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* Capitol News Illinois…
Since economic shutdowns began and COVID-19 death counts started to rise in March 2020, national unemployment rates have hovered at historically high numbers, stressing state unemployment systems left dealing with an unprecedented number of claims.
In Illinois, that’s led to a deficit in the Unemployment Insurance Trust Fund – or the pool of money used to sustain the social safety net – that could rise to $5 billion.
Stakeholders from both political parties, as well as business and labor groups, are now warning of “crippling” tax increases on businesses and cuts to unemployment benefits that could result if the ongoing deficit goes unaddressed for too long. […]
Lawmakers and stakeholders reached by Capitol News Illinois said they were hopeful for another round of federal aid, this time targeted to shore up trust funds nationwide. Failing that, members of both parties believe the state should use a large portion of its remaining federal American Rescue Plan Act funds – a sum of more than $5 billion of the $8.1 billion allocated to the state – to address the deficit.
As I’ve said before, I really think that’s where much of the set-aside money is going if Congress doesn’t act.
posted by Rich Miller
Friday, Jul 9, 21 @ 3:45 pm
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Congress needs to look at this and act. It was (still is, as a health crisis) a national emergency and remedies towards assisting states, as the feds can do more, should be a big priority
Comment by Oswego Willy Friday, Jul 9, 21 @ 4:05 pm
Didn’t this fund have a huge deficit, which was fixed, under JRT in the early 80’s?
Comment by Anyone Remember Friday, Jul 9, 21 @ 4:31 pm