Michigan used to be one of the country’s wealthiest states. From 1929 to 2000, the state’s per capita income ranked in the top 20. Now, we’re in 35th place, and a new report from the economic think tank Michigan Future says the state is likely to stay a low-prosperity state without some major changes. The organization advocates a shift from the state’s manufacturing past to a knowledge-based economy.
Current State talks with Lou Glazer, the organization’s president, about why Michigan has seen such a big slide in wealth over the past 15 years.