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    Who are the NERD fund donors Mr Snyder?

    Raise the curtain.

    New report says 49 other states grew last year while Michigan went backwards


    By Nick, Section News
    Posted on Tue Jun 12, 2007 at 09:53:56 AM EST
    Tags: (all tags)

    FREEP is reporting that Dana Johnson, the chief economist with Comerica bank has issued a report officially citing Michigan as the only state in the nation who's economy CONTRACTED last year.

    While 49 other states saw their GDP expand by 3.4% Michigan's went down .5%.  

    "The hard truth is that the Michigan economy remains in a one-state recession," said Johnson...

    "A lot needs to go right the state economy to bottom out," he said. "The state is going through a difficult and protracted structural adjustment, not a short-lived cyclical downturn."

    Johnson highlighted three sectors as the lead indicators of Michigan's struggles.  Construction, manufacturing and government services are down.  Two of them I lament.  

    Of course that's not to say they're the only culprits.  Johnson's own Comerica bank announced earlier this year their plans to leave Michigan for Texas.  So apparently our banking and financial services industries aren't doing so hot either.

    The report shines a spotlight on the need for substantive structural change in Lansing.  We're not, as he indicates, going through another hiccup.  These are fundamental problems that will afflict Michigan for the foreseeable future.

    In other words, one time fixes will be just that.  They won't solve the problem.  

    Have a $1.8 billion budget deficit?  Filling it with tax hikes might help you balance the books this fiscal year but it doesn't make the necessary course-correction to prevent future deficits from popping up next year and the year after that.  Instead it will exacerbate the problem, driving jobs and families out of the state resulting in lower tax receipts.  The budget requires a structural overhaul.  

    Michigan is facing a new reality these past few years.  It's time our leaders in the House and the governor's office woke up and understood that.

    < With a $1.8 billion budget hole why are we still burning money? | Michigan's Economic Troubles Hit Home >


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    Display: Sort:
    The state Needs a Overhaul. (5.00 / 1) (#1)
    by Brokeinmacomb on Tue Jun 12, 2007 at 01:53:36 PM EST
    The state is in desperate need of an OverHaul. I dream that Michigan would adopt the fairtax. If it does and should repair this state it'll set the record for the country and Government. What have we got to lose at this point? Because a downward spiral will only gain more speed as It plummets to impact.

    Fair Tax subsidizing Paris Hilton (none / 0) (#7)
    by sandmman on Wed Jun 13, 2007 at 07:47:55 AM EST
    As usual, NoviDumocrat has more ignorance to espouse.

    Your comment assures me you have no idea what Fair Tax is about.

    The fact that you're a dumocrat also assures me that you'll NEVER be able to comprehend it.

    I expect soon Commie Guru will chime in - another dumocrat who'll never comprehend anything except Dumocrat Party talking points.

    see, now you're just trying to stir things up... (none / 0) (#8)
    by Nick on Wed Jun 13, 2007 at 07:49:59 AM EST
    :)

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