WHAT THE COMMERCIAL MEDIA WON'T TELL YOU
Thirty-Two States are Now Officially Bankrupt
$37.8 Billion Borrowed From US Treasury To Fund Unemployment Insurance
Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states.
Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance.
The states in most dire condition, are, not unexpectedly, the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to
fund states under the table with federal money.
The full list of America's 32 insolvent states is below, sorted in order of bankruptedness :
NOTE : California is $6.9 billion or $6,900,000,000