The Senate this week unanimously passed Senate Joint Resolution 4, which would authorize bonding as an alternative to borrowing from the federal government when Ohio’s unemployment insurance system fund has been exhausted. The OMA is a proponent of the resolution.
During the last recession, Ohio borrowed nearly $3.4 billion. Now the state is looking to borrow $3 billion to cover unemployment benefits issued during the current pandemic. Ohio’s woefully inadequate unemployment compensation fund is one of the least solvent in the country. The OMA for years has pushed for a comprehensive overhaul of the system, including the option of a bonding mechanism. 6/11/2020