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Michigan's Economic Recovery Post-2008 Recession: Addressing the State Revenue Crisis

Explore the impact of the 2008-09 recession on Michigan's economy, the challenges faced in revenue generation, and strategies for recovery. Learn how the state's financial crisis evolved and the role of the automobile industry in its economic landscape.

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Michigan's Economic Recovery Post-2008 Recession: Addressing the State Revenue Crisis

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  1. DISTRICT NAME HERE ENTER DATE OR OTHER INFORMATION HERE

  2. STATE REVENUE CRISIS

  3. WHY THE FINANCIAL CRISIS? • U.S. Economy - 2008-09 recession was the most severe economic contraction in 70 years, both in duration and depth • Michigan Economy – 2008-09 recession had a significant impact on the State, even though we had not yet emerged from the 2001 recession. • Payroll employment bottomed out in December, 2009, down 413,000 jobs from December, 2007 and down 783,400 jobs from the April, 2000 peak. • Michigan’s economy is still strongly linked to the automobile industry. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview

  4. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview

  5. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview

  6. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview

  7. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview

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