MACKINAC ISLAND (WWJ) Governor Gretchen Whitmer unveiled the details of her $2.1 billion MI New Economy Plan at the Mackinac Policy Conference.
“I am laser-focused on tackling these big, structural challenges by growing Michigan's economy, creating good-paying jobs and building industries of the future,” Whitmer said Tuesday. “The MI New Economy plan is a good start, and I look forward to working with key partners, the legislature and anyone who wants to put Michigan's families, communities and small businesses first as we make these investments.”
The plan has three pillars: Grow the Middle Class, Support Small Businesses, and “Build Strong Communities.”
Pillar 1 (Grow the Middle Class) has a goal of 60% of adults attending college by 2030; lifting 100,000 families out of working poverty over the next five years; and providing access to low cost or free childcare for approximately 150,000 families by 2024.
Pillar 2 (Support Small Businesses) aims to see Michigan rank in the top 10 states for small business job growth and revenue from 2022 to 2026; in the top 10 states for household income growth within the next five years, and in the top 10 for growth in venture capital funding over the next five years.
Finally, Pillar Three (Build Strong Communities) strives to see all Michigan households gain access to high-speed internet; and 75,000 new or revamped housing units built within the next five years.
“Too many Michiganders are forced to delay life-saving medical procedures and car repairs, skip prescription refills and meals, and make incredibly difficult choices to meet their basic needs,” the press release read.
According to the release, these pillars address some of the greatest economic challenges facing the state. More than one million Michiganders live in poverty. The unemployment rate stands at 59% (the bottom 10 in the nation)—and "too many Michiganders" lack necessary skills to achieve high-paying jobs. Housing also remains “unaffordable and obtainable”, according to the Governor’s Office.
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