(NBC NEWS) Even as states are struggling to process a record number of jobless claims, experts warn that even greater challenges loom: A Department of Labor report found that, as recently as February, unemployment insurance trust funds in nearly half of all states were underfunded.
The staggering 6.6 million jobless claims filed last week call into question even the most well-funded states’ ability to pay unemployment over a sustained period, said Howard Gleckman, a senior fellow at the nonpartisan Tax Policy Center, making it likelier than not that more federal intervention will be needed.
“We’re talking about 10 million people filing for unemployment insurance in two weeks. Nobody is prepared for that,” he said. “That’s unprecedented.”