LANSING, Mich. (May 19, 2023) — Following today’s state Consensus Revenue Estimating Conference today to finalize revenue estimates, Senate Appropriations Chair Sarah Anthony (D-Lansing) shared her perspective on the state budget process going forward and the economic impact of the Senate Majority’s tax improvements and policy changes passed this year.
“These adjustments were driven by meaningful public policy changes that provide a historic $1 billion in tax relief for Michiganders and the significant investments in housing and other community development needs we have already made. Our state budget is an extension of that work to help lower costs and help people and their families make ends meet,” said Sen. Anthony. “When my colleagues and I talked about the Senate budget we passed last week, notice that we focused on its impact on people—not memorized budget figures. That’s because our focus won’t change, even if revenues do. We will take these estimates and keep working with our colleagues across the aisle to deliver a transformative, innovative and equitable budget for the people.”
As state leaders and fiscal experts discussed Michigan’s fiscal and economic conditions and statistics today, a particularly important economic number came out yesterday: the state unemployment rate has dropped to 3.8 percent in April. That ties the pre-pandemic February 2020 rate and is comparable to the lowest the rate has been since the 1970s. The labor force participation rate is also the highest it’s been in three years.
These numbers show a positive personal impact and economic response to Sen. Anthony and the Michigan Senate Democratic Majority’s policy priorities that have passed between the January and May CRECs. These improvements will help pay for themselves in the positive, broader impacts they will have on Michigan’s overall economy, small businesses and communities.
The Working Families Tax Credit helps working families get by and has the backing of numerous state and local business organizations. Investing in increased and better housing stock was a direct response to the requests of workers, businesses and communities. Passing more inclusive policies to make our state a more welcoming, accepting, and competitive place. And making investments to recruit big, innovative projects that will help create jobs, diversify and modernize our economy, and move our state toward cleaner, greener energy and transportation options.
“These unemployment and labor force participation benchmarks tell us that our policies are working, and that businesses and workers alike are benefiting from the improvements being made by the Democratic majorities in the Legislature and Gov. Whitmer,” Anthony said. “I love this state and will continue working to make it better for everyone, in the budget process and beyond.”
###