The economic crisis in our country is nationwide, but each individual state has its own struggles with gain and loss. The financial news in the state of Michigan is a curious one since it is the home of numerous major car manufactures that have accepted bailouts from the government. In addition, it is the home of countless household names that serve millions of people daily in our country alone. Has this state stayed above water when it comes to this economic crisis?
With Michigan being a state with many big companies that service the world, one would wonder how they are fairing in this financial crisis. This state is home to large companies such as Gerber, Jiffy, Dow, Amway, and countless more companies that serve our everyday life. Google this list and imagine your life without them. In addition, Michigan is the home of car manufacturers such as Dodge, Cadillac, Ford, and again, countless more simply in the automobile industry. Has the state of Michigan taken one of the larger hits with more financial news in its state?
Let us look at Detroit, Michigan. It is a large city with over five million in population and spans across ten counties. In this city alone, it is the home of almost a quarter of a million businesses and many serve the US and the world. As of April of 2009, the unemployment rate was at a frightening 13% and predicted to rise to 22% by the end of this year. This is in a city that has a reputation of very low unemployment. Reading these statistics make you take a step back and realize how important the bailouts of the government to the car manufactures to try to save our economy especially in a state where it populates and earns highly in our economy.
Detroit is the home of America’s “Big Three” automakers, General Motors, Ford Motor Company, and Chrysler. These three companies were still struggling to rise above the dip in their business from the September 11 tragedy in 2001. Being hit with the most recent recession made this impossible to continue without our government help. Just reading these small statistics about Michigan alone makes you wake up and see that we are all in this together and the bailouts are crucial to our economy surviving in our country. The financial news in Michigan sounds bleak with it being the home of countless large businesses that many of us rely on daily. Each person can step up and do our part to contribute to this recession, as we are all in this together. The state of Michigan is struggling and seeing much dire times than they have in history.
The Peter Schiff Show Podcast – Episode 326
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