SOUTHFIELD (WXYZ) - As the country inches toward the so-called “financial cliff,” one economist has a stern warning for Michigan.
“Michigan would be a wipe out compared to the other states,” said David Littmann, the senior economist for the Mackinac Center for Public Policy.
Littmann says the state’s economy, which is heavily tied to automakers, depends on a strong recovery. He believes the current national recovery would be crippled if Bush and Obama era tax cuts expire while across-the-board spending cuts go into effect.
“Michigan can never be divorced from national economy,” said Littman. “We depend on the very basics of growth and income, employment, purchasing power and confidence.”
Americans are hoping the previous standstill between Congress and the White House can be efficiently overcome in the near future.
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