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Old 06-08-2011, 06:26 AM
 
Location: St. Joseph Area
6,235 posts, read 8,633,529 times
Reputation: 3108

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Michigan's recession is over at last, economists say | Detroit Free Press | freep.com (http://www.freep.com/article/20110608/BUSINESS06/106080430/Michigan-s-recession-over-last-economists-say?odyssey=tab|topnews|text|FRONTPAGE - broken link)

It finally looks like things are on the upswing for sure. Here's some concrete proof, according to economists.
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Old 06-08-2011, 06:48 AM
 
Location: Loving life in Gaylord!
4,121 posts, read 7,951,929 times
Reputation: 3895
Not sure if its over, but you definitely cant keep Michigan down for long....we'll be fine.
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Old 06-08-2011, 11:41 AM
 
7,311 posts, read 9,762,902 times
Reputation: 8732
Quote:
Originally Posted by michmoldman View Post
Not sure if its over, but you definitely cant keep Michigan down for long....we'll be fine.
I disagree with the second half of that statement, my friend. Whoever-it-was has kept us down for a good, solid 10 years. But I'm delighted to see some progress at last. And not just becauise of the McDonald's hiring spree.
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Old 06-08-2011, 12:19 PM
 
5,845 posts, read 11,134,335 times
Reputation: 4499
Its the story of Michigans life. No other state is as prone to economic roller-coaster ride as Michigan. It just with the economic territory. When Americans (or actually around the world, since the big three have a global market) feel a little unsure about the economy, the first thing they do is that they hold off on buying a car. When they feel more confident, they buy a new car.

And honestly the juxtaposition of abandoned building next to beautiful buildings in Detroit, is really reflective of this.

Hopefully this can be sustained. The 90s were a partial recovery of Michigan and the Detroit area, after the struggles of the 70s and 80s, but hopefully diversification can finally be realized, even if Michigan and Detroit won't ever see the uninterrupted economic from 1910 to 1970 again. And it certainly by no means has to have that, to be an attractive and desirable place to do business.
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Old 06-08-2011, 01:35 PM
 
Location: Grand Rapids Metro
8,872 posts, read 17,742,937 times
Reputation: 3833
Boom! Suck it you Sunbelt states!

Michigan's economy grows 2.9% in 2010, outpaces the national average | MLive.com
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Old 06-08-2011, 01:57 PM
 
Location: State of Superior
8,632 posts, read 14,229,402 times
Reputation: 2777
We never had a real recession up here in da UP. I am sure there are other places like us in the State or elswhere..... That said , yes a lot of folks got layed of at the Mines because of the low demand for steel down state, but they are back now , Cleveland just bought a slug of new mine trucks at about 2 million each I think. Also , Marquette is growing , the population is up for the first time in years.... Very little due to any recession.
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Old 06-08-2011, 11:50 PM
 
Location: Santa Maria, CA
766 posts, read 1,446,589 times
Reputation: 651
I think the expression "twice nothing is still nothing" applies. Glad MI is doing a little better but it was way worse to begin with.

Quote:
Originally Posted by magellan View Post
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Old 06-09-2011, 05:55 AM
 
Location: West Michigan
12,083 posts, read 34,951,872 times
Reputation: 16907
Quote:
Originally Posted by Sparrow_temp View Post
I think the expression "twice nothing is still nothing" applies. Glad MI is doing a little better but it was way worse to begin with.
Actually, that saying doesn't apply at all.
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Old 06-09-2011, 06:30 AM
 
Location: Here.
14,551 posts, read 13,280,269 times
Reputation: 17032
Let's just hope everyone has learned their lessons:
  • Hopefully the automakers have learned that they are in a cyclical industry and that they need to save for rainy days. (Apparently they don't teach this in Harvard Business School!) The fact that GM had to be in bankruptcy for just a year is quite comical and pathetic considering the auto industry has experienced numerous recessions over the past century. (But who studies history nowadays? Guess there is no need to when you are guaranteed to walk away with millions even if you screw up a company. )
  • Hopefully the unions have realized that they are not only competing among the Big3, but with foreign automakers as well, including those with plants in the US. You'd think they would have realized this decades ago as well, yet it took their companies' filing for bankruptcy to admit that being paid 95% of wages while being laid off ("Job Bank") was not industry standard in Japan and Korea.
  • Hopefully working people realize that layoffs are a part of life in our economy and have made commitments to themselves (and their dependents) that they will put money aside for rainy days instead of splurging with any newfound wealth that this recovery may bring.
We'll see.
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Old 06-09-2011, 06:32 AM
 
Location: West Michigan
3,095 posts, read 5,624,476 times
Reputation: 4404
Quote:
I think the expression "twice nothing is still nothing" applies. Glad MI is doing a little better but it was way worse to begin with.
Actually, I think this applies more to the original Sun Belt boom than it does to Michigan. A "bad economy" is all relative. After a decade of the worst economic downturn of any state BY FAR, we are still 13th nationally in GDP per capita. List of U.S. states by GDP - Wikipedia, the free encyclopedia Which says that Michigan, at rock bottom, is still more prosperous than the majority of states.

When people talk about Michigan having a "terrible economy", it is more due to the comparisons to our economy of the past, than an honest look at the economic activity that we have compared to other states. There is a ton of wealth and economic activity in Michigan. But it's a lot less than we once had. And we haven't lost population at a rate that equals our economic decline. Hence the high unemployment and negative press.
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