State and federal unemployment systems are facing rock-bottom funding, forcing states to distribute benefit checks with money they do not have. According to the New York Times, sixteen states are relying on borrowed money to fund their unemployment programs. That number is expected to double by the end of the year.
The unemployment system also is failing to comply with federal standards. Thirty-eight states have failed to make jobless benefits decisions by the federal deadline.
- New York Daily News
I first became aware of how serious of a problem our unemployment system was having, when my fiance became unemployed about two days, before we got engaged. When she called to get her benifits started, she was told that they were 11-weeks behind.
Eleven weeks? Almost 3 months, how is a person to survive that long with no resources of any kind? Obviously, her best bet is to find a job before her unemployment even begins. Still though, that is way to long to make the unemployed wait.
Sure, once the unemployment starts, there is 26-weeks of payments, but what good is that if you are homeless by the time the checks start.
Of course there is another angle to look at this to. One which, Dave Ramsey preaches relentlessly. That is having an emergency fund of 3-6 months saved up. If she had that savings, she would have that to fall on while she waits on the unemployment office and looks for the new job. Unfortunately she finds herself in the same boat as millions of others, with no savings, due in large part because of their spend now, pay later lifestyles that have left them deeply in debt.
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