"We're talking about 10 million people filing for unemployment insurance in two weeks. Nobody is prepared for that," said one finance expert.
Even as states are struggling to process a record number of jobless claims, experts warn that even greater challenges loom: A Labor Department report found that, as recently as February, unemployment insurance trust funds in nearly half the states were underfunded.
Alon Ozer, chief investment officer at Omnia Family Wealth, said:"The flood of unemployment claims is something no state was planning for. I believe many states will still require federal aid."The anticipated intervention would come on top of the additional unemployment insurance support included in the Coronavirus Aid, Relief and Economic Security Act, which expands eligibility and access to payments.
Story continuesThe Labor Department's report found that 22 states fell below the threshold for the recommended minimum adequate solvency level, including Pennsylvania, Ohio, Massachusetts, Texas and California — the five states with the highest weekly jobless claims.
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