John on February 1, 2011 at 9:51 am
The situation in Michigan is not good. You can view the entire report here, but I think a few key graphs really tell the story. The state is spending more than it takes in (click for full size):
Per capita debt far exceeds personal growth in income:
A lot of this money goes to pay public worker salaries (and compensation) that are significantly above private levels:
The state is also on the hook for billions in pensions for these same employees:
I’d say newly elected Governor Snyder has his work cut out for him.
Category: Energy & Economy |