Some Suggestions for Michigan's Problems
Points to ponder:
--Great interview between Metromode and Terry Cross on "Reinventing Michigan's Economy." Cross serves as Wayne State University's first Entrepreneurial Executive in Residence. According to Metromode's News Editor Jon Zemke, "Cross spent years working Wall Street through the heyday of "Greed is Good" 1980s and more than a decade in the venture capital game in Silicon Valley during the 1990s and early 2000s." A good guy to talk.
--Another fascinating read from dBusiness, the business magazine arm of Hour Detroit. They have a long essay by Lou Glazer, president and co-founder of Michigan Future, Inc., a non-partisan, non-profit organization. Michigan Future's mission is to be a source of new ideas on how Michigan can succeed as a world class community in a knowledge-driven economy. Its work is funded by Michigan foundations.
What made us prosperous for nearly a century — an extraordinarily long run — was the abundance of good-paying, low-skill jobs, primarily in manufacturing. In a flattening world driven by technology and globalization, those jobs are gone forever. Unfortunately, with the continuing decline of the domestic auto industry, it's highly likely that Michigan will, in the next few years, fall to the bottom 10 states in per-capita income. This is a stunning collapse of what was one of the most prosperous states in the nation. To effect a turnaround, Michigan needs to confront some basic truths. First among them: high-pay, low-skill jobs aren't coming back. The auto industry will never again be the major engine of prosperity in Michigan. If the domestic auto industry survives the current downturn, it will be substantially smaller, employ far fewer people, and will pay its workers less (with fewer benefits).
Read more of his work here.