Stamas comments on improved state revenue and economic outlook
LANSING, Mich. — Senate Appropriations Committee Chairman Jim Stamas, R-Midland, issued the following statement after state fiscal and economic leaders made their economic and state tax revenue projections during Friday’s annual January Consensus Revenue Estimating Conference:
“It is great news that our economy is well positioned for continued growth and that our state revenues are better than previously expected — giving us the resources to meet our needs, improve our state and help Michigan families.
“Even with this substantial revenue increase, we owe it to the hardworking people of Michigan to effectively and responsibly put their tax dollars to use in a positive and productive manner.
“We should also remember that the budget picture we are seeing in state government is not reflective of the reality many families are facing around the kitchen table and in small businesses across our state, where people are struggling with the ongoing pandemic and rising costs.
“I am also concerned about our shrinking workforce. The Senate Fiscal Agency estimates if we had the same labor force as we did before the pandemic, our unemployment rate would be more than double what it is today. In addition, not having enough workers affects the ability of current employers to do business and our ability as a state to attract new jobs and investment.
“As we look at making long-term investments, we must continue to be wise and guarded with state spending. The last two years have illustrated that change can happen quickly and dramatically, so we need to be as prepared as we can be to meet any future challenges.”