The next huge problem at IDES
Thursday, Feb 18, 2021 - Posted by Rich Miller
* Center Square…
Since the COVID-19 pandemic began, IDES has seen a deluge of 1.8 million new unemployment claims. With all of the new claims and people entering into the unemployment system for the first time, the agency has struggled to keep up with the demand.
The Unemployment Insurance Trust Fund, which funds unemployment payments, is in the red.
Rob Karr, president of the Illinois Retail Merchants Association, said the current deficit is far worse than during the Great Recession of 2008.
“We have to keep in mind the problem that is front of us,” Karr said. “The Unemployment Insurance Trust Fund projected deficit over three years is somewhere between $8 to $11 billion dollars. To put that in perspective, the biggest challenge we’ve had in the past was $2.35 billion.”
…Adding… Meant to include these stories and forgot…
Weekly unemployment claims unexpectedly surged last week, rising above 800,000 as the labor market recovery stalled.
The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:
Initial jobless claims, week ended February 13: 861,000 vs. 773,000 expected and an upwardly revised 848,000 during prior week
Continuing claims, week ended February 6: 4.494 million vs. 4.425 million expected and an upwardly revised 4.558 million during prior week
Illinois…
The U.S. Department of Labor estimates 67,750 new unemployment claims were filed during the week of Feb. 8 in Illinois, according to the DOL’s weekly claims report released Thursday. […]
There were 40,008 new unemployment claims were filed during the week of Feb. 1 in Illinois.
There were 95,481 new unemployment claims filed during the week of Jan. 18 in Illinois.
There were 95,472 new unemployment claims filed during the week of Jan. 11 in Illinois.
* Related…
* Gov. JB Pritzker Seeking Additional Funding For Illinois Unemployment System To Help Overwhelmed State Agency
- Dan Johnson - Thursday, Feb 18, 21 @ 12:36 pm:
If this is going to be part of the agreed bill process, I hope the LaShawn Ford - Jason Barickman - many other legislators proposals to allow people to opt in to quarterly payments happens this year. It is a real bear to make people with a lot of employees pay all their corporate UI taxes up front instead of spreading them out quarterly like we do the corporate and personal income tax. (SB152 this year)
- 1st Ward - Thursday, Feb 18, 21 @ 12:52 pm:
I’ve been waiting for a story like this to crop up. My understanding is the Corporate Payroll tax automatically increases if the Fund gets too low or for too long? When would this occur and how much would the increase be?
- Downstate Illinois - Thursday, Feb 18, 21 @ 2:03 pm:
The director’s recent testimony that calls back to public were just two weeks behind was a lie. Of course she may have just pulled a Biden and misspoke. Substitute months for weeks and her assertion would have been far closer to the truth.
- SSL - Thursday, Feb 18, 21 @ 2:42 pm:
JB better hope all those that were brutally frustrated when they couldn’t get through to IDES have short memories. That’s the kind of thing that could really stick with a person come voting time.
- Precinct Captain - Thursday, Feb 18, 21 @ 2:47 pm:
Doubt you will here any GOPers scream from the heavens that this is kicking the can down the road when they push off the scheduled tax hikes for this.