Texas Unemployment Benefits Fund is Gone
According to an article in the Dallas Morning News, the Texas unemployment benefits fund is empty. With Texas' unemployment rate at an all time high, the state may be forced to borrow $1.5 billion from the federal government if it wants to continue paying jobless benefits to the state's unemployed workers.
The article said:
"In the first quarter, the state paid benefits to only 35 percent of its jobless residents, a lower percentage than any other state except South Dakota, U.S. Department of Labor statistics show. The national average was 58 percent."
The fact that the unemployment benefits fund is empty with only 35 percent of the jobless workers receiving benefits is alarming. What will happen as the unemployment rate climbs? What about the benefits extensions that we're currently paying out to unemployed Texans? Lastly, what about the 65 percent of jobless Texans who have no access to unemployment insurance benefits? It's hard enough to suffer a job loss; but to suffer it with no safety net such as the one provided by unemployment insurance can be completely devastating financially. Many Texans face job losses and then foreclosure soon after because they don't have the safety net and they don't have sufficient savings to weather long-term unemployment that's plaguing many.
One of the biggest mistakes that unemployed debtors make is trying to tackle all of their debts and daily expenses alone. Don't go it alone. If you're facing a job loss, foreclosure or other financial crisis, there are many relief programs available such as food stamps, Medicaid, and emergency rent assistance. Visit https://www.yourtexasbenefits.com/wps/portal to find out more.