DISTRICT NAME HERE

Nov 21, 2014

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DISTRICT NAME HERE. ENTER DATE OR OTHER INFORMATION HERE. STATE REVENUE CRISIS. WHY THE FINANCIAL CRISIS?. U.S. Economy - 2008-09 recession was the most severe economic contraction in 70 years, both in duration and depth

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DISTRICT NAME HERE

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DISTRICT NAME HERE ENTER DATE OR OTHER INFORMATION HERE

STATE REVENUE CRISIS
WHY THE FINANCIAL CRISIS? • U.S. Economy - 2008-09 recession was the most severe economic contraction in 70 years, both in duration and depth • Michigan Economy – 2008-09 recession had a significant impact on the State, even though we had not yet emerged from the 2001 recession. • Payroll employment bottomed out in December, 2009, down 413,000 jobs from December, 2007 and down 783,400 jobs from the April, 2000 peak. • Michigan’s economy is still strongly linked to the automobile industry. Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview
Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview
Note – Above information from 10/20/11 Senate Fiscal Agency State Budget Overview