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Tag: Cox (page 4)

10.6 percent and rising, but hope on the horizon?

By Nick, Section News
Posted on Thu Jan 22, 2009 at 06:59:00 AM EST
Tags: Cox, Ficano, budget, unemployment rate, corrections, 2010, candidate (all tags)

If the question is about the immediate horizon, the answer is almost certainly no. Late yesterday we learned that Michigan's nation's-worst unemployment rate had skyrocketed a full percentage point from 9.6 to 10.6 percent. Rich Haglund at Booth Newspapers reports that the number is the highest it has been since September of 1985 as "...the state was then emerging from the worst economic downturn since the Great Depression."

For the record, because I know you're curious, NO, 1985 was neither John Engler, George W. Bush or Dick DeVos's fault. Engler was still years away from being elected Governor, Bush was just the Vice President's kid and DeVos was a young entrepreneur in the process of becoming one of the great job makers the state of Michigan has known. None of them, though, were running the show in Lansing or Washington, DC.

Blanchard was the Democrat at the helm in the Capital City and Ronald Reagan had the national economy kicking into gear as it recovered from stagflation and the devastating recession of 1982.

This year Michigan remains the only state with double-digit unemployment and the freefall continues. But I mentioned hope. Haglund continues:

Economists expect the state and national unemployment rates to rise this year because consumers are spending less in a deepening recession.
Mackinac Center senior economist David Littmann said he expects unemployment to hit 12 percent by July.
"There's really no better time for government to reduce the tax and regulatory burdens on the private sector and spark the long-awaited turnaround in Michigan's economy," Littmann said.

To that end, here comes the calvary. Maybe.

Read on...

(2 comments, 836 words in story) Full Story

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