Let Them Go Bankrupt!

New data released today by the Bureau of Economic Analysis revealed that Michigan, the home of the American auto-industry, had the sixth highest rate of growth in the nation in 2011.

Michigan's economy grew at a rate of 2.3 percent last year, giving the Great Lakes state the sixth best gain in the nation, according to federal data released Tuesday morning.

Real gross domestic product — the sum of all goods and services produced in Michigan, adjusted for inflation — increased to $337 billion during 2011, up from $330 billion in 2010, according to the Commerce Department's Bureau of Economic Analysis. [...]

According to the bureau, manufacturing of such long-lived products as autos, trucks, large appliances and other durable goods was the largest contributor to GDP growth in all regions of the country and 26 states last year, increasing by 7.9 percent after a 17 percent gain in 2010. Durable-goods manufacturing boosted the Oregon economy by 3.94 points and added 1.17 points to Michigan's growth.

For comparison's sake, the Michigan economy shrank by 9 percent in 2009. Now the state boasts the sixth highest rate of growth in the nation. An unprecedented turnaround that occurred in just two years.

And Mitt Romney said "Let Detroit Go Bankrupt."