States Are Emptying Their Unemployment Funds, and Even the Federal Fund Designed as a Backstop is Likely to Run Out of Money
The current real unemployment rate is 20.8%, the highest since the Great Depression.
Many states’ unemployment funds aren’t robust enough to meet growing demand.
Typically states can apply for help from the Federal Unemployment Account, but even that could run out, experts warn.
“No system is designed for [this] level of unemployment,” former North Carolina budget director Lee Roberts told Business Insider.
Roberts said it was “highly likely” states would begin limiting the duration and dollar amount of payouts to prevent the coffers from running dry.
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