Pennsylvania Unemployment Fund is $2 Billion in the Hole
Propublica.org has a great, and terrifying, tracker of states’ unemployment insurance funds. Pennsylvania fund is in woeful shape, with $125 million balance, and owing $2.05 billion in money borrowed from the federal government.
To help fill this void, Pennsylvania employers will now pay an average of $432 per worker in unemployment taxes in 2010, an increase of $48 from last year. Of course, this makes it more expensive to hire workers, which adds to unemployment roles, which drives up unemployment taxes…and the cycle continues.
Click here for the Pennsylvania Unemployment Fund Profile