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Idaho paid out $16.2 million in regular, extended and supplemental unemployment insurance benefits last week, exceeding the previous weekly record of $15.1 million paid during the first week in April, according to the Department of Labor.
Year to date, the state has paid $627 million in benefits to people who are out of work, an all-time annual record for any year in the state's history and far exceeding all of 2008’s total of $247 million.
This year's record payout of regular benefits broke the Idaho Trust Fund in June 2009 when the state began to tap interest-free loans from the federal government. As of Dec. 18, Idaho has borrowed more than $91 million in interest-free loans to continue paying regular benefits to claimants.
Idaho's labor pool currently stands at about 755,000 people. About 49,000 of those Idahoans are collecting unemployment insurance benefits.
Moody's Economy.com estimates that for every dollar paid in jobless benefits has an economic impact of $1.63 because unemployment checks are cashed and spent — not saved — on house payments and rent, keeping the heat and the lights on, putting food on the table and buying gas to look for work.
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