What is Michigan’s Unemployment Rate?
14.1%
Wow, the last few weeks have been awesome and crazy. The launch of the new company is going WELL above my initial expectations. We are extremely busy with good work. For this I am thankful, but it has made it extremely difficult for me to find time to post here at TAM. You all know my girls are my number one priority, so they have been getting any free time that I can muster.
This quick post is important as Michigan released unemployment data and we hit a staggering 14.1% unemployment rate here in this once great state of opportunity. This is sad and sobering. Basically 15 out of every 100 people that I know in Michigan are unable to find work.
The situation here in Michigan is simply out of control. Big government and a burdensome tax system here in the Great Lakes state has left our economy decimated. We seem to tax EVERYTHING…even in hard times. There is hardly an incentive to innovate here anymore. The emails that I’m receiving from you readers who are looking to start business show a common theme. Most would be entrepreneurs are held up by fear of the tax system, or not understanding the legal issues of owning a business. THESE THINGS SHOULD BE CLEAR AND EASY, THIS WOULD PROMOTE INNOVATION AND RISK TAKING MORE THAN ANYTHING! Couple that with some strategic, easy to access investment dollars for GREAT business plans…and we could turn this thing around.
I’m praying for my state, but the sad fact is that Jesus did not come to save us from bad business decisions. We must deal with those here and now!
If you enjoyed this post, make sure you subscribe to my RSS feed!
June 20th, 2009 at 1:58 pm
I think it’s even higher in the Detroit area with all the auto makers in trouble. I read one account that states that they expect Detroit to be 60% abandoned in two years!
[Reply]
pfincome Reply:
June 21st, 2009 at 1:22 am
I think most of Detroit has been abandoned or forgotten for many years now. My mother-in-law teachers there and keeps telling us how the schools keep shrinking and shrinking.
[Reply]
jed Reply:
July 3rd, 2009 at 9:51 am
I live in detroit and my friend told me his sisters neighborhood has had a bunch of white people moving back in .They lost their jobs and houses are $4000 They dont have a choice with such low income they lost their other houses.
[Reply]
June 20th, 2009 at 2:17 pm
Yep, the girls must definitely come first that’s for sure. Even here in Australia, and we are not as bad off as you guys as our banks are still making money and unemployment though rising is still not that bad. Taxes are one of the things holding businesses back, both land taxes and company taxes, not to mention the red tape we have to go through to appease those morons in Government.
I hope you guys get to turn things around soon.
Sires last blog post..Making The Move From Cable To Satellite TV
[Reply]
June 20th, 2009 at 2:54 pm
You all know my girls are my number one priority, so they have been getting any free time that I can muster.
Absolutely.. it goes without saying.
Great to hear that your business is booming, especially since the rest of where you live is doing so poorly.
Mikes last blog post..Thrift Savings Plan Changes
[Reply]
June 21st, 2009 at 1:23 am
Great to hear your business is doing well during this crazy time in MI. I feel for everyone I know who is still living there. Best of luck to you. We are actually heading up for a week’s vacation in a few weeks. Should be interesting to see how things have changed the past couple of years.
[Reply]
June 22nd, 2009 at 8:22 pm
Yeah B, Michigan can be a scary place to live. It’s no wonder why there has been such an exodus of business to other states that aren’t as much of a tax burden. Also, since those jobs aren’t there, MI college grads pack up and head out of state in tow. I love Michigan but its tougher and tougher to live here. -grant
[Reply]
June 22nd, 2009 at 11:19 pm
Hello Brother! I called you!
Congrats!
http://fashionlayne.blogspot.com/
[Reply]
June 23rd, 2009 at 3:02 pm
“There is hardly an incentive to innovate here anymore.”
B, in one sentence, I think you summed up what is wrong with our taxation system. We tax the very things we are supposedly trying to encourage- entrepreneurship, saving, etc.
If we drastically overhauled our tax system (say taxing consumption only or property taxes only), we would better encourage innovation and efficiency and we would leave our old economic shortcomings in the dust.
-B
[Reply]
June 23rd, 2009 at 5:03 pm
Good to see you back and kicking… curious as to whether you’d consider moving to another state? Would that be too complicated from a tax point of view (learning new rules?)? Pfincome is right…. I’ve passed through Detroit several times over the past 5 years and it’s all bad, imo. It was bad well before the credit crisis and GM troubles. With all due respect to those who live in and near Detroit, I don’t know how you do it….
[Reply]
June 25th, 2009 at 5:56 pm
I’ve heard that Nevada is pretty friendly as far as taxes go. Could always move to Sin City.
[Reply]
June 28th, 2009 at 4:00 am
Sorry to hear that things are so tough in mi. Hope they turn around soon.
[Reply]
July 2nd, 2009 at 3:26 am
I don’t feel that sorry for the auto industry, but it’s unfair that so much of Michigan’s economy rests on the shoulders of it. I hope that Michigan is able to recover from this disaster.
I don’t think that the Auto Industry is going to make a true comeback anytime soon, but in the meantime, an overhaul of the laws and taxes in Michigan would definitely help to rejuvenate the damage that has been done. I feel for you guys out there, and I truly hope that, as fellow Americans, you guys can get things back together.
[Reply]
July 2nd, 2009 at 9:12 pm
Wow that 14% rate is amazing. I would move too. Get out while you can.
[Reply]
July 12th, 2009 at 5:23 pm
I didn’t know it was as bad as 14% but it’s not surprising given how undiversified its economy was. In my opinion it’s high time we diversified away from the car industry and car-buying anyway. It’s karma for what the big-three did to get rid of public transit in order for them to grow. GM literally bullied its way around to have all the streetcars removed from Detroit so that people would have to buy cars. C’mon!!!! Boils my blood.
On a sidenote, Indiana, Ohio and Florida also now have unemployment levels higher than 10% (learned that in Roubini’s latest article).
[Reply]
July 13th, 2009 at 9:27 am
Unfortunately all the unemployment rates are skyrocketing and there’s nothing we can do about it. Fortunately the media stopped giving the recession so much coverage so maybe the economy will slowly get back on its feet.
[Reply]
August 17th, 2009 at 3:32 pm
The unemployment figure may be high but at least you are bucking the trend and doing well!
[Reply]
February 18th, 2010 at 2:45 pm
Forbes just came out with their list of Top 20 Worst Cities. Stockon, CA number one with 19% unemployment but Detroit obviously made the list also.
[Reply]
July 7th, 2010 at 7:08 am
Whats happening, I found this site by mistake when I was going through Bing following that I arrived to your web site. I require to say your internet site is interesting I really like your theme! Today I don’t have the free time at the current moment to fully appear through your sitebut I’ve bookmarked it. I is going to be back again in a day or 2 . Many thanks for a good site.
[Reply]
July 24th, 2010 at 1:51 am
With the US unemployment rate still at 9.3% for May 2010 I’m feeling fairly frantic. Also because where I live in Illinois is still close to 11. I’m hoping President Obama can reduce this soon enough to salvage their election hopes.
[Reply]