Michigan is a beautiful state, but right now its economic situation isn’t. The Detroit News offered this article yesterday articulating just how true the phrase "no rest for the weary" is becoming for the Great Lakes State, noting a projected unemployment rate of 11% coupled with declining tax revenues:
Michigan’s jobless rate will top 11 percent in each of the next two years and state tax receipts this year will come in $870 million below estimates made in May due to the languishing economy, according to a revenue forecast released Wednesday.
The House Fiscal Agency report says unemployment in Michigan, which was 8.4 percent in 2008, will rise to 11.3 percent this year and 11.4 percent in 2010. The jobless mark will peak at 11.7 percent in the first quarter of 2010, the report predicts.
"Michigan’s economy and state revenue will be significantly affected by the national recession, the weakened level of motor vehicle sales, the tight credit conditions, and the financial condition of General Motors, Ford, Chrysler and their suppliers," the report says.