Photo courtesy of the EDD. California’s unemployment insurance fund is $20 billion in debt, putting the state in a terrible position in case of a recession. The deep debt — incurred during the COVID-19 pandemic as millions of people lost their jobs and the state borrowed money from the federal government for unemployment benefits — is on Gov. Gavin Newsom’s mind. He cited it as a factor in his recent veto of a bill that would have allowed striking workers to be eligible for unemployment benefits, mentioning that the state is paying hundreds of millions of dollars of interest on the debt. It’s also top of mind for businesses, which face an increase in required contributions t
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