Tag: deficit

Just out:

The Senate Fiscal Agency projects that there could be a shortfall of about $1.85 billion for the state's general fund. The state's school aid fund is in better shape.

The House Fiscal Agency is expected to put out its own projections next month.

OK.. I resolve!  

Strange..  That was loads easier than quitting smoking.

How are each of you on this magnificent morning?  I woke up with a spring in my step and a song in my heart. (It was the theme song for Perfect Strangers, if you were wondering.)  Toss in the fact that the Tigers play two today against the hated Chicago White Sox complete with a chance to expand the percentage-points division lead and how could anyone complain on a day like today?

Well, I mean, I know HOW folks could complain.  But if that's all you want to do then you're going to have to take that noise somewhere else.  Nobody's brining the rest of us down on a Happy Friday.  Now... to the news!

Let's start in the Ivory Tower, which scored an encouraging exclusive interview with Detroit Mayor Dave Bing.  During their private sit-down Bing announced that he'd seen the light and better, he's ready to act on the Motor City's financial troubles:

After spending most of his first two months in office poring over Detroit's financial books and organizational structure, Bing said the city is so deeply in the red that the following measures must be taken to avoid bankruptcy:

• The consolidation and elimination of some city departments.

• A reduction in nonessential city services.

• Concessions by city employees, including job losses in some cases.

• The hiring of an outside emergency collection agency to help recoup some of the debt owed to the city.

Bonus for Detroiters... not a new tax hike on the list.  Remember, Bing is a Democrat in a 100% Democratic City but he's also a successful businessman who knows exactly what tax increases do to current and potential job makers. The fact that he's looking to plug a $25 million deficit by right-sizing government should be enough to get every Detroiter jumping up and down. Except, maybe, for some of the over-priced bureaucrats whose jobs are suddenly in danger.  (And yes... that counts as happy news, too.)

Bing's apparent leadership on the whole deficit issue looks even sunnier when compared to his Party's leaders in Lansing.  

The Granholm-Cherry administration took precisely the opposite approach yesterday during their own discussions about pools of red ink but even that provided some of the better news conservatives have had in a long, long time!

(There's a bright, shiny silver lining if you read on...)

The same day we learned that Michigan's economy, in the third year of his "leadership" of the state House, has reached a devastating 15.2 percent unemployment rate and that 740,000 Michiganders are officially jobless, the ugliest number since they started keeping the statistic in 1976, Dillon strode to a podium in the Capitol City and told reporters that moms and dads across the state will be forced to endure yet another tax hike.  

Peter Luke reports:

Balancing the state budget in the next 10 weeks will require a combination of cuts as well as revenue, he said.

Never mind the fact that higher tax rates do more harm than good to total tax receipts as they force companies out of business, workers out of jobs and families out of Michigan (remember that "budget-balancing" $1.5 billion tax hike in 2007 and the precipitous fall revenue has taken each year since).  

Never mind the fact that a $10 million-plus property tax hike in Macomb County only three months ago, while aimed at wiping out county government deficits long term, has done nothing more than administer steroids to the problem, producing a projected $32.2 million deficit in 2010 and 2011.

Never mind the fact no one has ever squeezed blood from a stone.  Yesterday afternoon the House Democratic leader made his intentions pretty clear... grab your wallets (those of you who can still afford them) because Lansing's coming calling.  Again.

Not that that's why Dillon called his presser... like a magician distracting you with one hand and hiding an object with the other the man just snuck that one in there and hoped no one was paying attention.  Abra-kadabra.  Poof!  He's going to make our bank accounts disappear.  

And while it certainly won't be worth the price of admission, the distraction coooooould wind up being pretty interesting.

Read on...

No, wait, scratch that.  Too much access for the average Michigander. Change of plans from the White House.

Breaking!  Breaking!  President Obama is going to visit Macomb County today and will be holding an open forum where Michigan moms and dads, while not permitted to speak, will have a chance to attend and hear what the President has to say in person.

Nah.  White House thinks that, too, amounts to too much face time with normal folks.  Try this one...

Breaking!  Breaking!  President Obama is going to visit Macomb County today and will hold a glorified press conference in front of a sycophantic press corps and select invite-only Democratic Party big-wigs?

There's the ticket.  And the only ticket.  No duckets for Michigan's working or unemployed.  Which is a shame.  Even if he isn't inclined to speak to us "normal folks," there's a lot the average Michigander could and very likely would communicate to the man who has injected the federal deficit with anabolic steroids.

Read on...