economy

We collectively owe around $828 billion in revolving credit debt (that includes credit card debt), according to the latest numbers from the Federal Reserve.

Now, a column in the Detroit Free Press is reporting that for the first time ever, student loan debt has outstripped  revolving credit debt, coming in at $850 billion.

The Great Recession has meant tough times for state governments. Michigan has been hit extra hard and leaders in the state have been fighting over a shrinking budget for several years.  These budget battles have led to brief government shutdowns in years past. But with the new fiscal year starting October 1st, leaders in the state seem to have resolved their differences.

A report from the Institute for Policy Studies looked at CEO compensation from the 50 companies that layed off more workers during the recession. They found the CEOs at these companies are paid more, on average, than the average pay for the CEOs running to top 500 companies in the U.S. (S&P 500).

Sarah Anderson is the lead author of the report.  She says,

"CEOs are squeezing workers to boost short-term profits and fatten their own paychecks."  

There's a new post on Michigan Radio's Picture Project site.  Bob Vigiletti has eighteen beautiful shots taken in the waning years of the Michigan State Fair.  The fair, proclaimed to be the country's oldest, was closed because of declining attendance and revenues in 2009. Vigiletti writes:

It is only through out thoughts and photographs that we preserve and cherish memories of the past.

(by Rina Miller, Michigan Radio)

Michigan actually fared better in new home sales than other parts of the nation.  Some economists say improvements in the auto industry are helping stabilize Michigan's economy.