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Dead Beat Blue States

Since Biden is in the game of bailing out loans to his voters and financial supporters, we predict the next multi-billion-dollar federal bailout will be state unemployment insurance funds.  Our CTUP ace economic researcher, E.J. Antoni (also of the Heritage Foundation) notes that six states have outstanding balances with the Treasury’s UI trust fund.

Guess what. Every one of them is a deep blue state. And everyone provided many months of extra Covid unemployment benefits last year.

California still owes over $17 billion to the Treasury and is still borrowing each month, although it is also sporadically making repayments. It is amazing that even with unemployment rates so low even in these blue states, four of them still borrowed from the Treasury this month to pay UI claims.

So the red states paid back their loans, the big blue states haven’t. What to do? Does any of this sound familiar?

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