Funniest line: "You should run for office!" says Gov. Granholm.
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This segment was about Obama's announcement on using TARP funds to stimulate job creation - and catch the bold at the end:
Obama proposed new spending for highway and bridge construction, for small business tax cuts and for retrofitting millions of homes to make them more energy-efficient. He said he wanted to extend economic stimulus programs to keep unemployment insurance from expiring for millions of out-of-work Americans and to help laid-off workers keep their health insurance. He proposed an additional $250 apiece in stimulus spending for seniors and veterans and aid to state and local governments to discourage them from laying off teachers, police officers and firefighters.
The cuts to teachers and public safety workers we are seeing in Michigan are happening all over the country, state budget cuts threatening to undermine a fragile recovery.
Some private forecasters have begun to ask whether the state budget cuts and tax increases that lie ahead will stall the economy. Goldman Sachs estimated last July that the fiscal drag from state budget cuts and tax increases could reduce GDP by 0.6% to 0.7% over the coming year as states move to close their deficits. The outlook for state fiscal year 2011 is even grimmer; as noted, actions states will have to take to eliminate deficits for that year are likely to drag down GDP by more than 0.9% and could cost 900,000 jobs.
Doesn't mean we could skip out on reforming our tax structure here in Michigan - but any short-term budget help we can get will be greatly appreciated.
I bet Arnold is thinking the same thing as well.