debt http://michiganradio.org en Detroit is not the only city in Michigan facing enormous budget challenges http://michiganradio.org/post/detroit-not-only-city-michigan-facing-enormous-budget-challenges <p>All eyes are on Detroit this week, following Tuesday’s historic ruling on Detroit’s eligibility for bankruptcy. For those living outside the city, it's easy to separate themselves from Detroit's problems.&nbsp;</p><p>But many experts say Detroit is not alone.</p><p>Detroit is not Michigan's only city that faces enormous budget challenges. Unfunded liabilities and retiree debt are adding up all across our state.</p><p>Ted Roelofs, a contributing writer to Bridge Magazine, recently wrote <a href="http://bridgemi.com/2013/11/detroit-coming-to-a-city-near-you/">a piece</a> that argues that other cities in Michigan will not be immune to rising legacy costs that, in part, did Detroit in.</p><p>Roelofs and John Pottow, a bankruptcy expert at the University of Michigan, talk with us about the future of other Michigan cities in the wake of Detroit’s bankruptcy.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 05 Dec 2013 21:49:45 +0000 Stateside Staff 15559 at http://michiganradio.org Detroit is not the only city in Michigan facing enormous budget challenges Michigan college grads facing increasing student loan debt http://michiganradio.org/post/michigan-college-grads-facing-increasing-student-loan-debt <p>A new report shows <a href="http://projectonstudentdebt.org/state_by_state-view2013.php?area=MI">Michigan college students are carrying a lot of student loan debt.</a></p><p>The <a href="http://projectonstudentdebt.org/files/pub/Student_Debt_and_the_Class_of_2012_NR.pdf">Institute for College Access and Success</a> says Michigan college graduates who earned bachelor’s degrees in 2012 owed nearly $29,000 in student loans.</p><p>Debbie Cochran is with the institute. She blames the recession and declining government support for forcing students to borrow more to pay for college.</p> Thu, 05 Dec 2013 13:58:00 +0000 Steve Carmody 15543 at http://michiganradio.org Michigan college grads facing increasing student loan debt The 10 Michigan communities with the highest legacy costs http://michiganradio.org/post/10-michigan-communities-highest-legacy-costs <p><span style="line-height: 1.5;">To call Detroit’s legacy costs underfunded would be, well, an understatement.</span></p><p>According to the city’s numbers, Detroit’s pension and retiree healthcare funds are about $9.2 billion short.</p><p>But Detroit is not the only Michigan city with major legacy costs — not by a long shot.</p><p>Legacy costs, or costs undertaken by local government for future use, have been taken on by more than 280&nbsp;of Michigan’s 1,800 communities, <a href="http://bridgemi.com/2013/11/searchable-database-legacy-costs-in-your-community/">according to data compiled by Bridge Magazine</a>.</p><p>And while Detroit has the highest amount of total unfunded legacy cost, the per capita numbers show a slightly different picture.</p><p> Fri, 15 Nov 2013 20:59:58 +0000 Michigan Radio Newsroom 15308 at http://michiganradio.org The 10 Michigan communities with the highest legacy costs Stateside for Wednesday, November 13, 2013 http://michiganradio.org/post/stateside-wednesday-november-13-2013 <div><p>On the show today, a surprising new study shows binge drinking is up among high school students, and that's not all. It's a rising problem across the Midwest.</p></div><div>&nbsp;</div><div>Then, a very personal story from a filmmaker who overcame being a bully, and how her mission to educate kids and parents resulted in a powerful film.</div><div>&nbsp;</div><div>And, we took a look at Michigan House Speaker Jase Bolger's&nbsp;visit to Detroit and what he learned while there.</div><div>&nbsp;</div><p>First on the show,&nbsp;<span style="line-height: 1.5;">As Detroit's troubles and "dirty laundry" have been aired out on a world-wide stage, there has been plenty of finger-pointing and judging of the city's leaders, employees, retirees and citizens.</span></p><p>But a new analysis from Michigan State University suggests we might want to hold up on judging Detroit and take a look at our own cities and towns.</p><p>That MSU report finds cities all around Michigan face the very same mountain of "legacy" debt that toppled Detroit.</p><p>Study co-author Eric Scorsone joined us today.</p><p> Wed, 13 Nov 2013 21:32:44 +0000 Stateside Staff 15270 at http://michiganradio.org Stateside for Wednesday, November 13, 2013 New MSU report says other Michigan cities might be in the same trouble as Detroit http://michiganradio.org/post/new-msu-report-says-other-michigan-cities-might-be-same-trouble-detroit <p>As Detroit's troubles and "dirty laundry" have been aired out on a world-wide stage, there has been plenty of finger-pointing and judging of the city's leaders, employees, retirees and citizens.</p><p>But a <a href="http://msue.anr.msu.edu/uploads/236/33228/MI_Municipal_Worker_OPEB_Costs_2013-03-14-13_update.pdf">new analysis</a> from Michigan State University suggests we might want to hold up on judging Detroit and take a look at our own cities and towns.</p><p>That MSU report finds cities all around Michigan face the very same mountain of "legacy" debt that toppled Detroit.</p><p>Study co-author Eric Scorsone joined us today.</p><p><em>Listen to the full interview above.</em></p><p> Wed, 13 Nov 2013 21:30:04 +0000 Stateside Staff 15264 at http://michiganradio.org New MSU report says other Michigan cities might be in the same trouble as Detroit In this morning's news: Rally for Trayvon, Straits of Mackinac oil pipeline, student loan debt http://michiganradio.org/post/mornings-news-rally-trayvon-straits-mackinac-oil-pipeline-student-loan-debt <p><strong>Rally held in Detroit for Trayvon Martin</strong></p><p>More than a hundred <a href="http://www.michiganradio.org/post/justice-trayvon-detroiters-protest-honor-trayvon-martin">protesters rallied in Detroit</a>'s Grand Circus Park yesterday in response to the not guilty verdict in the George Zimmerman trial. Zimmerman was charged with second degree murder in the shooting death of black 17-year-old Trayvon Martin in Florida. Rally goers described a desire for overall social change regarding civil rights issues like education, mass incarceration and gun violence.</p><p><strong>Oil pipeline worries Michigan environmentalists </strong></p><p>Environmental groups have rallied to call attention to an <a href="http://www.michiganradio.org/post/environmentalists-worry-about-oil-pipeline-beneath-mackinac-straits">oil pipeline that crosses the Straits of Mackinac</a>, the area linking Lakes Huron and Michigan. Critics say the 60-year-old pipeline at the bottom of the straits is aging and risky.They also fear Enbridge will pump heavy tar sands oil through the line, although the company says it has no plans to do so. It says the line is safe and regularly monitored.</p><p><strong>Student loan debt higher for less expensive colleges</strong></p><p>College students who go to pricier state schools are graduating with less student loan debt than those from supposedly less expensive state schools. On average, graduates from Michigan Tech, Central Michigan and Eastern Michigan University all have more student loan debt than those from Michigan State or the University of Michigan. Debbie Cochrane, research direction at the Institute for College Access and Success, says because of the amount of financial aid that might be available, the high sticker price of a larger school might actually end up costing less than a supposedly more affordable state school.</p><p> Mon, 15 Jul 2013 11:18:03 +0000 Michigan Radio Newsroom 13525 at http://michiganradio.org In this morning's news: Rally for Trayvon, Straits of Mackinac oil pipeline, student loan debt Commentary: The Colonel and the debt http://michiganradio.org/post/commentary-colonel-and-debt <p>Colin Chauret grew up in Bay City during World War II, fascinated by the Battle of Britain and dreaming of becoming a Spitfire pilot. When he graduated, he joined the service.</p><p>They taught him to fly, but instead of sending him to battle, they used him to train other pilots. The war ended before he could see combat. But Chauret stayed in, and eventually flew a hundred combat missions in Korea. He later was a staff officer in Vietnam.</p><p>He spent more than 30 years in what became the U.S. Air Force, rising to full colonel before he retired. He turns 90 in January, and is still military to the core. Two of his sons and one grandson are Air Force lieutenant colonels. He’s deeply religious, and credits God for saving him from one crash that killed a close friend.</p><p>Most afternoons, he walks for exercise in a shopping mall near where they now live in San Antonio, and shakes the hands of every wounded veteran he sees. These days, however, he is more interested in government.</p><p>He is worried about the fiscal cliff, the health of his native Michigan and the national debt most of all. But his views are not what you might think. “I am a liberal and damn proud of it,“ he told me, adding, that “after all, Jesus was the greatest liberal of all time.”</p><p> Wed, 28 Nov 2012 13:47:26 +0000 Jack Lessenberry 10096 at http://michiganradio.org Commentary: The Colonel and the debt Stateside: Paying off a degree of debt http://michiganradio.org/post/stateside-paying-degree-debt <p>Graduating from college brings with it many things -&nbsp; four years of academic achievement, a degree, and for some... substantial financial debt.</p><p>Continuing our student debt conversation we spoke today with Detroit Free Press financial columnist Susan Tompor. Pam Fowler, Executive Director of Financial Aid at the University of Michigan, also joing us.</p><p>According to Tompor, one of the primary reasons students fall so deeply into debt is their failure to record the money they borrow.</p><p> Tue, 27 Nov 2012 21:37:59 +0000 Michigan Radio Newsroom 10079 at http://michiganradio.org Stateside: Paying off a degree of debt Michigan Opera Theatre needs $3 millon to pay debt http://michiganradio.org/post/michigan-opera-theatre-needs-3-millon-pay-debt <p>DETROIT (AP) - A spokesman for Michigan Opera Theatre says the organization needs to raise $3 million by May 31 to retire its debt.</p><p>Jeff Strayer said Monday the MOT actually needs to pay $11 million by that date, but already has raised $5 million and expects to rely on financing for another $3 million.</p><p>That means it&#39;s on the hook for $3 million, for which it currently is seeking donations.</p><p>Strayer says the situation is &quot;not that dire,&quot; and he predicts the MOT will gather the money in time.</p> Mon, 16 Apr 2012 17:59:25 +0000 The Associated Press 7054 at http://michiganradio.org Michigan Opera Theatre needs $3 millon to pay debt School debt a long-term burden for many graduates http://michiganradio.org/post/school-debt-long-term-burden-many-graduates With the nation's student-loan debt climbing toward $1 trillion, it's taking many young people longer than ever to pay off their loans. Two-thirds of college students now graduate with debt, owing an average of $24,000. But some borrow far more and find this debt influencing major life decisions long after graduation.<p>"I was very naive, and I realize that now," says Stephanie Iachini, of Altoona, Pa. She was the first in her family to go to college and financed it herself. Fri, 21 Oct 2011 14:35:36 +0000 Jennifer Ludden 4661 at http://michiganradio.org School debt a long-term burden for many graduates Amash says he's gaining support for plan to balance federal budget http://michiganradio.org/post/amash-says-hes-gaining-support-plan-balance-federal-budget <p>Congressman Justin Amash (R-MI) is pushing for a constitutional amendment to balance the federal budget. Amash<a href="http://amash.house.gov/sites/amash.house.gov/files/BCBBA%20-%20legislative%20and%20plain%20text.pdf"> shared his proposal </a>with a group of college students Monday night and he&rsquo;ll host a town hall meeting Tuesday night in Barry County.</p><p>Amash is one of 66 Republicans who voted against raising the debt ceiling back in August. He says he&rsquo;d vote against a deal again if &ldquo;it&rsquo;s not very serious&rdquo; about reducing federal spending.&nbsp;</p> Tue, 27 Sep 2011 01:36:54 +0000 Lindsey Smith 4319 at http://michiganradio.org Amash says he's gaining support for plan to balance federal budget Debt debate aftermath http://michiganradio.org/post/debt-debate-aftermath <p>http://stream.publicbroadcasting.net/production/mp3/michigan/local-michigan-980560.mp3</p><p>Well, the great battle over the federal debt limit is over, at least for now. For the last several weeks, most of us seem to have been arguing over this, whether or not we understood it.</p><p>This came just months after the great battle in Lansing over Governor Snyder&rsquo;s budget cuts. Now that these momentous issues have been decided, we can move on to more interesting debates.</p><p>Such as, for example, how long it will be before Justin Verlander pitches another no-hitter. But seriously, there&rsquo;s a tendency to think that now that all these budget cuts have been passed we don&rsquo;t have to worry any more.</p><p>The unpleasant truth is that the effects of all these changes haven&rsquo;t really started, on either the national, state or local levels.</p><p>We&rsquo;ll begin to see some of the consequences this fall, when our kids go back to public schools with fewer teachers and fewer programs. Some of my students at Wayne State are already howling over their higher tuition and fee payments.</p><p>We don&rsquo;t have any idea yet of the social costs of cutting people permanently off welfare. If the governor&rsquo;s tax cuts produce a fast bumper crop of new jobs, and some of these long-term unemployed are hired, great. If that doesn&rsquo;t pan out, we&rsquo;ll all be in trouble. Thu, 04 Aug 2011 13:49:56 +0000 Jack Lessenberry 3611 at http://michiganradio.org Debt debate aftermath State budget director cautious as debt deadline nears http://michiganradio.org/post/state-budget-director-cautious-debt-deadline-nears <p>State Budget Director John Nixon says he&rsquo;s unsure how Michigan will make payments to food stamp and welfare recipients and Medicaid providers if the federal government defaults, the Associated Press reports.</p><p>&ldquo;Michigan draws about $400 million a week from federal funds that could suddenly dry up next week if the nation hits its debt limit and cannot pay its bills&hellip; Forty-four percent of Michigan&#39;s $45 billion budget is supported by federal funds, as are 25 percent of state workers.&rdquo; the AP notes.</p><p>In an interview with the AP, Nixon says the state will do what it can to, &ldquo;keep things moving.&rdquo;</p><p>Meanwhile, Governor Snyder said yesterday that a possible default has him concerned:</p><blockquote><p>&ldquo;One of the challenges is (the federal government) haven&rsquo;t told us exactly what it&rsquo;ll mean. So we&rsquo;re prepared for a number of scenarios.&rdquo;</p></blockquote><p>Lindsey Smith reports, &quot;Snyder says Michigan could move money around to cover things like Medicaid payments until the federal government reimburses the state.&quot; Snyder said:</p><blockquote><p>&ldquo;I think we&rsquo;re going to be in reasonably good shape, as long as it doesn&rsquo;t go for an extended period of time.&rdquo;</p></blockquote><p> Fri, 29 Jul 2011 11:09:37 +0000 Zoe Clark 3521 at http://michiganradio.org State budget director cautious as debt deadline nears Snyder says Michigan “reasonably prepared” in case of U.S. default http://michiganradio.org/post/snyder-says-michigan-%E2%80%9Creasonably-prepared%E2%80%9D-case-us-default <p>Congress has until Tuesday to reach a deal on raising the <a href="http://www.michiganradio.org/post/us-debt-ceiling-explained">debt ceiling </a>to avoid default on some federal loans and other obligations.</p><p>Michigan Governor Rick Snyder says a possible default has him concerned.</p><blockquote><p>&ldquo;One of the challenges is (the federal government) haven&rsquo;t told us exactly what it&rsquo;ll mean. So we&rsquo;re prepared for a number of scenarios.&rdquo;</p> Thu, 28 Jul 2011 18:16:34 +0000 Lindsey Smith 3511 at http://michiganradio.org Snyder says Michigan “reasonably prepared” in case of U.S. default Snyder says he's trying to get information on possible national debt default http://michiganradio.org/post/snyder-says-hes-trying-get-information-possible-national-debt-default <p><a href="http://www.michiganradio.org/term/rick-snyder">Governor Snyder</a> says the federal government hasn&#39;t yet explained to his administration how they will handle a possible <a href="http://www.npr.org/player/v2/mediaPlayer.html?action=1&amp;t=1&amp;islist=false&amp;id=138761690&amp;m=138761669">national debt default</a>. Snyder spoke Wednesday to <a href="http://www.wlns.com/story/15160325/governor-speaks-about-potential-government-shutdowns-impact-on-michigan?autoStart=true&amp;topVideoCatNo=default&amp;clipId=6093653">WLNS-TV</a> at the <span style="font-size: 14px;">Ionia Free Fair. </span></p><blockquote><p>&quot;So we&#39;re on deck trying to get information from Washington as to what the order of cutbacks might be or payment-stream changes might be,&quot; Snyder said.</p></blockquote><p>Mlive.com <a href="http://www.mlive.com/news/index.ssf/2011/07/gov_snyder_unsure_of_debt_defa.html">reports</a>:</p><blockquote><p>Snyder did not point fingers at either Democrats or Republicans in Washington, instead calling for compromise. &quot;There&#39;s a lot of people that are in that process and they all need to come together,&quot; he said. &quot;This clearly does not help matters&quot;.</p></blockquote><p>Earlier today, on Morning Edition, <a href="http://www.npr.org/2011/07/28/138770283/states-warily-watch-debt-ceiling-impasse">NPR&#39;s Brian Naylor took a look</a> at what the <a href="http://www.npr.org/2011/07/28/138775727/house-gop-set-to-vote-on-revamped-debt-limit-bill">debt-ceiling debate</a> would mean for communities across the U.S.:</p><blockquote><p>Although almost every state must balance their budgets, they also rely on borrowing &mdash; selling bonds to investors for everything from meeting day-to-day cash-flow needs to funding major capital improvements.</p><p>&quot;They borrow to finance long-term projects like infrastructure, road and bridge construction, as well as an upgrade of the telecommunications systems,&quot; said Kil Huh, who is with the Pew Center on the States. &quot;These are activities that create jobs &mdash; in the long run have multiplier effects. And, essentially, If states need to postpone these in order to get more favorable terms, that&#39;s going to have an impact on those communities as well in terms of jobs and recovery.&quot; Thu, 28 Jul 2011 16:22:04 +0000 Zoe Clark 3507 at http://michiganradio.org Snyder says he's trying to get information on possible national debt default Michiganders remain split on debt ceiling debate http://michiganradio.org/post/michiganders-remain-split-debt-ceiling-debate <p>The <a href="http://michiganradio.org/post/us-debt-ceiling-explained">debt ceiling</a> debate is still getting attention in Michigan. Many are voicing their opinions to government officials. One congressman says calls to his office are running about 50-50. Many support raising the debt ceiling and others want to reduce future debt by making cuts.</p><p>Michigan Congressman Bill Huizenga is a Republican from Zeeland. He says his concern is that the debt ceiling could double in the next ten years.</p><blockquote><p>&quot;All we need to do is have a slight hiccup in our interest rates &ndash; something that just even brings us back to historical averages of the last ten years and our spending on interest is going to explode. We&rsquo;ve got to get this under control,&quot; Huizenga said.</p></blockquote><p>The deadline to raise the federal debt ceiling from the current 14-trillion-dollars must be found by next week, or the nation could default on its debt.</p><p><em>- Amelia Carpenter - Michigan Radio Newsroom</em> Wed, 27 Jul 2011 15:54:22 +0000 Michigan Radio Newsroom 3486 at http://michiganradio.org Republican Congressman Huizenga and debt ceiling crisis http://michiganradio.org/post/republican-congressman-huizenga-and-debt-ceiling-crisis <p>President Obama and Congress have yet to find a solution to the nation&rsquo;s debt crisis. Last night, President Obama and Speaker Boehner separately addressed the nation. They gave their explanations of why a deal hasn&rsquo;t yet been reached.&nbsp;</p><p>Republican Congressman of Michigan, Bill Huizenga talks with us about debt ceiling debates in Washington and what his concerns are moving forward.</p><p>http://stream.publicbroadcasting.net/production/mp3/michigan/local-michigan-979281.mp3 Tue, 26 Jul 2011 22:11:46 +0000 Jennifer White 3474 at http://michiganradio.org Republican Congressman Huizenga and debt ceiling crisis Congressman Hansen Clark talks federal budget and debt ceiling (audio) http://michiganradio.org/post/congressman-hansen-clark-talks-federal-budget-and-debt-ceiling-audio <p>http://stream.publicbroadcasting.net/production/mp3/michigan/local-michigan-978280.mp3</p><p>A CBS poll on Monday shows 66% of Americans want an approach to balancing the federal budget that includes both spending cuts and tax increases.</p><p>Michigan Democratic Congressman Hansen Clarke talks about his concerns regarding the battle in Washington DC over the debt ceiling and budget negotiations. He says consumer debt is the real problem.</p><p>In the interview Clarke says:</p> Tue, 19 Jul 2011 22:06:04 +0000 Jennifer White, Zoe Clark & Mercedes Mejia 3387 at http://michiganradio.org Congressman Hansen Clark talks federal budget and debt ceiling (audio) State officials want Feds to pass Balanced Budget Amendment http://michiganradio.org/post/state-officials-want-feds-pass-balanced-budget-amendment <p>State officials want Feds to pass Balanced Budget Amendment</p><p>Republican state House Speaker Jase Bolger wants Congress to approve an amendment to the U.S. Constitution that would require the federal government to pass a balanced budget every year.&nbsp;</p><p>Bolger sent a letter encouraging approval of the Balanced Budget Amendment so states could work to ratify the amendment as well.</p><p>Three-quarters of states would have to approve the amendment to get it into the constitution.</p><p>Bolger says lawmakers in the federal government need to be fiscally responsible.&nbsp;&nbsp;</p><p>&ldquo;I hope they understand what the citizens of our state want, and that is that responsibility.&rdquo;</p><p>Bolger says Michigan approves a balanced budget every year.</p><p>&ldquo;As we&rsquo;ve shown, it&rsquo;s possible to balance a budget by facing fiscal reality, and our own government needs to face reality. I&rsquo;m very concerned about the future of our kids, grandkids, and with the way our federal government is going, even our great-grandkids, and the debt that&rsquo;s being passed onto them that they&rsquo;ll be saddled with.&rdquo;</p><p>Bolger says he thinks he could persuade Democrats in the state to ratify the amendment, which would require supermajorities. But Democratic Senate Minority Leader Gretchen Whitmer says Bolger is using a partisan issue to flirt with a run to unseat U-S Senator Debbie Stabenow.</p><p>Bolger denies any interest in leaving Lansing for Washington D.C. Tue, 19 Jul 2011 21:04:44 +0000 Laura Weber 3383 at http://michiganradio.org State officials want Feds to pass Balanced Budget Amendment Michigan politics: debt ceiling talks and the federal budget http://michiganradio.org/post/michigan-politics-debt-ceiling-talks-and-federal-budget <p>Negotiations over the debt ceiling and federal budget continue in Washington D. C.&nbsp;</p><p>Here in Michigan the still fragile state economy seems to be slowly improving with a recent uptick in job growth. But if the nation defaults on its debt, how is Michigan affected? Economically and politically?</p><p>In our weekly political conversation we talk with Susan Demas, political analyst for Michigan Information and Research Service and Ken Sikkema, former Senate Majority Leader and senior policy fellow for Public Sector Consultants.</p> Thu, 14 Jul 2011 21:47:36 +0000 Jennifer White 3321 at http://michiganradio.org Michigan politics: debt ceiling talks and the federal budget