No mention of this in the mainstream media for some strange reason...
Hey Gavin - how's that state of yours doing these days?
From The Hoover Institution:
California Defaults On $18.5 Billion Debt, Leaving State Businesses Holding The Bag
Little did California businesses know that they were cosigners on the state’s nearly $20 billion loan from the federal government that was used to cover California’s unemployment fund shortfall during the COVID pandemic. This ugly truth became apparent when the state recently decided to stop making payments on this loan. When a state defaults on its federal unemployment insurance loan, federal law requires that the state’s businesses repay the loan.
What makes this default even more egregious is that the stone-age-era IT system of the state’s Employment and Development Department (EDD) opened the floodgates to bad actors, permitting more than $30 billion in fraudulent unemployment claims during the pandemic. Those receiving fraudulent payments include incarcerated felons, a person impersonating a one-year-old, and a person impersonating Senator Dianne Feinstein. A single residential address received checks for around 60 separate individuals filing from that address.
This could have been avoided with a competent EDD. But this department’s performance has been deficient for decades, and California businesses, many of which are struggling, are left paying for blatant and costly mistakes that should and could have been solved years ago.
Yeah - things are just fine. Business as usual. Heading towards total collapse anytime now.
Collapsing the system will give us the opportunity to come in as heroes to FIX IT.
We then institute tyranny - but just for just a little while. Until things get better.
Sound famailiar? Russia? China? Venezuela?
It's got a name: Cloward-Piven Strategy
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