Edgetho
Platinum Member
- Mar 27, 2012
- 15,797
- 7,039
- 390
This is what happens when you have a one-party State and that one party happens to be dimocrap.
This is no joke, people. Kalifornication is such a poorly-run State, it will affect us all when they go belly-up. Kalifornicants know this. It's the main reason they voted for Hitlery. Because they know that dimocraps are always willing to bail out other dimocraps -- With Conservative's money.
Articles: The Great California Earthquake of 2018: First State To Default
I would like to direct your attention to something boring but infinitely informative regarding the nature of this mismanaged state. Employers who utilize labor pay into the FUTA, or the federal unemployment tax, at a rate of 6% and are credited back an offset of 5.4% that they previously paid the state, leaving a small federal liability of only 0.6%.
However, if the staterun U.I. trust gets overdrawn, as it did in California for going on its third year now, it automatically pulls an emergency loan out from the federal government to service the underfunded account. And if that is not repaid by November 10, and it defaults, then the government forces employers to pay it.
They just defaulted.
Our company received a mystery bill in the mail two weeks ago, explaining our new $15,000 owed. We got a shock, as it was not expected. I presume that many employers won't be able to pay it. I'm still not quite sure if we can ourselves, considering how much the minimum wage hikes, the new mandatory paid sick leave, and Obamacare have impaired our cash reserves.
To appreciate what is going on here in the lousy 14K Golden Alloy State, we need to connect a few moving pieces that the media won't report on, but I'm here to help.
This is no joke, people. Kalifornication is such a poorly-run State, it will affect us all when they go belly-up. Kalifornicants know this. It's the main reason they voted for Hitlery. Because they know that dimocraps are always willing to bail out other dimocraps -- With Conservative's money.
Articles: The Great California Earthquake of 2018: First State To Default
I would like to direct your attention to something boring but infinitely informative regarding the nature of this mismanaged state. Employers who utilize labor pay into the FUTA, or the federal unemployment tax, at a rate of 6% and are credited back an offset of 5.4% that they previously paid the state, leaving a small federal liability of only 0.6%.
However, if the staterun U.I. trust gets overdrawn, as it did in California for going on its third year now, it automatically pulls an emergency loan out from the federal government to service the underfunded account. And if that is not repaid by November 10, and it defaults, then the government forces employers to pay it.
They just defaulted.
Our company received a mystery bill in the mail two weeks ago, explaining our new $15,000 owed. We got a shock, as it was not expected. I presume that many employers won't be able to pay it. I'm still not quite sure if we can ourselves, considering how much the minimum wage hikes, the new mandatory paid sick leave, and Obamacare have impaired our cash reserves.
To appreciate what is going on here in the lousy 14K Golden Alloy State, we need to connect a few moving pieces that the media won't report on, but I'm here to help.