?) the ones that are least hooked on the federal teat.
Those are some of the least populous states so they will have the fewest unemployed to pay unemployment insurance to. By itself, California would be something like the fifth biggest economy in the world. As a percentage of the total taxes that the residents of the state contribute to the federal government, California is about the fifth lowest in terms of what they get from the federal government. (seventh lowest in 2005 in 43rd place. New Hamphire # 47, Wyoming about average at #23 while Montana gets the 11th most net dollars from the government as a percentage of the taxes their citizens pay) so your list of just three states is all over the place in terms of "suckling at the Federal Government teat". What they do have in common are being among the ten smallest in terms of population.
http://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_population

Source for the "net tax dollars" figures: http://www.taxfoundation.org/research/show/266.html

[Icymudpuppy]

Happy to see that despite it's leftist leanings, my state of WA is not on the list.

Seems we also get less back than we put in. 88 cents to the dollar.

[slothman]

Happy to see that despite it's leftist leanings, my state of WA is not on the list.

Seems we also get less back than we put in. 88 cents to the dollar.

I wonder how those relate to the "put in" versus" take out" of states.
My guess is that the states that put it more are more likely to owe money.

[Icymudpuppy]

I wonder how those relate to the "put in" versus" take out" of states.
My guess is that the states that put it more are more likely to owe money.

Don't know, but my state both puts in more, and DOESN'T owe anything. In fact, the rest of the country owes us 12 cents on every dollar we earn.

We are also 13th most populated. No wonder we seem to have some of the least economic troubles. I've actually noticed my state is doing rather well compared to the rest of the nation.

[QueenB4Liberty]

Part of the reason Texas needed so much is because they're the 2nd most populous state.

No Texas isn't. It is, really?

[Golding]

Look at California go. Sucking the federal tit to the tune of nearly 1/5th of the total.