South Carolina's Troubled Trust Fund
In 2000, the state's fund held about $800 million in reserves, but shortly thereafter taxes were cut to unsustainably low rates. By the end of 2007, only about $200 million -- about two months' worth -- was left, and the state pays relatively meager benefits. In December 2008, South Carolina became the second state to commence borrowing, but no tax changes are planned.
This news application is no longer being updated as of February 3, 2011. The historical data is still accurate.
|Bankrupt and Borrowing: South Carolina's unemployment fund is currently bankrupt and South Carolina 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: 20 of 51||Rank: 45 of 51||Rank: 38 of 51|
Unemployment Reserves (millions)
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Sources: Google Public Data, Department of Labor, Treasury Department.