We have the least (economic) resilience (of all the states), we never built up a surplus. We don't have the momentum, and we will go backwards; the economy of Michigan will get worse relative to the other states, we will go backward 1 to 2 percent.

Freedom is the by-product of economic surplus.

I think it's a general malaise and it's affecting all parts of the (Michigan) economy. Tourism will be affected; I think people are being hit and in winter, they will be hit more than their paychecks have grown. I see nothing that will help this economy, short of big tax cuts.

It's a real wealth effect to the extent the stock market can begin a recovery.

Michigan is not yet at rock bottom, but it will be in three to five years. We are a seeing an economic decline in the next five years.

That would bite on disposable personal income at the end of the month.