Apparently Everyone Is Getting Richer In Michigan
Some more great news for us Michiganders according to a new study from the Mackinac Center for Public Policy. As James Hohman, director of fiscal policy put it:
There is more wealth across the board...the rich are getting richer, but the poor are getting richer, too.
James reviewed data from the Census Bureau’s American Community Survey and found that:
- since 2010, the number of Michigan households reporting an income below $30,000 per year declined by 258,000, or 20%.
- The ranks of households with earnings above $75,000 per year, meanwhile, increased by 45%, or 458,000.
James also determined that Michigan’s poverty rate in 2011 was an astounding 17.5% and that percentage had fallen to 14.1% as of last year. The data reviewed from the Census Bureau looked at a family of four whose income is $25,465 or less per year to determine the poverty rate
The Mackinac Center was not the only one who determined that all classes are doing well in Michigan, Don Grimes an economist from the University of Michigan agrees that incomes have been growing for both low and high wage earners.
Also an economist from Comerica Bank, Robert Dye said economic activity indexes have shown that Michigan recovered “very strongly” from the Great Recession.
We need to look at the positive things that are going on and be happy to point it out.