Section 501. Public policy of state

As a guide to the interpretation and
  application of this article, the public policy of this state is declared
  to be as follows: Economic insecurity due to unemployment is  a  serious
  menace  to  the health, welfare, and morale of the people of this state.
  Involuntary unemployment is therefore a subject of general interest  and
  concern  which requires appropriate action by the legislature to prevent
  its spread and to lighten its burden, which  now  so  often  falls  with
  crushing  force  upon  the  unemployed  worker  and  his  family.  After
  searching examination of the effects of widespread  unemployment  within
  the  state,  the  joint  legislative committee on unemployment appointed
  pursuant to a joint resolution adopted  April  ninth,  nineteen  hundred
  thirty-one,   reported   to   the   legislature  that  "the  problem  of
  unemployment can better be met by the so-called compulsory  unemployment
  insurance  plan than it is now handled by the barren actualities of poor
  relief assistance backed by compulsory  contribution  through  taxation.
  Once  the facts are apprehended this conclusion is precipitated with the
  certainty of a chemical reaction. " Taking into account  the  report  of
  its  own  committee, together with facts tending to support it which are
  matters of common knowledge, the legislature therefore declares that  in
  its  considered  judgment the public good and the well-being of the wage
  earners of this state require the enactment  of  this  measure  for  the
  compulsory  setting  aside  of  financial  reserves  for  the benefit of
  persons unemployed through no fault of their own.