UI: public problem in need of private solution

Gov. Steve Beshear announced Thursday formation of yet another silly "bipartisan task force."

This one seeks political cover, er, excuse me, a long-term solution for the impossible to fix unemployment insurance (UI) program. Think Social Security, but funded by the states and minus a few zeroes.

Surprising no one who has been watching, Kentucky's UI trust fund is almost empty. That means we get to borrow from the federal government to pay more people not to work.

Gov. Beshear blames the problem on the economy:

But the problem with UI is that it is another New Deal program that will only "work" if taxpayers continue to pour more and more money into it. In much the same way that private disability insurance protects workers from unexpected injuries or illness, though, private unemployment insurance could offer coverage for job loss without the government bureaucracy, politics, and very predictable cost overruns.