Today, May 14, 2021, the first meeting of the Commission to study Unemployment solvency happens today at 1PM. The meeting can be viewed here. A recording will be available.
The agenda includes scheduling future meetings and a presentation from the Department of Unemployment Assistance on the current status and solvency projections.
Currently, Massachusetts is projected at 6 billion dollars in debt to the federal government in UI alone. Lawmakers have decided to pay off that debt using interest bearing bonds. To put that in context, the entire Massachusetts budget is 47 billion for 2022. (NOTE: the UI trust fund is separate from the state budget). We are in debt because of a big business tax cut dating back to 2000 worth more than 12 billion dollars. This is a prime example of constituents subsidizing big business.
New blog post - https://unemploymentinsurancereform.org/blog-1/am7rd68xv8quduyu03krxzt3l3bcdg
Sources:
https://lmi.dua.eol.mass.gov/LMI/UnemploymentInsuranceTrustFund#
https://malegislature.gov/Laws/SessionLaws/Acts/2021/Chapter9
Share the website and sign up to speak at the State House: https://unemploymentinsurancereform.org/about-1