There is not expected to be good news for the financially minded today. State economists are meeting to examine Michigan’s fiscal future.

Three state agencies will be participating in a revenue-estimating conference to discuss the state’s economic shortcomings and what may be done to combat them.

The situation is better than the early 1980s. During this time, unemployment was as high as 17 percent, and the state raised income taxes and borrowed money from Japan to help pay off an enormous deficit.

Unemployment is now at only 5.1 percent, just above the national rate of 4.9 percent. Michigan began its budget year with about $1 billion in its Budget Stabilization Fund and two major bond rating companies gave the state a AAA bond rating.

But tough decisions will still have to be made. As things stand, revenues for the School Aid Fund and from income and industry taxes are down, as well as personal income growth and general fund revenue.

Also, consumer confidence is damaging the economy, despite tax cuts and lower interest rates designed to spur growth. Many blame the Sept. 11 attacks and the numerous anthrax scares that have been plaguing the country.

Some economists do not believe the state’s economy will rebound until the latter half of 2002 - slower than the rest of the nation and a much slower rate than in the 1990s, when Michigan came back quicker than the rest of the country.

Higher taxes are not currently being considered, but many helpful initiatives such as the state income and Single Business tax cuts may be delayed to bring in increased revenues of up to $215 million.

Today’s conference will shed a little more light on the subject - hopefully in the vein of solutions to Michigan’s economic problems.