Indiana's Troubled Trust Fund
Indiana's trust fund was in fine shape until 2000, when the state decided to decrease taxes and increase benefits to levels that would have eventually bankrupted the fund, even without help from a recession. By the end of 2007, the state had less than six months in reserve, and by the beginning of 2009 it was insolvent. The state has increased the average business tax from $215 to $385 per employee for 2010, and has enacted stiffer penalties to push workers receiving benefits back into the work force.
This news application is no longer being updated as of February 3, 2011. The historical data is still accurate.
|Bankrupt and Borrowing: Indiana's unemployment fund is currently bankrupt and Indiana is borrowing from the federal government.|
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|Borrowed Amount||Unemployment Rate (November)||Net Income (December)||Avg. Weekly Benefit||% of Unemployed
|National: 9%||Rank: 39 of 51||Rank: 24 of 51||Rank: 37 of 51|
Unemployment Reserves (millions)
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Sources: Google Public Data, Department of Labor, Treasury Department.