how long before michigan stops sliding down hill? (Detroit, Caro: mortgage, credit)

[fmita]

How long do you think it will take for michigan to stop sliding down hill?

[M TYPE X]

6-10 years. The auto industry refuses to let go, along with the union-paid politicians.

Comerica Bank and the Chicago Fed basically have the same forecast as I do.

[The_Anonymous_American]

There are two huge concerns about Michigan's economic future- the length of the current recession, and the question of how long can the national economy stay out of a recession. If Detroit has a hard time selling cars now, what, pray tell, will happen if the national economy goes bad? Michigan better get its act together real quick, sooner than six years, because the rest of the country might not be so flushed with cash in a few years.

[M TYPE X]

The economic prosperity and increased levels of education in other states are enticing people to buy Hondas, Nissans, and Toyotas. It's a one state recession due to a one state crap economic structure and mentality.

[wanderer74]

My answer wasn't one of the options listed...I do think MI will eventually stop sliding down hill, but I think it's going to be closer to 20 years.

[baystater]

Originally Posted by M TYPE X

6-10 years. The auto industry refuses to let go, along with the union-paid politicians.

Comerica Bank and the Chicago Fed basically have the same forecast as I do.

Agreed M TYPE X. Also after reading this forum for a while I've come to a realization that Michigan going to need new blood to push forward. Though their are many on the Michigan forum that are positive on MI. There probably not enough "positive MI" people currently living in the state to cause the Michigan to turn itself around in the next 1-5 years. But I do think more and more people that live on the coasts will "discover" Michigan. If for nothing else but for the lower cost of living. (Especially for people from the Northeast.) And with these people will come new ideas of what they want from Michigan. Basically this new blood should cause the breaking of the old ties that bind and give Michigan a fresh start. I know it all conjecture at this point but I see a change face on the state within 10 - 15 years.

[Mommyofboys]

Originally Posted by baystater

But I do think more and more people that live on the coasts will "discover" Michigan. If for nothing else but for the lower cost of living. (Especially for people from the Northeast.) And with these people will come new ideas of what they want from Michigan. Basically this new blood should cause the breaking of the old ties that bind and give Michigan a fresh start.

Didn't people "discover" Michigan back in the day for it's auto industry? Not just to be part of the auto industry, but with any and all things associated with it and around it. It just seems like most people have grandparents/parents who are from the south. Now that the big 3 is doing poorly, no matter what, it's gonna effect the entire state in some way or another. Those were well paying jobs. Look how many lost their jobs, accepted buy outs, or just got nothing. Those people are the ones who quit shopping in the store, buying cars, homes, etc. So that does have a chain effect on anything and everything. No one is building new plants or expanding. I know teachers who were one of hundreds to be laid off. I know a cop who said he wasn't worried cause he felt that his job wasn't effected by all this. Well, he got laid off too and was shocked to say the least. There is no such thing as job security anymore. Expecting people with new blood to come in and save our state sounds a little far fetched. What are they gonna come here and do that they couldn't do in their state? What is making Michigan stand out from the rest? No one is gonna come here if there is nothing to come too. The cost of living isn't all that low. Look how much we pay for car insurance, gas in the winter, taxes, etc. There are MANY states who's cost of living is much, much lower than ours. I just think it's really hard to be positive when it's your family who worked in one of the big 3 plants and you watch them struggle, or the commercial construction workers in your family who can't find a job cause work is so slow, or the teachers who spend 4 years going to school who now has to work as a waitress to pay her school bills cause she can't get a job as a teacher. I am really happy for the people who weren't effected by our economy. That does give some hope that not everyone is going through hard times. But I just don't think it's fair to judge those of us who have had it bad. What you want and what you can get aren't always the same thing.

[tjmegehe]

Originally Posted by fmita

How long do you think it will take for michigan to stop sliding down hill?

I think that michigan will stop sliding down hill when the big 3 start making great cars again that can compete with the japanese and eventually surpass them. I think the big ticket is dependable hybrid and electric cars.

[Driller1]

First let me say I love to live in Michigan. What will it take to turn it around? Nothing. The rest of the nation will slide down to where we are now. We are a society of credit cards, easy but expensive mortgages. We wanted it quick, now it has come home to roost. Our life styles will change. It is as simple as that. I am just glad I got mine while the "getting was good".

[baystater]

Originally Posted by Mommyofboys

Didn't people "discover" Michigan back in the day for it's auto industry? Not just to be part of the auto industry, but with any and all things associated with it and around it. It just seems like most people have grandparents/parents who are from the south. Now that the big 3 is doing poorly, no matter what, it's gonna effect the entire state in some way or another. Those were well paying jobs. Look how many lost their jobs, accepted buy outs, or just got nothing. Those people are the ones who quit shopping in the store, buying cars, homes, etc. So that does have a chain effect on anything and everything. No one is building new plants or expanding. I know teachers who were one of hundreds to be laid off. I know a cop who said he wasn't worried cause he felt that his job wasn't effected by all this. Well, he got laid off too and was shocked to say the least. There is no such thing as job security anymore. Expecting people with new blood to come in and save our state sounds a little far fetched. What are they gonna come here and do that they couldn't do in their state? What is making Michigan stand out from the rest? No one is gonna come here if there is nothing to come too. The cost of living isn't all that low. Look how much we pay for car insurance, gas in the winter, taxes, etc. There are MANY states who's cost of living is much, much lower than ours. I just think it's really hard to be positive when it's your family who worked in one of the big 3 plants and you watch them struggle, or the commercial construction workers in your family who can't find a job cause work is so slow, or the teachers who spend 4 years going to school who now has to work as a waitress to pay her school bills cause she can't get a job as a teacher. I am really happy for the people who weren't effected by our economy. That does give some hope that not everyone is going through hard times. But I just don't think it's fair to judge those of us who have had it bad. What you want and what you can get aren't always the same thing.

I understand your frustration and I know things are not looking good right now. And know that there are many good and hardworking people that are going to stayt in the state and try to make michigan a better place in the coming years. But you see your opening statement about the big 3 shows me the endemic problem in thinking with the old blood of Michigan. As I said earlier Michigan needs some new blood both in the Business and in Political scenes that will energize the state. Michigan needs a new breed of aggressive entrepreneurs and new bolder type of politic ans that will take chances on new industries like alternative energy research, medical equipment production, and drug production, perhaps even some financial type businesses.
Let face it Manufacturing in the country for the most part is dead. Cars, machinery,steel, etc. can be made anywhere cheaper. But the things I mentioned above more than likely can only be made in the U.S., Canada, and some of Europe.
Granted your right (for now) there are other states that could be cheaper to do business in and maybe cheaper to live. But as always everybody rushes to these cheap areas and drive up prices. Just look at Florida over the last ten years prices on real estate in a lot of areas quadrupled in price and doubled the taxes. Florida is not the hot spot it once was and less people are moving there now because it ain't so cheap anymore. Actually they're now all headed toward North Carolina and South Carolina. So what do you think is going to happen there next? Cost of living will go up and North and South Carolina will not be so hot anymore. So where to next? I don't know. But eventually Michigan will be back around again and will be "hot" again. Especially all the urban areas the already have infrastructure and just need to be gentrified.
One last thing if you couldn't guess by my screen name I'm a native of Massachusetts. Just go to realtor.com and look at the house prices in Boston and it's surrounding areas. Michigan is a bargain. In fact check out most of the northeast look at the prices and or taxes on the properties. Look at what we pay for car insurance, how much we pay for tolls and other fees. Michigan ain't so bad.