I think its just a lucky coincidence for him.
Detroit voted for a sports star and is probably surpised that they didn’t get a gangster.
More inside the rustbelt stuff for those not from Michigan:
Crane's Business on WJR yesterday noted they are expecting another 10% decline in real-estate values.
I am still waiting for the link, but one of my auto gnomes found an editorial from some analyst that nailed it that GM will fail and go Chapter 11 again...
Go over the the Detroit Newspapers. Bing went to Moody's in Chicago my guess to beg them not to derate their Muni Bonds further. He has, or a former finance guy has stated they have 3 months to turn the city around or they will be chapter 11. This is a warning sign for all Blue States/failed business models i.e Blue Cities, just like GM was red flagged by George Will three years ago.
State revenue shortfalls below:
Michigan State And Local Tax published a new entry entitled "Michigan State Budget Shortfall May Result In Tax Increases" on 8/18/2009 12:54:00 PM, written by Ed Kisscorni.
Michigan State Budget Shortfall May Result In Tax Increases
The state collected $150 million less in May, June and July than fiscal analysts projected as part of the May Consensus Revenue Estimating Conference (CREC), according to numbers released last week Tuesday by the House Fiscal Agency (HFA). That means a bigger problem next year, but not necessarily more budget cuts for this fiscal year. The state still shouldn't have a problem balancing its books in Fiscal Year (FY) 2009, thanks to a cushion created by leftover federal stimulus money. But fiscal 2010 is a different story.
Any stimulus money used to balance the FY 2009 hole will be that much less money available to solve a FY 2010 problem that has recently been pegged at an eye-popping $2.8 billion. The FY 2008 budget shortfall was $1.7 billion which resulted in the now defeated use tax on services and ultimately the Michigan Business Tax (MBT) surcharge. The difference is that federal stimulus mone y could plug all but $1.2 billion of the hole. How much of that stimulus money lawmakers and the administration want to use to plug holes in the budget this year and how much they want to keep around for next year is still part of the "target" negotiations. Either way, both the House Fiscal Agency (HFA) and the Senate Fiscal Agency (SFA) have said that a structural change to the state's tax system is in order. State revenues are declining faster than the state's economy.
New Tax Revenue
Entertainment tickets, cigarettes and a small slice to the recently enacted movie production credits highlight the Governor’s latest budget-balancing list to legislative leaders, which includes a total of $685 million in new revenue, according to information obtained by MIRS. In exchange, the Governor would like to phase out the 21.99 percent surcharge on the Michigan Business Tax (MBT) over a three-year period starting in 2011.
Expanding the state's six-cent sales tax to entertainment events, a concept tied into the short-lived sales tax expansion to services in 2007, is the largest high-dollar revenue generator on the Governor's list. The "ticket tax" is estimated to bring in $87.3 million. The six-cent sales tax would also be applied to service contracts (on new appliances, etc.) and vending machines, bringing in $29 million and $28 million, respectively. Raising the state's cigarette tax from $2 to $2.25 is back on the list, but an earlier proposal floated to raise the beer tax is off, according to information obtained by MIRS.
Since the cigarette tax was raised from $1.25 to $2 in 2004, many smokers have gone to "rolling their own" cigarettes with loose tobacco. The Governor's proposal takes care of that, too, by doubling the tax on "Other Tobacco Products,&quo t; something estimated to bring in $45 million. The new plan puts a one penny tax on all water bottles sold in Michigan, bringing an estimated $17 million back into state coffers.
The state's new 42 percent film production credit, in which companies are reimbursed by the state for shooting movies, TV shows and other productions in Michigan, is cut 12 percent under the Governor's offering, which would save $7.8 million. The Senate's plan capped the credits at $50 million, saving the state around $98 million.
MIRS also has learned the Governor is proposing a cut in the Earned Income Tax Credit (EITC) from 20 percent to 15, which would save the state $83 million. Also being cut under the revised plan are two special carve-out credits currently enjoyed by the Michigan International Speedway (MIS) to the tune of $3.6 million.
As usual, the Governor is carting out some of her familiar list of "loophole closings" she's presented to the Legislature nearly every budget cycle, such as the elimination of the exemption on international and 1-800 telephone calls.
The legislature and the Governor will have to work it all out. However, one thing is sure; taxes will be going up.
Permalink: michiganstateandlocaltax.com/2009/08/18/michigan-state-budget-shortfall-may-result-in-tax-increases.aspx
I’ve had personal dealings with Dave Bing. Without Ford he would be ridiculed as the idiotic business man he is. Ford bailed his arse out over and over and over and over and over and over and over and over.
They bailed him out so much, he should have a blue oval tattoed on his forehead!
He is a nice fellow tho’.