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Maryland unemployment fund nearly insolvent, as joblessness keeps rising

Brew Editors 7 months ago, January 21, 2010 View Comments

Maryland's unemployment trust fund balance is plummeting. (Source: Pro Publica. Click to enlarge.)

Maryland’s unemployment trust fund is so depleted, thanks to “a doubled unemployment rate coupled with unsustainable tax rates,” that it will be insolvent within six months, says the investigative journalism non-profit ProPublica.

Maryland officials have been grappling with the problem for months. It promises to be a big focus of attention in Annapolis, where a proposal to bolster the fund with federal stimulus money has gotten some traction.

But the problem appears especially stark when viewed via the ProPublica “Unemployment Insurance Tracker,” which offers snapshots of the issue in each of the 50 states and  shows how Maryland is part of a national unemployment insurance crisis.

“A record 20 million Americans collected unemployment benefits last year, and so far twenty-five states have run out of funds and been forced to borrow from federal government, raise taxes, or cut benefits,” according to ProPublica. “In many other states the situation is deteriorating fast.” (Maryland is one of them.)

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