This has been a rough fall for Michigan. First John McCain decided he couldn't win here, pulled out his troops and deprived local television and radio stations of millions in campaign advertising. Then both the Detroit Lions and Michigan have shown the nation exactly how to snatch defeat from the jaws of victory on the football field. And let's not even talk about the political demise of Detroit mayor Kwame Kilpatrick.
But there is good news. Michigan no longer leeds the nation in unemployment figures. The state has moved up to a solid 49th in state ranking thanks to the fact that Rhode Island is a solid 50th. As it turns out I was in Rhode Island when the big news broke and I personally want to thank the entire state for helping us out of the cellar. Obviously we have a long way to go but this is an important trend and I believe that even if Chrysler goes under there is a chance, just a chance, that we may be able to recover under a new administration.
First, Michigan is a bargain in terms of housing costs. Second Michigan is actually starting to think about transit alternatives that will make it easier to get to work, if you can find a job. And finally Michigan is well positioned for bailouts whether it's the auto industry or banks.
While foreclosures are certainly a big problem here there is no question that new programs being offered by banks will make it easier for some homeowners to stay put, at least for awhile. And the possibility that Michigan may become an energy exporter by building thousands of wind power stations in the Great Lakes is certainly good news. When you add the fact that the state has a good higher education network, it's possible that enrollment gains will help strengthen this important sector of the economy.
Problems? Of course, replacing auto industry jobs is going to require a lot of new business and financing is certainly not going to be easy. But bootstrapping has its advantages.
