Reply #3: Michigan is in an Economic Depression

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http://www.detnews.com/apps/pbcs.dll/article?AID=/20061117/UPDATE/611170449&SearchID=73264037744898

Michigan's recent job loss compares to the Great Depression

A highly-regarded economic forecast to be released in Ann Arbor this morning compares Michigan's massive job loss in the past six years to the Great Depression and paints a bleak picture for the next two years.

Michigan lost 336,000 jobs in the past six years and it will lose another 33,000 in the next two years -- the longest stretch of employment loss in the state since the 1929 stock market crash plunged the nation into bleak times, say University of Michigan economists Joan Crary, George Fulton and Saul Hymans. This time the pain is focused solely in Michigan because of its reliance on the auto industry.

"Michigan is being battered by one of the most tenacious economic storms ever confronted by its citizenry," the economists write in their 28-page forecast. "At no time in its history, or at least as far back as the records take us, has the state endured such a drawn-out disturbance."

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