Tom Bilyeu

That is a minuscule amount for a state of California size.

The U.S.

Department of Labor had already ranked California dead last in the nation, calling them the least adequately funded of any unemployment program in the country.

How could that be?

How could we always be so low?

Going to hear fraud as a punchline through all of this.

When the COVID fraud wave hit, California happily shipped all of their savings to the deserving and the fraudulent alike, burning through their savings in just months.

And then California said, hold my beer and became the first state to tap emergency federal loans so they could keep paying all of the fraudulent claims.

California promptly borrowed $20 billion from the federal government to make it just rain on the fraudsters.

Now, 22 other states borrowed too.

Fair.

California was not alone in that regard.

But...

And this is a very big but.

Every other state has since paid back their loans and most did it within two or three years.

California, however, has not paid back a single dime of the principal.

That means federal taxpayers are currently footing the bill for California's insane, over-the-top, unimaginably large fraud complex.

And California's debt, by the way, is still growing.

In fact, California's unemployment insurance fund runs a more than $1 billion deficit every year all by itself.

Now, how could you not?