Michigan Recession?

By: Capitol Correspondent Tim Skubick
By: Capitol Correspondent Tim Skubick

The fallout from the recent rash of corporate wrongdoing coupled with the stock markets negative reaction to same, could stall Michigan's economic recovery, which has been creeping along at best.

That was the word Monday from the head of the Senate Fiscal Agency Gary Olson.

Olson told News 10 a recession is a possibility if consumers decide to retard their spending in the wake of the turmoil on corporate America.

"It's possible. I'm not necessarily saying that's going to happen but it's every possible. We just need to watch the consumer to make sure they don't pull back more," Olson warned.

State workers are also concerned about money they are losing in the state retirement fund, which recently took a $166 million hit as a result of the accounting problems at WorldCom.


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