When the state could not repay the loans, the feds indirectly raised payroll taxes on California employers, which are expected to finally erase the debt this year.
The state’s own report on its UIF, issued last October, projects that it will end 2018 with a positive balance of $1.8 billion, and 2019 with $2.3 billion, but those are very weak numbers for a program that pays out more than $5 billion a year in benefits even in good economic times.
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