The “College Admissions Scandal,” which broke in March 2019, galvanized the nation’s interest. The scandal involved parents paying illegal bribes to gain admission for their children to prestigious universities. The fact that some well-known celebrities were arrested in the FBI investigation, code-named “Operation Varsity Blues,” attracted widespread attention. What has attracted less attention is that
In the 2018 election, fixing the roads was the top issue for Michigan voters. Certainly, the roads are in rough shape, though how rough depends on the type of road. Seventy-five percent of the state roads – roads with an I, U.S., or M-designation – are rated as being in “fair” or “good” condition.
The Green New Deal, which was proposed by Representative Alexandria Ocasio-Cortez (D-NY) and supported by numerous presidential candidates, has received a great deal of attention. Proponents advocate that the plan is necessary to reduce carbon emissions. Proponents also claim that implementing green technology, such as upgrading buildings for energy efficiency and switching to renewable energy
The federal government was shut down from December 22, 2018 until January 25, 2019 for a record 35 days due to the debt ceiling being reached. There have been ten shutdowns since 1980, with three occurring since 2010. What is the debt ceiling? Article I, Section 8 of the United States Constitution gives Congress
The stock market ended 2018 down seven percent for the year, pushing the market into bear market territory. Does this mean a recession is around the corner in 2019? Recessions, on average, have occurred (roughly) every eight years since the end of World War II. The current economic expansion, which has been going on
General Motors recently announced that they were closing five plants and cutting 14,000 jobs. Why are they doing this? Much has been written on the resurgence of the domestic auto industry following the 2008-09 recession and GM’s return to profitability; however, there are less reassuring trends. One is that General Motors continues to lose
Ebenezer Scrooge is an infamous Christmas villain. However, looking at him through an economic lens shows that he is, actually, a productive member of society who gets a bad rap. Scrooge owns a money-lending business. “Money-lending” has an unfair connotation, as Scrooge is just running a bank and issuing loans. Banking plays a crucial
The 2018 news cycle was dominated by political turmoil, evidenced by the controversy surrounding Judge Brett Kavanaugh’s nomination to the Supreme Court. This noise overshadows the fact that, all things considered, 2018 was a prosperous year. As Americans, we have a lot to be thankful for. The American economy was the strongest it has been
The cut in the corporate tax rate from 35 percent to 21 percent is the centerpiece of the Tax Cut Package that took effect this year. This put the United States in line with the rest of the developed world, which has a 24.1 percent average corporate tax rate. Since corporations are just groups of
President Trump’s so-called “trade war” has gotten a lot of media attention. Tariffs raise prices for consumers, as illustrated by the recent price increase for washing machines, a good that recently received tariff protection. Tariffs on raw materials raise costs for U.S. manufacturers, which cuts into their profits and reduces their competitiveness. Second quarter 2018
It has been a decade since the Great Recession, and Michigan’s economic recovery is a mixed bag. The state got hit harder than the rest of the nation. Our economy declined by an average of 6.5 percent in 2008 and 2009, while the nationwide economy declined by an average of 1.9 percent. Michigan’s unemployment rate
Michiganders remember when anyone could get a high paying factory job straight-out of high school and then retire in 30 years with a pension. Those days are gone. Why? Manufacturing employment has substantially decreased across the country. In 1990, 18 million people worked in manufacturing while 12 million did in 2017, a 33 percent decrease.
