4 in 10 Michigan families don’t make enough money to make ends meet

Written by on January 12, 2021

A brand new research on the Michigan financial system reveals that whereas jobs can be found, they don’t seem to be sufficient to make ends meet, and the coronavirus pandemic is making it worse.

Michigan Future Founder Lou Glazer places a great paying job at $20 an hour and he cites analysis claiming 60% of Michigan jobs pay lower than that.

Glazer is worried that the financial system morphing into one the place wages don’t meet up with prices.

“On the level the place development firms don’t have sufficient carpenters, you’d suppose the wages for carpenters would go up,” he stated.

READ: Survey: 58% of Michigan voters say COVID-19 is affecting household finances

Glazer worries the unintended two-tiered financial system bodes badly for Michigan, the place these faculty educated just do fantastic and people within the wage financial system, equivalent to frontline work like grocery, stocking, restaurant servers, don’t.

“They’re extra prone to lose their jobs after which in the event that they lose the job, they’re much less possible that job will come again anytime quickly,” he stated.

On the Detroit Financial Membership, College of Michigan economist Gabriel Erlich believes individuals are going to see a two-tiered COVID recession and restoration.

“Whenever you have a look at issues like retail, particularly leisure and hospitality, face-to-face interplay is a key inherent a part of that enterprise,” Erlich stated. “And we’ve seen very disproportionate job losses and we do count on the restoration to be slower in these industries too.”

“For us, that is the financial problem of our era,” Glazer stated.


READ MORE:

  • Money Monday: Answering your money questions
  • Money Monday: Personal finance tips for the new year

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