The easiest thing to say in the world right now is that some US states are suffering more than others in the recession. The national media rightly focus on the headline figures showing the total numbers of unemployed, the foreclosure rate, and so on. This can be somewhat deceiving because it hides the fact that some states are actually turning in statistics very different from the national average. In Michigan, for example, the unemployment rate stands at 15.3%. The government estimates that, by the end of 2009, some 310,000 jobs will have disappeared with no sign of any consistent move for businesses to begin rehiring. That’s why Michigan has sponsored a tax rebate for small businesses – the majority having been unprofitable for the last year – and is extending a tax credit to home buyers to help meet their mortgage obligations – Michigan is ranked 8th in the national foreclosure rank. Not surprisingly, Michigan is facing a budget deficit right now and, with the cost of the tax rebate and credits extending into 2010, the deficit can only grow worse. Read the rest of this entry »