Massachusetts's Troubled Trust Fund
Massachusetts was still recovering from a bout of insolvency in 2005, and entered the current recession with just under five months of reserves. Skyrocketing claims, combined with the nation's most generous benefits, have eaten away those reserves. We predict the state's fund will be insolvent within six months, despite an increase of the employer tax range from $176 to $1,718 per worker for 2009 to $221 to $2,156 per worker for 2010.
This news application is no longer being updated as of February 3, 2011. The historical data is still accurate.
|Bankrupt and Borrowing: Massachusetts's unemployment fund is currently bankrupt and Massachusetts 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: 44 of 51||Rank: 3 of 51||Rank: 17 of 51|
Unemployment Reserves (millions)
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Sources: Google Public Data, Department of Labor, Treasury Department.