Michigans economic health second-best
LANSING--A national evaluation of the states released by Bloomberg ranked Michigan second-best in economic health. State Sen. Mark C. Jansen, R-Gaines Township, said Michigan’s high standing is the result of reforms taken to turn the state around.
“The reforms we have made are working,” said Jansen, chairman of the Senate Reforms, Restructuring, and Reinventing Committee. “Bloomberg is one of the world’s top business and financial information services. Their report confirms that the work lawmakers have put in this year is beginning to pay off.”
The Bloomberg Economic Evaluation of States considered indicators such as personal income, tax revenue, employment and housing prices in its analysis, placing Michigan second only to North Dakota, a state in the midst of an oil boom.
One of the year’s most significant pieces of legislation was Public Act 152, sponsored by Jansen and signed into law in September. The law will save half a billion dollars in taxpayer money for the costs of public employee benefits by limiting the amount a public employer can spend toward health care and increasing employees’ contribution toward the costs. The act also will address long-term budget instability and strengthen local governments and school districts.
“This measure provides much-needed tax relief and helps us stretch our tax dollars,” Jansen said. “These funds can now be used to pay for more local services or be used to hire more police officers.”
Jansen also cited the replacement of the ineffective Michigan Business Tax, the passing of a structurally sound state budget in record time and the slashing of bureaucratic red tape as other factors contributing to the high ranking by Bloomberg.
“While we still have a long way to go, Senate Republicans are making good on our promises,” Jansen said. “We are delivering substantial reforms to reduce unnecessary regulations, improve the economic climate to create jobs and improve the quality of life for Michigan families. I am pleased the state economy is getting healthier and experts are recognizing it.”
The Bloomberg study follows the Fitch Ratings agency upgrade to Michigan’s bond rating outlook last summer.
Posted: Thursday, November 03, 2011
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