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Michigan’s Economic Outlook Presented to MiRSA Manufacturing Forum April 15, 2008. Charles L. Ballard Department of Economics Michigan State University East Lansing, MI ballard@msu.edu. Michigan Unemployment Is Above the National Average, But Low By Historical Standards.

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michigan s economic outlook presented to mirsa manufacturing forum april 15 2008

Michigan’s Economic OutlookPresented toMiRSA Manufacturing ForumApril 15, 2008

Charles L. Ballard

Department of Economics

Michigan State University

East Lansing, MI

ballard@msu.edu

and unemployment in michigan has big regional differences january 2008
And Unemployment in Michigan Has Big Regional Differences (January, 2008)
  • Ann Arbor 4.8%
  • Kalamazoo-Portage 6.0%
  • Lansing-East Lansing 6.1%
  • Grand Rapids-Wyoming 6.3%
  • Michigan Average 7.8%
  • Jackson 8.0%
  • Detroit-Warren-Livonia 8.2%
  • Saginaw 8.2%
  • Flint 9.5%
michigan has big regional differences in per capita income data for 2005
Michigan Has Big Regional Differences in Per-Capita Income (Data for 2005)

1.Oakland County $52,274

2. Washtenaw County $39,689

4. Leelanau County $36,502

6. Macomb County $34,761

8. Kent County $33,627

Michigan Average $32,804

13. Wayne County $30,855

16. Ingham County $30,656

30. Genesee County $27,550

50. Shiawassee County $24,916

83. Luce County $19,115

what does the future hold for michigan
What Does the Future Hold for Michigan?
  • The Long-Term Structural Adjustment in Manufacturing is Not Over. For the Next Few Years, At Least, Sluggish Economic Growth is Likely to Continue.
  • If the U.S. Economy Slips Into Recession, It Can’t Be Good for Michigan.
but there are bright spots and potential bright spots
But There Are Bright Spots, And Potential Bright Spots
  • Health-Care Sector
  • Information Technology
  • Biotechnology
  • Energy
  • Tourism and Recreation
  • And the Automobile Sector May Finally

Be On Its Way To Stabilization

why have michigan taxes decreased as a percent of income
Why Have Michigan Taxes Decreased as a Percent of Income?
  • Reduced Rates in Income Tax (until 2007) and Single Business Tax
  • Erosion of Tax Bases in Sales Tax, Income Tax, and Taxes on Beer & Wine
our responses to declining tax revenues have been questionable
Our Responses to Declining Tax Revenues Have Been Questionable
  • Spending Cuts in Education and Revenue Sharing (But Few in Corrections).
  • One-Time Gimmicks.
  • Using Up and Selling Assets.
what does michigan need 1 better attitudes
What Does Michigan Need?1. Better Attitudes
  • A Culture of Lifelong Learning
  • Innovation and Entrepreneurship
  • A Positive Attitude, to Keep Going Through Difficult Times
  • An End to Bitter Partisanship
what does michigan need 2 better policies
What Does Michigan Need?2. Better Policies
  • Stable Funding for K-16 Education
  • A Graduated Income Tax with an Earned Income Tax Credit (which means rejecting the “Fair” Tax)
  • Stabilize the Other Parts of the Tax System (which may mean eliminating business taxes)
conclusion
Conclusion
  • Michigan’s Economic Future Can Be Bright, But Only If We Make Changes.
  • Even if a Brighter Future Does Arrive, It Will Take Time.