Michigan Is Borrowing to Pay Off Borrowed Money to Pay for Unemployment

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Left-Wing Detroit

Sometimes, especially during Obama’s 3 years of incredible government spending, I find myself saying – “I can’t believe this one!”

The State of Michigan has one of the highest unemployment rates in the country. It’s a state with a huge deficit, a state where, this year, the Democrats decided to solve their mounting fiscal problem by RAISING their taxes – (the city of Detroit is seriously considering BANKRUPTCY!!)

And now, they are BORROWING over 3 billion dollars to pay for the money they BORROWED to pay for their unemployment  benefits!!

To make this even worse, it’s a 2 year variable interest rate, which they then will convert to 10 or more years!!!!!

Michigan residents will be paying this out for YEARS !!!!

HARD TO BELIEVE??

ONLY IN OBAMA’S AMERICA !!!!

Why are so many company’s moving out of Michigan?? Can’t figure that one out !!

Read more here: Bloomberg News reports that Michigan sells a record $3.3 billion in debt to repay unemployments costs.

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