Posted on 12/05/2008 5:35:44 AM PST by ShadowDancer
Economist’s Best Case Scenario For 2009: Michigan To Lose 90,000 Jobs
POSTED: 11:00 pm EST December 4, 2008
UPDATED: 11:15 pm EST December 4, 2008
DETROIT -- A top economist has painful predictions for Michigan’s immediate future.
Comerica Bank Chief Economist Dana Johnson believes, based on plans auto CEOs presented the Senate Thursday, the state will lose 90,000 jobs if the government offers bridge loans.
Should two Detroit automakers go bankrupt that estimate jumps to 250,000 jobs lost.
“Some serious consolidation has to be done to make these companies viable under their own plans. This is not outside critics, this is what they themselves say they need to do,” Johnson said.
He also predicts Michigan will endure its sixth straight recession in a row with state resources being stretched to the limit to accommodate massive unemployment.
However, it’s not all doom and gloom.
“I'm not endlessly pessimistic about Michigan by any means. Not too far, in Pittsburgh they lost most of their steel industry. It took them quite a while to recover but ultimately, they did. We'll adjust, we'll bounce back,” Johnson said.
But, as you say, what can we really suggest for someone in that position, trapped in a liberal state that obviously chooses not to try different political leadership when the opportunity presents itself? Trite as it may sound, all I can say is, do what you have to do to get by and make the best of the situation. If you're out of work, I say go on unemployment if you have to if that's what it takes to support your family. A person who has worked for some time has paid part of their earnings in taxes to support such a program. I say if circumstances turn against you for a time there is nothing wrong with claiming your share of that until something else turns up.
It may require doing work outside your field of expertise for awhile. If that is what it takes to get by, I say do that. If no work turns up and you're out of unemployment benefits, then you may be forced to move to where the work is. That may mean walking away from a house and mortgage. Not the ideal situation and certainly not one any of would voluntarily choose, but if it's a choice between that and your family starving, I'd say you'll have to do it. On a practical level, I just don't know what else to suggest. (Note I do not suggest the other typical bromides, like going back to school or "retraining", as I assume some level of education and a developed set of skills are already in place).
Since I am one of these people, I will offer my dos centavos(Moved to Texas, Spanish is required)
I lived in central New Jersey. Corzine just got elected and my property taxes just went up, again. I was paying 13k in property taxes. I worked in NY so I was getting hit from both end on payroll taxes.
I put the house up for sale and started to look for work in Texas. The week after my house sold, property values dropped by 15% in my neighborhood. I took my winnings and bought a house in Texas for 1/3 the cost with 1/3 the tax. I lost 1/4 acre and a basement on the deal. Big whoop.
Found a job in Texas after 9 months of looking and dealing with a ton of “Bless your Hearts” from the locals.
Bottomline. You do whatever you have to do to get out.
I know, I know.
Pick me, I know the answer.
Low taxes. less govt. intrusion and no unions.
Pretty simple deal.
We have many openings for such in Texas. If you’re not a unionist, come on down!
You do know what “Bless Your Heart” translates to, right?
Sorry about the wait for a job. We have to be sure you’re not just some idiot carpetbagger down here to tell us how we’re doing everything all wrong and how we should be doing things “like they were back home.”
Took the liberty of fixing the comment.
The Cars That Leftists Drive
Pajamas Media | December 4 | Ron Radosh
Posted on 12/04/2008 5:30:08 PM PST by AJKauf
http://www.freerepublic.com/focus/f-news/2143131/posts
[snip more than likely a Toyota, a Hyundai, a Nissan or even a BMW, a Mercedes or a Volkswagon — anything but an American car. In fact, I can’t name anyone I know who drives an American car except me. The argument is simple: if you want a good car, buy Japanese. [end]
Barack Obama Fiddling While Detroit Burns
AOL News | Dec 5th 2008 8:30 | Mark Impomeni
Posted on 12/05/2008 4:45:25 PM PST by lewisglad
http://www.freerepublic.com/focus/f-news/2143773/posts
-doing the work that Americans can’t do because there are no jobs dep’t-
Judge rejects Bush attempt to speed up rule targeting illegal workers
AP via SFGate | 12/5/8 | Bob Egelko
Posted on 12/05/2008 4:03:48 PM PST by SmithL
http://www.freerepublic.com/focus/f-news/2143747/posts
Schumer Pushes for ‘Car Czar’ Appt. Early Next Week
The Hill
Posted on 12/05/2008 12:29:28 PM PST by Sub-Driver
http://www.freerepublic.com/focus/f-news/2143611/posts
Even in Home of Automakers (Michigan), Not Everyone Wants a Lifeline
New York Times | December 2, 2008 | Monica Davey and Susan Saulny
Posted on 12/02/2008 8:07:02 PM PST by reaganaut1
http://www.freerepublic.com/focus/f-news/2141924/posts
President-elect’s team weighing auto industry options
Cnn | 12/5/08 | Candy Crowley
Posted on 12/05/2008 2:09:51 PM PST by tomnbeverly
http://www.freerepublic.com/focus/f-news/2143668/posts
SCENARIOS: Where Washington stands on the auto bailout
Reuters | December 2, 2008
Posted on 12/02/2008 8:41:37 AM PST by Zakeet
http://www.freerepublic.com/focus/f-news/2141490/posts
Employers cut 533K jobs in Nov., most in 34 years
AP/Yahoo
Posted on 12/05/2008 5:49:22 AM PST by pillut48
http://www.freerepublic.com/focus/f-news/2143373/posts
Automakers gearing up for electric cars
The Fort Worth Star-Telegram | December 5, 2008 | Renee Schoof
Posted on 12/04/2008 11:56:23 PM PST by 2ndDivisionVet
http://www.freerepublic.com/focus/f-news/2143288/posts
Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel
Wall Street Journal
Posted on 12/05/2008 10:13:07 AM PST by Sub-Driver
http://www.freerepublic.com/focus/f-news/2143537/posts
Chrysler executive: Automaker failure could spark depression
AP on Mercury News | 12/3/08 | Julie Hirschfeld Davis - ap
Posted on 12/03/2008 10:02:36 AM PST by NormsRevenge
http://www.freerepublic.com/focus/f-news/2142231/posts
GM Warns It Won’t See New Year Without Aid
CBS/AP | Dec. 3, 2008
Posted on 12/03/2008 11:15:36 AM PST by george76
http://www.freerepublic.com/focus/f-news/2142271/posts
Texas is on my list of possible relocation places. And hell no to the Unions! If you have any leads, send me some info...
What field are you in?
I am leaving the office furniture industry, but my expertise is in marketing/branding strategy and execution as well as technology planning.
That’s not my field at all, but there’s always openings in those fields here.
Check Monster, dice, and dallas.craigslist.org.
” You do know what “Bless Your Heart” translates to, right?”
Yup, and in my nicest voice I say, “right back at ya.” If it is a woman saying it, I will throw in the requisite “sugar”.
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