According to state officials, Iowa’s Unemployment Trust Fund is solvent and nationally recognized by the U.S. Department of Labor as one of the best unemployment systems in the country for taxes and benefits.|
(From Rep. Sharon Steckman)
According to state officials, Iowa’s Unemployment Trust Fund is solvent and nationally recognized by the U.S. Department of Labor as one of the best unemployment systems in the country for taxes and benefits.
Unlike 30 other states, Iowa has not had to borrow money to keep its fund solvent, and that may give Iowa businesses a competitive advantage over those states that had to borrow billions of dollars.
The money paid out in unemployment benefits during the past year have gone back into local economies and, of course, act as a safety net for Iowa’s families until they land another job.
Iowa currently has the 6th lowest unemployment rate in the country at 6.3%. This is well below the national unemployment rate of 9.4%, and many other states are experiencing an unemployment rate of 10% to 13%.