Sunday, December 21, 2008

Michigan's Eight Year Recession

As a follow up to my last posting on employment conditions at the state level, I thought a look at Michigan might be of interest to some readers given the debate surrounding the state's auto industry. Take a look at this striking figure of Michigan's NFP employment, where the numbers in the vertical column are in the thousands:

In terms of employment, the recession did not start in 2007 for Michigan but in 2000. Now that has to be some kind of record.

1 comment:

  1. Of the money we have seen thrown around thus far let me ask you this, that 168 billion that our country borrowed to give away to us in the form of an "economic stimulus package" ...did it do a darn thing to create jobs or stimulate our economy. NO, nothing. And we borrowed the money from China. This past year the high cost of gas nearly destroyed our economy and society. More people lost jobs and homes as a direct result of that than any other factor in our history. Fannie and Freddie continue to get all the blame. Of all the homes I have seen lost in my area SW FL and believe me I have seen many, none were due to an adjustable mortgage. They were due to lack of work. Families went broke at the pump alone. Then added to that were increased electric rates FPL raised ours 16%. The high cost of fuel resulted in higher production and shipping costs that were passed on to the consumer, in most cases higher prices for smaller packaging. Consumers tightened their belts, cut back, went out to eat less or stopped totally. Drove around on tires that needed replacing longer, some even quit buying medicines they really need. Unfortunately cutting back and spending less results in even more layoffs. A real economical catch-22. And, as we are doing the happy dance around the lower prices at the pumps OPEC is planning to cut production to raise prices. They are even getting Russia in on the cutbacks. Oil is finite. We have used up the easy to get to reserves already. It will run out one day. We have so much available to us. Solar and Wind are free sources of energy. Of course to get the harnessing process set up is somewhat costly it is still free energy. It would cost the equivalent of 60 cents per gallon to charge and drive an electric car. The electricity to charge the car could be generated by solar or wind at least in part and in most cases totally. Why not use some of these billions to promote the set up of alternative energy projects on a national level? Give tax breaks and incentives to promote this. We could create clean cheap electricity, create millions of BADLY needed new green collar jobs, and most importantly get out from under our dependence on foreign oil. We should never allow anyone to have that much control over us as a nation. If all gasoline cars, trucks, and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. What a powerful resources we have neglected. Jeff Wilson has a profound new book out called The Manhattan Project of 2009 Energy Independence Now. I suggest anyone interested in this subject read this book. www.themanhattanprojectof2009.com

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