Michigan’s Budget Crisis
April 25, 2007
For all of the national financial news we digest, I cannot emphasize how influential your state and local governments are in your day-to-day affairs. This is especially true when we consider that many states (unlike the federal government) require balanced budgets.
And if you balance your checkbook, you know you can only spend what you have. Similarly, the state of Michigan is in difficult place because our state revenues are dropping so precipitously, we have to either (probably both) raise taxes or cut government spending on critical government services, like education, welfare benefits, etc.
To help put the budget woes of Michigan in perspective, I listen to Michigan Public Radio’s coverage on the budget crisis. This programming not only puts the issues we face in a proper context but it breaks down how budget decisions will impact your life using tangible examples. I suggest that you listen to these broadcasts if you are from Michigan and if you are not from Michigan, make a point to find out what your state legislature is up to.
Stay up fam,
Brandon Q.
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