32 States Officially Bankrupt: $37.8 Billion Borrowed From Treasury for Unemployment

[CrackSmokeRepublican]

32 States Now Officially Bankrupt: $37.8 Billion Borrowed From Treasury To Fund Unemployment; CA, MI, NY Worst


Submitted by Tyler Durden on 05/21/2010 18:46 -0500

Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states. Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance. The states in most dire condition, are, not unexpectedly, the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to fund states under the table with federal money.The full list of America's 32 insolvent states is below, sorted in order of bankruptedness.
California    $6,900
Michigan    3,900
New York         3,200
Penn.    3,000
Ohio    2,300
Illinois    2,200
N.C.    2,100
Indiana    1,700
New Jersey       1,700
Florida    1,600
Wisconsin    1,400
Texas    1,000
S.C.    886
Kentucky         795
Missouri    722
Connecticut    498
Minnesota        477
Georgia    416
Nevada    397
Mass.    387
Virginia    346
Arkansas    330
Alabama          283
Colorado    253
R.I.    225
Idaho    202
Maryland         133
Kansas    88
Vermont    33
S.D.    24
Tennessee    21
Virgin Islands    13
Delaware    12

http://www.zerohedge.com/article/32-sta ... ca-mi-ny-w