Thank you, Mr. Chair.
In your presentation I heard the terms “premium rate” and “insured earnings”. Very clearly some kind of misunderstanding has been happening for awhile, in that unemployment insurance is not a government program in the sense of being funded out of government moneys. It has been funded for years out of premiums.
My understanding is that at one point, probably in the 1990s, it actually had built a surplus to about $55 billion, which was directed into general revenues. Is that correct?