#factsmatter, The Citizens Research Council Of Michigan Podcast

State budget officials met on May 17, 2024, to finalize state revenue estimates that will be used as guideposts for ongoing FY2025 budget deliberations. The Research Council's Bob Schneider and Craig Thiel provide insights into what the new estimates mean as lawmakers wrap up the budget as well as the budget outlook for Fiscal Year 2026. Scheider said the conference experts delivered a positive outlook, stating that the forecast for the national and state economy was generally good: real GDP, the key metric to monitor the health of the national economy, is expected to continue to grow through the next few years at a normal, healthy rate. Inflation is falling back, though not quite as fast in Michigan as it is nationally; incomes are growing, and Michigan's unemployment rate remains low. The revenue conference, held in January and May each year, brings together the State Treasurer, the Michigan Legislature's top budget advisors and economists who present information on the state and national economy, workfor