February 02, 2007
February 2, 2007
LANSING - In her weekly radio address, Governor Jennifer M. Granholm today said that the work of the Emergency Financial Advisory Panel, a bipartisan group led by former Governors Bill Milliken and Jim Blanchard, underscores the need for Michigan to find a comprehensive solution to put the state on stable fiscal ground.
"The findings are alarming but not surprising," Granholm said. "The report says that our state's finances are in a perilous position - we're facing immense structural challenges, not just another cyclical downturn. In essence, our economy is changing in ways it never has before - our manufacturing bedrock is shrinking and the global marketplace is demanding new skills."
Economists now estimate that the state is facing a $3 billion shortfall in the current fiscal year and the one that begins in October. The panel said that after years of shrinking revenues and budget cuts, there are no easy answers to the current financial crisis. The report urges that leaders across Michigan come together to find a lasting solution.
In her State of the State Address next week, Governor Granholm will lay out her road map to move Michigan out of this financial crisis. The Governor has set in motion the most aggressive economic plan in the country to diversify the economy, provide affordable college and training, set high standards for our schools, and ensure access to affordable health care. And as she works to resolve this budget crisis, she will continue to focus on bringing good jobs to Michigan and pushing for investments in the things that matter most to Michigan citizens.
"Students, workers, business owners, retirees, investors - all of us - can suffer or prosper depending on the decisions we make in the weeks and months ahead," Granholm said. "On this I think we can all agree: we must focus together on those things that grow our economy and create jobs so that Michigan is the best place to live, learn, and earn - and a good life is possible for all our citizens."
The governor's weekly radio address is released each Friday morning and may be heard on broadcast stations across the state through an affiliation with the Michigan Association of Broadcasters. The address will also be available on the Governor's website on Mondays as a podcast for general distribution to personal MP3 players and home computers.
Broadcasters Note: Governor Granholm's radio address can be accessed through Sunday evening exclusively through the Members Only page of the Michigan Association of Broadcasters website.
Publishers Note: The text of today's address is attached.
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