Triangle Business Journal reports the data on our state’s massive debt to the feds over borrowed money to pay unemployment benefits.
Having borrowed $2.56 billion from the federal government to help cover unemployment benefits, North Carolina ranks fourth among the 22 states that went to the feds for help.
JLF’s Director of Fiscal Policy Studies, Fergus Hodgson, offers solutions for paying off the debt in this report released earlier this year. He explains the rationale:
“While the trust fund debt has grown rapidly in just two-and-a-half years, changes of relative ease would pay off this debt in six years,” said report author Fergus Hodgson, JLF Director of Fiscal Policy Studies. “Doing so would halt the growing imposition of debt on future workers not yet able to defend themselves in the political process, and it would avert further intrusion and mandatory tax increases from the federal government.”
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