Talent, not low taxes, drives growth
Lou Glazer, president of Michigan Future Inc., an Ann Arbor think tank, opines that states with a knowledge-driven and entrepreneurial economy, with the greatest concentrations of talent, will enjoy greater success in a prosperous economy. He points to the second state rankings from the Census Bureau which includes statistics on four-year degree attainment by state. Nine of the top 10 in this ranking are also in the top 10 in per capita income. All 10 have per capita incomes above Michigan's. "These rankings raise the question:" Glazer writes, "Which groups of states do we want to be like - those with low business taxes and, by and large, below the national average prosperity or those with high education attainment and high prosperity? The answer is clear: Michigan should be a high prosperity state." Glazer says the bottom line is that talent, not low taxes, matters most when it comes to a healthy state economy.