Sure passive income is great, but do you know how much you can make with passive aggressive income? You know what, never mind. Forget we even mentioned it… 😉😂
But seriously, let’s talk about income. It’s kind of a big deal for most people, right? And when there isn’t enough of it, big problems happen. Unfortunately, there hasn’t been enough of it around Michigan for a while now.
Here are Five Fast Facts on poor income growth in Michigan:
- 👀 Webster Says - “Per capita income” is a fancy phrase that just means the total income for a whole state, based on wages, investment income, pensions, and Social Security benefits. Then you divide it by the total number of people in the state (even kids). Not sure why we’re including kids, but at least it’s a consistent measure across the country!
- 📈 Up…But Not Enough - During 2023, Michigan’s per capita income rose from $58k to just over $61k. Any increase is great, of course, but the national average went from $66k to almost $70k in the same timeframe, and is more than 12% higher. Just when you think you’re winning…
- ⏳ Looking Back - It wasn’t always this way! From the 1930s until about 1980, Michigan’s per capita income was actually better than the national average. 💸
- 📉 Regional Rankings - In terms of regional rankings, Michigan is now last in the Great Lakes region, behind Ohio (#38), Indiana (#37), Wisconsin (#30), Illinois (#14), and Minnesota (#12). If this doesn’t get fixed, Michigan will be around #48 in the next 20 or so years. Um, hard pass. Right, state legislature? You’re going to fix this, aren’t you…?
- 🔍 Pinpointing The Problem - A large part of the problem is that (compared to other states) there aren’t enough high wage jobs. This is because we also have a lower education level and job skill level than most states. 😞
🔥Bottom line: Gov. Whitmer has made a lot of statements about bringing in jobs even though most of them haven’t panned out. There’s also the persistent population problem, too. The bottom line is that what’s been done lately hasn’t worked. We really need some genuine solutions if we want to get our state back on track!
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