There's no other way to read this report.
Here's the State Auditor's letter (pertinent grafs):
...the Fund’s balance has continued to decline from its high of $1.9 billion as of
June 30, 2000. As of June 30, 2008, the Unemployment Reserve Fund balance was $608.8 million.
It has continued to decline after that date, and as of November 30, 2008, $312.0 million was
available to pay benefits. The Department expects that the Fund’s cash balances will be depleted
in February 2009, at which time borrowed federal funds will be needed in order to continue
unemployment benefit payments.
2007 Wis. Act 59 included several provisions to strengthen the Unemployment Reserve Fund,
including increasing the amount of wages subject to unemployment taxes starting in calendar
year 2009, with additional increases in 2011 and 2013. However, given current economic conditions, it is unclear whether anticipated increases in revenues from the taxes paid by employers will be sufficient to restore the Fund’s balances, and further changes may be needed to increase employer taxes or reduce unemployment benefit payments.
Gee. That's really great.
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