To be unemployed and collecting unemployment, welfare, SSI or other means of income from government. This is especially true if you are on unemployment, and obtaining benefits with no desire to try and find a new job. Instead, the time is used to do other things, like travel, chill, etc.
A period of fun, after losing one's job, living on state funded benefits which will eventually run out. Best not to milk funemployment too much.
When people are having the time of their life living on funemployment, they should keep in mind the longer they remain unemployed the more difficult it will be to find a job. And the period after funemployment is anything but fun.