U-M economists: 5 things to watch (and watch out for) in President Bidenโs first year
President Joe Biden signs his first executive orders in the Oval Office of the White House on Wednesday, Jan. 20, 2021, in Washington. Researchers at University of Michiganโs Research Seminar in Quantitative Economics are seeing some signs for optimism as they make forecasts looking ahead. โWith the ongoing vaccine roll-out, the end of the pandemic is in sight, letting us focus on how the post-pandemic economy might look like.โBelow are the U-M expertsโ โfive things to watchโ and โfive things to watch out forโ in the countryโs economy this year. Five things to watch for:Getting the vaccines out quickly is the most important economic/social task. Five things to watch out for:
Michigans tax revenues this fiscal year will plummet severely, economists predict
LANSING, Mich. Economists project Michigans tax revenues this fiscal year will plummet between $3.1 billion and $3.6 billion below prior estimates due to the coronavirus pandemic. The numbers were released Thursday before a Friday meeting at which legislative experts and Gov. Gretchen Whitmers administration will try to get a handle on the budget outlook two months after the crisis hit the state. One-third of the workforce has filed for unemployment benefits at a time schools and businesses are closed and travel is restricted to curb the spread of COVID-19. The number of confirmed cases of the coronavirus (COVID-19) in Michigan has risen to 50,079 as of Saturday morning, including 4,825 deaths, state officials report.