According to Michigan's debt clock, Michigan's debt is currently over 21% of its annual gross domestic product, amounting to almost $87 billion of total debt. This means that for every Michigan citizen, the state owes $8,316. What's more is that over 1.8 million Michigan citizens are on food stamps, which is close to one fifth of its population. In other words, not good economic numbers that reveal a state that is no where near being self sufficient.
Michigan's budget for 2011 is $1.58 billion, which will do nothing to ease the situation. This year, 2010, marked the 10th straight year in which Michigan had a budget deficit. This goes hand in had with the collapse of the states manufacturing base, notably the automobile industry, during the past decade. In total, automotive employment declined by two thirds, down to only 100,000 jobs today
What do you think must be done to slow down this economic depression in Michigan?