EDD debt – California Globe

Another $170 Million – EDD Faces Fed Debt Interest Hike

February 29, 2024 2:25 pmFebruary 29, 2024 2:25 pm

On January 1, the interest rate the federal government is charging the state on its more than $20 billion unemployment insurance trust fund debt rose from 1.68% to 2.61%. At first blush, that doesn’t look like too much and the...

Does the EDD Owe the Feds Another $18 Billion Dollars?

September 2, 2023 7:25 amSeptember 2, 2023 7:25 am

Buried in a state Controller’s Office financial report, there is a rather odd entry: a $17.9 billion dollar “current liability” owed to “other governments.” The Controller’s Office said the $17.9 billion line item refers to “amounts due to the Federal...

Will the EDD Debt Damage California’s Credit Rating?

August 28, 2023 5:44 pmAugust 28, 2023 5:44 pm

Typically, when a person or a business adds a massive amount of debt due to its own incompetence, credit ratings are impacted. And not in a good way. The California Employment Development Department did just that during the pandemic, losing...

$139 Dollars A Second: That’s How Much the EDD Will Borrow TODAY…

May 27, 2023 8:08 amMay 27, 2023 8:09 am

$139 Dollars A Second: That’s How Much the EDD Will Borrow TODAY… …And how much it borrowed yesterday and has borrowed every day since May 8 when it paid the feds about $1.8 billion to cut its outstanding pandemic unemployment...