Money problems in WA State

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Looks like they did not have any contingency plans in their budget - something that you always need to have.
From The Seattle Times:

Washington state may need federal loans to cover unemployment claims by year’s end
Washington state may need to borrow federal funds to cover claims for jobless benefits after a new forecast shows a likely shortfall in the state’s unemployment insurance trust fund.

The shortfall, announced Monday by the state Employment Security Department (ESD), reflects the unprecedented number of layoffs during the pandemic coupled with a new forecast for a slower economic recovery and lingering unemployment in Washington state.

The ESD, which has often struggled to process claims for benefits, was also hit by widespread fraud that siphoned off hundreds of millions of dollars in both state and federal unemployment benefits.

The state’s unemployment trust fund, which stood at $4.7 billion on March 1, is now at $2.8 billion and is expected to be depleted by late 2020 or early 2021, ESD officials said.

Yet another example of poor management from our Governor and our State bureaucracy. Unemployment benefits (which are funded by business owners - we pay for this through our taxes) are running out and yet, in the bowels of Olympia, there are hundreds of State employees with degrees in underwater diversity theory taking home $150K/year with full medical, benefits and pension.

As soon as the government of WA State made the decision to shut down, they should have hunkered down, stopped all unnecessary spending (funding for arts, social programs, etc...) and been fiscally prudent until the pandemic was over.

Of course, one agency will not change their behavior because some other agency might need funding or resources. That is the Governor's job and he is not doing it.

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About this Entry

This page contains a single entry by DaveH published on June 30, 2020 3:58 PM.

Another failure of leadership - WA State was the previous entry in this blog.

Showing some stones - Seattle Mayor is the next entry in this blog.

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