California Wants To Drive All Business From The State

[Rightguide]

California unemployment fund 'insolvent' due to $55B fraud, businesses to pay​

Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.

By Kenneth Schrupp | The Center Square

California’s unemployment insurance fund is “structurally insolvent” due to $55 billion in fraud and overpayment during COVID-19 crisis, leading to a growing $21 billion unemployment benefits loan from the federal government the state is unable to pay down.

While the state seeks loan forgiveness from the Acting United States Secretary of Labor, who was California’s Secretary of Labor during the COVID-19 era and oversaw the state’s fraudulent payments — including nearly $1 billion to felons in prison filling out fraudulent paperwork — California Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.

In 2020 California borrowed $17.8 billion to continue payments from its unemployment insurance fund, a number that is projected to reach $20.8 billion by the end of 2024 due to insufficient payments. With unemployment projected to grow from 804,000 Californians in 2022 to 930,000 Californians by 2025, benefits payments are projected to grow — barring any legislative changes from $5 billion in 2022 to $6.8 billion by 2025. While California’s unemployment insurance fund already faced poor solvency before the COVID-19 crisis, $55 billion in fraud and overpayments have led the state’s non-partisan Legislative Analyst’s Office to declare the program “structurally insolvent.”

“The administration’s UI Trust Fund forecast shows that UI benefit payments exceeded state payroll tax contributions by $1.3 billion in 2023,” wrote the LAO in January. “The administration anticipates this imbalance will increase to about $1.6 billion annually in 2024 and 2025. Historically, benefit payments have only exceeded contributions during major economic downturns – most recently, during the pandemic and Great Recession.”

More here on Democrat failure: https://justthenews.com/nation/stat...t-fund-insolvent-due-55b-fraud-businesses-pay

There is no end to the damage Democrats have inflicted on the people of California since the last Republican left statewide office in 2011.

 

[DeluxAuto]

Democrats have inflicted on the people of California since the last Republican left statewide office in 2011.

AKA "How to ruin a thread with histrionic hyperbole"

Hey, at least California ran your sorry ass out of their State, Jack.

 

[icanhelp1]

California unemployment fund 'insolvent' due to $55B fraud, businesses to pay​

Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.

By Kenneth Schrupp | The Center Square

California’s unemployment insurance fund is “structurally insolvent” due to $55 billion in fraud and overpayment during COVID-19 crisis, leading to a growing $21 billion unemployment benefits loan from the federal government the state is unable to pay down.

While the state seeks loan forgiveness from the Acting United States Secretary of Labor, who was California’s Secretary of Labor during the COVID-19 era and oversaw the state’s fraudulent payments — including nearly $1 billion to felons in prison filling out fraudulent paperwork — California Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.

In 2020 California borrowed $17.8 billion to continue payments from its unemployment insurance fund, a number that is projected to reach $20.8 billion by the end of 2024 due to insufficient payments. With unemployment projected to grow from 804,000 Californians in 2022 to 930,000 Californians by 2025, benefits payments are projected to grow — barring any legislative changes from $5 billion in 2022 to $6.8 billion by 2025. While California’s unemployment insurance fund already faced poor solvency before the COVID-19 crisis, $55 billion in fraud and overpayments have led the state’s non-partisan Legislative Analyst’s Office to declare the program “structurally insolvent.”

“The administration’s UI Trust Fund forecast shows that UI benefit payments exceeded state payroll tax contributions by $1.3 billion in 2023,” wrote the LAO in January. “The administration anticipates this imbalance will increase to about $1.6 billion annually in 2024 and 2025. Historically, benefit payments have only exceeded contributions during major economic downturns – most recently, during the pandemic and Great Recession.”

More here on Democrat failure: https://justthenews.com/nation/stat...t-fund-insolvent-due-55b-fraud-businesses-pay

There is no end to the damage Democrats have inflicted on the people of California since the last Republican left statewide office in 2011.

Is Biden following the Newsome model or is Newsome following the Biden model? Spend now and worry about it later.

 

[desecration]

As long as this remains true, no one will care much:

https://www.gov.ca.gov/2024/04/16/california-remains-the-worlds-5th-largest-economy/

 

[RoryN]

More CDS.

 

[Lazaran]

More CDS.

It practically qualifies as a "Rory vanity thread".

 

[Rightguide]

Is Biden following the Newsome model or is Newsome following the Biden model? Spend now and worry about it later.

It's a toss up.

 

[Rightguide]

As long as this remains true, no one will care much:

https://www.gov.ca.gov/2024/04/16/california-remains-the-worlds-5th-largest-economy/

Yep it's all about perception and tolerance:

California’s state and local government debt is estimated to be around $1.6 trillion, which includes a proper accounting of the state’s unfunded liabilities. This amount is roughly equivalent to about $125,000 of debt per California household. The unfunded pension liabilities, which are a significant part of the state’s debt, are also substantial. The California Public Employees Retirement System (CalPERS) has approximately $611 billion in pension debt and is 72% funded123.

China ranks high as well but its economy is failing and by 2050 will lose half of its present population. California is bleeding population as well.

 

[desecration]

Some states and many cities are running big debts because the feds have done so. If everything blows up, we can always blame Washington for doing it first.

 

[Rightguide]

Some states and many cities are running big debts because the feds have done so. If everything blows up, we can always blame Washington for doing it first.

The best thing to do is to see to your own needs for the future and be ready for that dark day that might not be too far off.

 

[desecration]

The best thing to do is to see to your own needs for the future and be ready for that dark day that might not be too far off.

I do not worry about this at all.

Collapse means a slide into third world conditions.

There's rarely a blowup.

War with Russia-China? That's a given at this point. Zoomers are dead people walking.

 

[Fuzzy1975]

California unemployment fund 'insolvent' due to $55B fraud, businesses to pay​

Democrats have proposed quintupling unemployment insurance taxes and nearly doubling unemployment benefits.

It's comical how a problem that started back in early 2008, morphs into it being Biden or Newsome's problem. Yes there is a deficit, why, because people draw out more,than is put in.

Why isn't it fixed? Well that would mean increasing taxes on both Business and Workers, which goes against that, "tax cuts" mantra the Republicans keep saying would fix these problems.

 

[Fuzzy1975]

Is Biden following the Newsome model or is Newsome following the Biden model? Spend now and worry about it later.

It's comical how a problem that started back in early 2008, morphs into it being Biden or Newsome's problem. Yes there is a deficit, why, because people draw out more,than is put in.

Why isn't it fixed? Well that would mean increasing taxes on both Business and Workers, which goes against that, "tax cuts" mantra the Republicans keep saying would fix these problems.

 

[desecration]

It's comical how a problem that started back in early 2008, morphs into it being Biden or Newsome's problem.

Lots of other systems got over that 2008 problem.

 

[Chernosoth]

Driving more business from the state is a solution, not a problem. If the state politicians know but can't admit the state is severely overpopulated, they find other ways to make a GTFO push. The people that remain will do more to avoid taxes.

 

[JoePepsiCo]

Surely not the crafts industry...


Hippie business is good, wholesome and the world needs pot farms. For medicinal purposes.

 

[JoePepsiCo]

Driving more business from the state is a solution, not a problem. If the state politicians know but can't admit the state is severely overpopulated, they find other ways to make a GTFO push. The people that remain will do more to avoid taxes.

The people that remain will be sheep paying even higher taxes and voting for it while patting themselves on the back over how enlightened they are compared to places like Arkansas...

... which is now hosting those damned, dirty industries and businesses.

 

[Fuzzy1975]

Lots of other systems got over that 2008 problem.

name them

 

[desecration]

The people that remain will be sheep paying even higher taxes and voting for it while patting themselves on the back over how enlightened they are

Sounds like New Jersey.

 

[RockOn2019]

Managing business these days is not easy, especially with all the regulations which seem to come out of nowhere. What helps me personally a lot is modern technology. Tools like Microsoft Teams make communication seamless and efficient. Additionally, you can learn how to text from different numbers using services like this one https://clerk.chat/blog/how-to-text-from-different-number/. These technologies simplify many aspects of business operations, helping me stay organized and compliant amidst ever-changing regulations.

 

[Chernosoth]

Any excuse will do. Leaving this year is easier than it will be later when the drought is more severe and fuel prices are higher.

 

[HisArpy]

As long as this remains true, no one will care much:

https://www.gov.ca.gov/2024/04/16/california-remains-the-worlds-5th-largest-economy/

Go talk to the Greeks and see how that worked out for them.