California EDD Insolvent
AENN, Chriss Street
New California State- The California State Employment Development Department(EDD): Our unemployment insurance program is insolvent. This is thanks, in no small part, to the EDD sending out as much as $30 billion in unemployment benefits for phony claims. EDD projects that at year’s end the unemployment insurance program’s total debt will exceed $19 billion.
Because of its insolvency, it must pay $470 million in interest payments to the federal government. And when I say EDD must pay, I mean you and I and every Californian.
Thank you Chriss.