LETTER: Rep. Cotter says experts recognize Michigan is on path to recovery
Michigan received tremendous news (the week of July 31) when Fitch Ratings announced that it revised our bond rating outlook from stable to positive. Fitch is one of the leading national bond rating agencies, and its ratings affect the ability of governments and schools to finance projects. This is a very positive sign for our state, and it represents the first step in improving our AA- bond rating and improving our economy.
When lawmakers started the budget process, we faced a deficit of over $1.4 billion dollars, a broken tax code and weak economy. There were no perfect solutions available to us. However, we emphasized efficiency and fiscal responsibility, pushing state government to do more with less, and that effort has now been noticed and appreciated by the experts in fiscal analysis.
This budget emphasized our economic recovery and laid the foundation for long-term growth in Michigan. Not every choice we made was popular, but we made the tough, necessary decisions that have put us back on the path to success.
We rebuilt the state's rainy-day fund, paid down our long-term debt, reduced spending by more than $1 billion, reformed the tax code and finished the budget four months ahead of the deadline. All of these things were cited by Fitch as reasons for optimism in Michigan. The experts know what it takes to rebuild our economy, and they expect big things with the changes being made in Lansing.
It is important to remember that our economy will not rebound overnight. This is the first step in a long road to recovery, and our future depends on our ability to stick to the long-term plan. If we can remain vigilant and continue to bring government in line with reality, we will all enjoy the return of the robust Michigan we once knew.
Sincerely,
Kevin Cotter State Representative 99th District
