Another sign that Romney failed his home state of Michigan (and why Michiganders should support President Obama) is the latest economic index that came out today.
Comerica Bank is reporting, Comerica Bank’s Michigan Economic Activity Index surged ahead by 2.0 points in July, rising to a level of 107.9.
“The Michigan economy accelerated rapidly this summer, driving our Michigan Economic Activity Index up a total of 5.9 points from May through July. July marks the highest reading for the Michigan economy since November 2002,” said Robert Dye, Chief Economist at Comerica Bank. “Job creation picked up again in July, while housing markets are showing signs of improvement with sales and prices increasing. August U.S. vehicle sales picked back up to a 14.5 million unit rate and that is encouraging.”
Housing is also in recovery in Michigan, probably due to the increase in auto manufacturing and economic stability.
The problem for Mitt Romney and the Republicans is the reality of the economy is not fitting into the rhetoric they are spewing to the American people.
President Obama is not only facing an obstructionist Republican congress, but also a slow global economic recovery.
This is the issue the Republicans just don’t understand about simple economics, or they just don’t tell the American people. When you buy into the global economy, you can not expect the global economy not to effect you domestically. President Obama has steered the American economic ship through the murkiest waters anyone has ever seen in almost 100 years.
On top of this is the fact that he had to contend with a domestic issue of a political party that puts politics ahead of good policy. It is a double whammy, per se.
That last point is something new to American politics of the last century. Reagan had a cooperative Democratic congress as did Roosevelt for some time. President Obama didn’t have this luxury.
So even through all this murkiness, Michigan is pulling ahead, partly due to the leadership of President Obama. Not since 2002 has Michigan had this type of economic performance. It’s been a decade, but Michigan is finally moving forward.