32 States (64%) Have Borrowed from Fed to Make Unemployment Payments

States are struggling to meet their payrolls and fund the services that we sometimes take for granted. And thus it’s not surprising the majority of states can’t come up with the funds from the state coffers to keep the checks going out to their unemployed citizenry.

We’re not talking about a few million here and there. Twelve states have already gone over the billion dollar borrowing mark. Scary times, indeed.

The latest tally (as of May 20) shows California fast approaching $7 billion in unemployment compensation borrowing. All totaled (including, yes, the Virgin Islands) we’re talking about $37.8 billion!