Posted on 05/18/2007 11:02:22 AM PDT by mombyprofession
State gets bad news about economy, budget situation
AP
LANSING, Mich. (AP) - State economists who gathered today to forecast tax revenues and gauge the Michigan economy say it could get worse next year.
The state now faces an 800 million dollar budget deficit for the current fiscal year. This despite some savings that already have been agreed upon by the governor and state lawmakers.
The budget projection for state government is roughly 400 million dollars worse than economists thought it'd be just a few months ago.
That's because fewer tax dollars are coming in and more people are on welfare and Medicaid than previously thought, and state prison spending is up.
Michigan is expected to continue losing jobs in 2008. One reason tax revenue is down is the state's poor housing market, the third-worst in the nation.
I exported 6 semi-loads of machine tools out of Michigan last year. The are up and running, employing people in open shop, red state North Dakota.
They are running them everywhere (especially in the South) trying to put even more lipstick on this pig.
We have to many ties here at the moment, but I want out bad like many other and can't.
What is really killing Michigan is the Denial in the last election. Granholm fed them a line that it would be like the good old days if they elected her. The Unions did just that.
Tied to the Denial is the entitlement mentality. It is very subtle, earning 75K on the line used to be a birthright with out higher education, well it isn't anymore. I have so many examples, maybe later or in a private message.
From a technological standpoint, I see the Chevy Volt and the Series Hybrid Planform it utilizes as a paradigm changer that will stabilize the state, if the Series Hybrid Planform has emerged like I think it has as the new chassis/drivetrain going forward. The bad news is that is 3 years away.
That was yesterday’s vote in the Senate. Stab-Me-Now at least voted nay. Lenin voted Yea.
“...more people are on welfare and Medicaid than previously thought, and state prison spending is up.”
Other than that Mrs. Lincoln, how was your day?
It would be a hoot if Cerberus moved Chrysler to Canada.
I really miss John Engler.
Well, I’ll look at the bright side, the machine tools are still in the USA, not Mexico. The workers are paying taxes.
(Guess they helped pay my unemployment last year.)
At some point, they should just declare it a liberal success! (And then ask Bush to bail them out like Reagan did for Iaccoca)
I could make money in MI right now - I would buy a moving truck, and help my neighbors leave, for a fee.
Thanks, thought that was last years vote.
Knew Sen.Levin and my congress critter Levin were for it.
They run those same commercials - all the time - in Seattle.
When the cig tax passed, I bought a clue, and moved back to VA.
That was in 2000, I guess.
Interesting thing - when I bail on an investment, it is usually because I have to.
But in each case, it has tanked right after I bailed.
Odd.
From 2000 until today, MI has tanked.
And yes, I helped. I swiped millions of dollars out of their economy, when I left.
All over a cig tax.
Go figure.
Problem is, they don’t see the implications of taxes, or more importantly, regulation.
What an odd thing.
they need to raise taxes... that’s the only way to solve the Michigan problem....................../sarc
As bright as the dimwits are in Michigan, they will start collecting taxes on the welfare/unemployment checks they send out. I have a bowl of jello that has more brain power than the gov’t. of that state. Sad, really sad.
The situation in Michigan is exactly analogous to NYC going broke in 1975-76... liberals, who are illiterate in economics, simply do not understand that a government job can create wealth.
As in NYC, the unions (including the govt unions) have walked off with most of the state’s budget, including entitlements, early retirement, and many other perks.
And the dirty little secret is that the productive sector of the populace — those who have to pay for these extortionist taxes — are simply disappearing.
Welfare checks in MI aren’t taxed?
I am surprised.
Yes, I hired all 7 of them.
Just looked at my last unemployment check, (one week plant shutdown).
They take state and Federal taxes out, if you want them to.
Have to pay at the end of the year, one way or another.
Welfare, would never know about!!
You work in a plant?
I am sorry.
Buy a used truck, and a really big trailor.
Start a moving business.
Failing that, UHAUL is paying a lot for people to haul trailors back to MI. Seems the all wind up somewhere else.
I’ve thought about seeing if I could help fix up houses for sale.
My hood in Warrentuckey, seems 1/4th empty, and are for sale.
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