As Georgians crowded unemployment offices during the economic struggles of the past several years, the state went deep into debt in order to pay them jobless benefits.
But after making some controversial benefits cuts, “tightening up” on overpayments and seeing the region’s economy and hiring pick up, the state has paid off much of what it borrowed, said Labor Commissioner Mark Butler.
“We are ahead of schedule,” he said. “We will have it paid off in the fall of next year. And that is a pretty quick turnaround.”
During the recession that started at the end of 2007, the state’s jobless rate more than doubled. As the crisis dragged on, the state’s trust fund for benefits was exhausted.
At one point, Georgia owed the federal government more than $721 million.
via Improving economy helps state pay off loan for jobless benefits | www.myajc.com.
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