This memorable opening line from Charles Dickens classic work “A Tale of Two Cities” seemed to be an appropriate place to start this op-ed in terms of where our economy has recently been – and could be headed.
Certainly, we had a strong economy followed by one of the worst quarters in American economic history from 2019 to the trough of the recent pandemic downturn in 2020. The Dickens quote, in my mind, can also be used to describe the Michigan and U.S. economy in a forward-thinking way: We’ve been experiencing very good times but unfortunately many indicators are signaling that difficult times are ahead of us.
Last week there was relatively positive data released on the Michigan and U.S. economies. The Michigan economy in 2021 produced an annualized state GDP growth rate of 6.2%, outpacing the U.S. economy’s overall growth…
