Detroit, Michigan is in the news this week for its decision to file bankruptcy. I am sure the decision was not based on a whim or taken lightly. Governor Rick Snyder gave a most delightful interview that details how we need to move forward with the rest of the country. At last, a politician that is not thinking of himself and his personal legacy, but identifying the problem and taking real steps to resolve it.
In case you have been duped by reports in the media, the facts brutally point out that we are not in recovery. We are in stagnation, and that is a kind estimate of the situation. Retail sales are reportedly subpar. What does that mean? It means that you and I have less disposable income than ever and most jobs are paying less or the same as they paid in pre-2008 years. There is little money for restaurants, home improvement or anything that you absolutely do not have to have. Perhaps a new car was bought as a reaction to the high cost of fuel, which could be another big contributor to the lack of the middle class’ disposable income.
The stock market was down-in-the-mouth this week as major corporation’s earnings were downsized from previously expected levels.
So, if the administration is not going to address the America’s problems properly, perhaps it is time for our Governors to step up. After all, the administration has had about 5 years to “roll up their sleeves” and get the job done. Mostly we have had spin, smoke, mirrors and scandal from the White House—not the type of legacy anyone should want.
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