For Sale in Pontiac, Mich: Pretty Much Everything

State's decision to check assets bucks national trend

(NEWSER) - If you’re not making much money but are driving a nice car, don’t expect any help buying groceries in Michigan. The state this month began checking the assets of would-be food stamp recipients, USA Today reports; anyone with more than $5,000 in liquid assets or a car or truck worth more than $15,000 is most likely disqualified. “If you’re driving an Escalade, maybe it’s time to find a car that better fits your current economic situation,” a Department of Human Services official explained. More»

Ariz., Fla., Ill., Mich., and NJ among others facing crises

(NEWSER) - California has by no means cornered the market on enormous financial problems at the state level, with a report out today saying Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin are also at tremendous risk. The Pew Center sees widespread unemployment, huge budget deficits, and the ongoing foreclosure crisis as common factors—plus various constraints that keep many of the states from raising taxes. More»

Layoffs, property price plunge leaves middle-aged workers in limbo

(NEWSER) - Tens of thousands of middle-aged white-collar workers have been left jobless and stranded in Michigan by the recession, the Wall Street Journal reports. Auto industry veterans laid off by the Big Three are finding themselves competing against against younger people for a smattering of job openings. With property prices down 45% from their 2006 peak, people are unable or unwilling to sell their homes and seek work elsewhere. More»

(NEWSER) - It’s not easy being an elected official in a time of crisis, but a select few governors are having a particularly tough time. And some of them are even trying to get reelected. Politico looks at the 5 worst-off states:

• California: No surprise here. The state's issuing of IOUs is just the one item on "a list of maladies longer than its famed coastline." At least Arnold Schwarzenegger can't run for another term.

(NEWSER) - The unemployment rate in California rose to 11.2% in March, the Los Angeles Times reports today. A loss of 62,100 jobs puts the state at the highest jobless level since 1976, when recording started. It trails only Michigan (12.6%), Oregon (12.1%), and South Carolina (11.4%). California has lost 637,400 jobs in the past 12 months, and its jobless rate far exceeds the national average of 8.5%. More»