Read more on this subject: Government Debt & Financing
News Story Source: https://www.zerohedge.com/political/california-def
"The state should have taken care of the loans with the COVID money it received from the government in 2021," said Marc Joffe, policy analyst at the Cato Institute—a public policy think tank headquartered in Washington, D.C., in a statement to the Epoch Times. In the state's proposed 2023-2024 budget, $750 million was allocated to start paying down the loans, until Governor Gavin Newsom nixed the provision in early January, leaving businesses in the state responsible for the loans, as mandated by federal regulations – so that the federal unemployment tax rate of .6 percent will increase by .3% per year starting in 2023 until the loan is extinguished. "California is just not really an employer-friendly state," said Joffe. "This one thing will not be a difference between a business remaining open or closing, but it's just another burden on top of the many burdens the state puts on employers." In total, 22 s
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Originally Posted at https://www.freedomsphoenix.com/
California Defaults On $18.6 Billion In Debt, Saddling Employers With The Expense
