Michigan just saw its worst quarter for venture capital investment in several years and ranked only 35th in the nation. But there are two silver linings.
First, Detroit Rennaissance and others are marshalling more than a half-billion dollars for future investments in Michigan innovation.
Second, one of the few Michigan companies to get an influx of venture capital in the third quarter was Pioneer Surgical Technology, Inc. The maker of orthopedic devices and spinal implants is based in Marquette.
As California burns and the South waits for the next hurricane, here’s how Pioneer markets its location…
“Located in Michigan’s Upper Peninsula, Marquette County is a rural community with a cosmopolitan attitude. Nestled within 100 million acres of forest and woodland, the area enjoys a high quality of life thanks in part to its fine sand beaches, abundant natural resources and unlimited recreation opportunities. Its northern boundary, Lake Superior, is the largest fresh water lake in the world and has a shoreline dotted with lighthouses and shipwrecks whispering maritime tales of life on the historic Great Lakes.”
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Mike Rogers editorial concerning Michigan’s tax increase had an interesting example: ” Think about these new taxes from the perspective of a young couple who started their own business, perhaps a cleaning service. These young entrepreneurs now face the additional cost and effort of charging, collecting and paying the new state service tax ….”. Well as it turns out, my daughter and her fiance do run a part time commercial cleaning business to pay for their college educations, that they started just over a year ago. Mike’s comments bear some valid points, but there is more to the Michigan budget shortfall. Mike lists Michigan as having “the 14th highest tax burden in the country…” This is only partially true. Michigan has a high tax burden on working blue collar, salaried employees and the self employed. Michigan has the lowest overall tax burden for retirees in the country. Mike Rogers never addressed this gross inequity when he was in the Lansing. Nor did any Democrat, nor any Republican, save Chris Ward, who has boldly and responsibly proposed limiting exclusions for public pensions to the same limit as private pensions.
The state of Minnesota excluded public pensions from income tax starting in the 1930’s. And, over time they expanded this to federal pensions, private pensions and a host of other retiree income. This caused a gross disparity, and finally was repealed entirely in 1987.
With the recent budget crisis in Michigan still on the forefront, Michiganders need to step back and honestly consider the cost of entitlements accross the board. As our population demographic has aged, so too have numerous benefits for older citizens. Yet, nothing is free. Health care for Lawmakers for life after just 6 years of service is one extreme. Near freedom from State Income tax for retirees is another. All too often our emotional desire to be generous exceeds our collective pocketbooks , and creates a tax disparity to those left with the added burden. The voting block power of those on the recipient side, such as public employees with strong unions have a good way of pushing our generousity over the top. We will have to modify our thinking to keep jobs in Michigan. The fact is, we are not capable of providing a gold standard lifestyle for all citizens in their golden years, without them contributing a fairer share of the cost of our state infratructure. Workers are earning less, and even in Livingston county home foreclosures are at a record. The latest income tax hike was the worst possible solution to our problems, shifting again a greater share of our social burden to the wage earning working class, while ignoring the free ride of some of our wealthiest citizens. Seniors in Michigan have benefitted from the Property Tax Reform of 1994, and now enjoy a ‘zero participation’ in the funding of public schools outside of the sales tax. No generation has a right to empty the grain silo on the way to the cemetary.
Marquette is a wonderful place…one of my favorites, in fact…I attended college there. But, like any other rural area in Michigan, Marquette is attractive to individuals who like that kind of lifestyle. I come from Leelanau County, so Marquette was perfect for me. Those who depend on the type of amenities only available in the urban areas would be unhappy in Marquette. (Don’t look for a Dave & Buster’s to open in Marquette soon!)
Which only emphasizes the fact that the Michigan geography and and its communities are diverse enough to fulfill anyone’s needs. It also emphasizes how important quality of life is to attracting and retaining the talent that Michigan needs to thrive economically.