The FICO/medicare/medicaid taxes you see on your check are matched by your employer every week. And they also pay an additional unemployment tax line item. This is why self employed people have to pay an additional 15%, to cover the part the employer usually does.
I agree with most of the fundamentals that Silverchild brings up. But there's more to it than that. The entitlement mind-set needs to be changed. The idea that things things last for ever needs to be changed. Michigan has just passed a 2 year limit on welfare. So, what you are going to see is a massive exile from Michigan to other states. Great for Michigan, but it doesn't solve the problem at a federal level.
With dirt cheap housing (no jobs, no one lives there, and 100,000s of empty properties) and no more welfare people, Mi may just be the next economic boom due to lowered taxes and little fiscal burned being put on it any more. I'd put them in my 10 year watch.
Meanwhile, the 5 states that butt up to them are going to be in utter dire straits. ohion and Illinois especially as they will be receiving most of the influx of the entitlement population from the exodus.
I agree with most of the fundamentals that Silverchild brings up. But there's more to it than that. The entitlement mind-set needs to be changed. The idea that things things last for ever needs to be changed. Michigan has just passed a 2 year limit on welfare. So, what you are going to see is a massive exile from Michigan to other states. Great for Michigan, but it doesn't solve the problem at a federal level.
With dirt cheap housing (no jobs, no one lives there, and 100,000s of empty properties) and no more welfare people, Mi may just be the next economic boom due to lowered taxes and little fiscal burned being put on it any more. I'd put them in my 10 year watch.
Meanwhile, the 5 states that butt up to them are going to be in utter dire straits. ohion and Illinois especially as they will be receiving most of the influx of the entitlement population from the exodus.