XPost: alt.california, alt.fan.rush-limbaugh, alt.society.liberalism   
   XPost: talk.politics.guns   
   From: unqualified.black.cunt@splcenter.org   
      
   On 16 Sep 2021, Wayne Autrey  posted some   
   news:ovS0J.42445$3p3.4195@fx16.iad:   
      
   > California Democrat voters are complete blind ignorant retards.   
      
   Businesses in California are now financially responsible for the state’s   
   nearly $20 billion federal loan default, which was taken out to address   
   California’s unemployment fund deficit during the Covid pandemic.   
      
   The state ceased making payments on the loan, and as per federal law, when   
   a state defaults on a federal unemployment insurance loan, its businesses   
   must repay the debt. This default has been further compounded by the   
   outdated IT system of California’s Employment and Development Department   
   (EDD), which enabled more than $30 billion in fraudulent unemployment   
   claims during the pandemic.   
      
   The federal government has increased the unemployment insurance tax by   
   0.3% for each business in the state as a result of the unpaid federal   
   unemployment insurance loan, with an additional 0.3% increase each year   
   until the loan is repaid. The federal unemployment insurance tax rate is   
   around 0.6% per year, which means California businesses will pay several   
   times the original rate before the loan is paid off.   
      
   The Legislative Analyst Office estimates that loan repayment through   
   higher business taxes won’t occur until 2029 or 2030 and could take longer   
   depending on California’s economic performance.   
      
      
   California is one of 22 states that received federal unemployment loans   
   during the pandemic and is one of four that have not paid. As of last   
   year, California owes $27.5 billion in federal unemployment insurance.   
      
   The state may have had a number of opportunities to pay off the debt,   
   including a $100 billion budget surplus the previous year, $27 billion in   
   federal Covid assistance, and a budget record of more than $300 billion   
   for 2022-23.   
      
   The proposed 2023-24 budget also included $750 million to start paying   
   down the loan, but California Governor Gavin Newsom made some changes in   
   January and pulled the allocation.   
      
   https://thedeepdive.ca/california-defaults-on-billions-in-federal-debt-   
   forcing-business-owners-to-split-the-bill/   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)