Detroit, MI
Michigan governor, treasury secretary talk inflation and finances at Detroit Economic Club
DETROIT (FOX 2) – The secretary of the treasury department was in Detroit on Wednesday for an appearance alongside the Michigan governor where Janet Yellen was interviewed by Gretchen Whitmer.
Together, the two sought to paint a rosier picture of the economy than the one many might expect after watching the news and evaluating their own finances.
Trading scripted questions with Whitmer, Yellen said at the Detroit Economy Club that she wanted to see President Joe Biden re-elected. In reflecting on the concerns of citizens over inflation that families are facing, she pointed to the Inflation Reduction Act.
“I think Americans are starting to feel better about the economy,” Yellen said. “Our economy has grown more, inflation has come down more and wages adjusted for inflation have risen more than in any other advanced country.”
She contended that 60% of Americans feel good about their personal financial situation, especially compared to other countries.
The secretary said inflation had fallen at the gas pump, at the price of cars and trucks, and television sets. But her GOP critics argue she failed to point out that prices of groceries, which are at their highest since January of last year.
Car insurance costs are also up, while health care costs are rising. And as air travel picks back up on Spring Break, airfare will also rise.
Detroit, MI
For First Time in Decades, Detroit's Population Grows
The latest estimate by the Census Bureau puts the population of Detroit at 633,218, just a smidge higher than the previous count of 631,366. But the uptick of fewer than 2,000 people from 2022 to 2023 is noteworthy nonetheless—it marks the first time since 1957 that the city’s population has increased, reports the New York Times. Back in the 1950s, the city had nearly 2 million people and was the fourth-biggest in the nation, notes the AP. But it had been on a steady decline since, at least until the latest figures came out.
“This is a great day,” said Mayor Mike Duggan. “Many big cities in the country have been losing population year after year,” he added, per the Detroit Free Press. “To have Detroit be growing is a pretty major change.” Duggan and the city have previously challenged the agency’s count, and the Detroit newspaper digs into the particulars. Among other things, the city says the agency has been too focused on demolition and not on subsequent rebuilding. Detroit now ranks as the 26th most populous city in the nation, up from 29th in 2022. (More Detroit stories.)
Detroit, MI
Celebrating National Burger Month with Taystee’s Burgers
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Detroit, MI
Metro Detroit business owners frustrated with lack of traffic during Lathrup Village road construction
LATHRUP VILLAGE, Mich. (CBS DETROIT) – A stretch of road work in Lathrup Village is causing massive headaches for local businesses along Southfield Road.
A resurfacing project of Southfield Road between 11 Mile and 12 Mile roads began on April 29. Jay Lee, who has owned Munson Cleaners for 25 years, said his business hasn’t been as busy as it usually is this time of year.
“It’s just a disaster right now,” Lee told CBS News Detroit.
He said although the project began just over two weeks ago, it hit him straight in the wallet.
“At least 30% of the gross. So it does impact my employees, myself and the supplies, you know, everything,” Lee said.
Just across the street from Munson Cleaners, the owner of 44 Burrito said the dinner rush has become nearly obsolete since the project began.
“Business has dwindled down. I would say 80%. We’re all looking at it as a disaster. What do we do?” said Tara Young, the owner of 44 Burrito.
Young said she recently moved her restaurant from Detroit to Lathrup Village in December. The construction put her in a position where she’s had to pause other projects she had planned to use those funds for marketing as she is looking for ways to get their name out there due to a lack of foot traffic.
“Now, we’re just doing our advertisement under social media, so our Instagram, Facebook, TikTok things, like that. But it’s still dealing with the traffic. It’s still an inconvenience for people,” Young said.
CBS News Detroit contacted the Oakland County Road Commission on Wednesday. At the time this article was published, we hadn’t heard back.
According to the commission, the project is expected to be completed by the early summer.
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