The economic growth lesson from Texas ain’t what you think
In 2004 Michigan Future published a report on knowledge-based states having higher per capita income than manufacturing-based states. The data showed that the most prosperous states––other than states with lots of oil and natural gas––had four common characteristics: Over concentration in what we now call knowledge-based services High proportion of adults with a four-year degree […]
Education is not the key to a broad middle class
In an article for the Atlantic Seattle entrepreneur and venture capitalist Nick Hanauer writes: “Like many rich Americans, I used to think educational investment could heal the country’s ills—but I was wrong. Fighting inequality must come first.” Hanauer, as we explored in a previous post, is decidedly left of center. His politics are pro capitalism […]
Small business is a low-wage employer
As a culture we celebrate small business. There are many reasons why we should. It certainly is one of the paths to economic success for those who create a long term successful enterprise. And small business are a source of innovation and amenities that make our communities better places to live. But our celebration of […]
Reforming capitalism through a robust safety net
This is our third recent post on reforming capitalism so that it works for all. The first featured the writings of hedge fund billionaire Ray Dalio on the reality for forty years growth in the American economy has not benefited the bottom 60 percent and a call for action to change that reality. The second […]
Lessons from Boston on creating quality charter schools
Michigan Future is a long time supporter of charter schools. But not any charter. Our support has been for quality charter schools, those that are getting breakthrough gains in student outcomes. So we were opposed to the legislation that removed the cap on the number of charter schools in Michigan without any quality standards for […]
BA attainment as an equity priority
Terrific Forbes column by thinkLaw’s Colin Seale. It is entitled The Equity Problem With Saying ‘College Isn’t For Everyone’. Seale is exactly right to label four-year degree attainment an equity issue. Are there some with four-year degrees who struggle economically? Of course. Are there some without four-year degrees who are economically well off? Also, of […]
Reforming capitalism through employer mandates
In our state policy agenda we advocate for augmenting wages and benefits through some combination of employer mandates and/or a strengthened safety net. And note that the employer mandate recommendations is the area where we have the most disagreement amongst the Michigan Future board and staff. What is clear to us is that Michigan cannot […]
Technology destroying good-paying jobs and careers
Two highly recommended recent New York Times articles on how technology is destroying good-paying jobs and careers. The first, written by Kevin Roose, is entitled The hidden agenda of the Davos elites. The second, written by Eduardo Porter, is entitled Tech is splitting the U.S. workforce in two. The Rose column will scare the hell […]
A call to reform capitalism from a capitalist
Ray Dalio’s call to reform capitalism is high recommended. Dalio is the founder, co-Chief Investment Officer and co-Chairman of Bridgewater Associates, the world’s largest hedge fund. In his essay entitled Why and how capitalism needs to be reformed, Dalio writes: Over these many years I have also seen capitalism evolve in a way that it […]
The community college completion challenge
The recently released MDRC evaluation of the Detroit Promise underscores the community college completion challenge. Despite adding financial incentives and intensive supports to free tuition, only 29 (five percent) of 390 students who started in the program earned at least 48 credits by the end of their second year. Which was better than the three […]