Unemployment Insurance Trust Funds: Long-standing State Financing Policies Have Increased Risk of Insolvency

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A letter report issued by the Government Accountability Office with an abstract that begins "The federal-state unemployment insurance (UI) program relies on state trust funds to hold enough reserves to meet benefit needs during economic downturns. The sufficiency of such "forward funding" has been a policy concern for decades, particularly during the recent recession, which has caused very high unemployment rates. While the economy added jobs in March 2010, unemployment remains very high and has continued to rise in most states, suggesting that state UI programs will continue to face serious financial challenges for at least the near future. This ... continued below

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United States. Government Accountability Office. April 14, 2010.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "The federal-state unemployment insurance (UI) program relies on state trust funds to hold enough reserves to meet benefit needs during economic downturns. The sufficiency of such "forward funding" has been a policy concern for decades, particularly during the recent recession, which has caused very high unemployment rates. While the economy added jobs in March 2010, unemployment remains very high and has continued to rise in most states, suggesting that state UI programs will continue to face serious financial challenges for at least the near future. This report (1) describes the current condition of state UI trust funds, (2) highlights policies or practices that have contributed to their conditions, and (3) identifies options for improving UI forward funding in the future. To address these questions, GAO analyzed statistics from the Department of Labor, reviewed applicable laws and regulations, interviewed state UI representatives and UI experts, and synthesized GAO's and others' findings to present policy options."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • April 14, 2010

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Unemployment Insurance Trust Funds: Long-standing State Financing Policies Have Increased Risk of Insolvency, report, April 14, 2010; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc296932/: accessed October 17, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.