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February 08, 2011

The Federal Bailout of the States Begins

"Obama Plans Jobless Aid Help for States". That's the title of the article -- I guess they felt that using the world "help" was less alarming than "bailout". Yet that's what this is.

Pull quote:

Rising unemployment has placed such a burden on states that 30 of them owe the federal government $42 billion in money borrowed to meet their unemployment insurance obligations. Three states already have had to raise taxes to begin paying back the money they owe. More than 20 other states likely would have to raise taxes to cover their unemployment insurance debts. Under federal law, such tax increases are automatic once the money owed reaches a certain level.

And here's another fun thought: most states' fiscal problems are only just beginning. But hey...let's all just blame Meredith Whitney for being an alarmist; things will surely work themselves out somehow.


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posted by Monty at 10:13 AM

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