Michigan has budget surplus thanks to Big Auto bailout

Raise your hand if you think Romney now regrets his bashing of the auto bailout. The Wall Street bailout was all about continuing the lifestyle of the 1% but the Big Auto bailout was about rescuing a state and the 99%. It may have been expensive, but people have jobs, which means tax dollars. Why are the GOP presidential candidates so offended by the middle class having jobs? ABC News:

“Since the depths of the recession, we’ve seen manufacturing stabilize and start to come back,” said Robert Dye, chief economist for Comerica Bank. “What we’ve seen in the auto industry lately has been good news for the state.” In fact, it’s been very good news: Tax revenues have jumped so dramatically that Michigan now enjoys a $457 million budget surplus. The auto industry is driving the nascent recovery in Michigan, where manufacturing accounts for more than 20 percent of the state’s economy. Indeed, U.S. car sales are revving up at the fastest rate in nearly four years, rising 11 percent in January over a year ago. The state’s unemployment rate, while still higher than the national average,has dropped from 12.6 percent, in March 2009, to 9.3 percent in December.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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