Michigan Workers Compensation Costs Per Claim Grew Slowly, Reflecting Offsetting Recessionary Pressures, Says WCRI Study

Michigan Total Costs Per Claim Grew 31% From 2004 To 2009; One Of Lowest Among Non-Reform States

CAMBRIDGE, MA (PRWEB) January 03, 2012

The deep recession in Michigan is impacting the workers compensation system there as some costs per claim rose slowly, according to a new study, CompScope™ Benchmarks for Michigan, 12th Edition, by the Workers Compensation Research Institute (WCRI).

Amid recessionary pressures, indemnity costs per claim — payments for lost wages – grew modestly between 2008 and 2009, rising 3.4 percent. This was less than the typical six percent increase of the 16 states in the national study.

WCRI said this slow growth reflects two offsetting recessionary factors. On one hand, the study found an increase in the average duration of temporary disability, up 6.7 percent, or about six days, between 2008 and 2009. On the other hand, WCRI observed a decline in the average weekly wage of 2.9 percent during the period.

The study pointed out that between 2004 and 2009 the average weekly wage in Michigan increased only three percent, the smallest increase of all study states, consistent with the persistent effects of the depressed state economy that has not recovered since the2001-2002 recession.

Overall, total costs per workers’ compensation claim in Michigan increased at a slower rate than identified in other study states, growing 31 percent between 2004 and 2005, or about five percent per year. This was slightly lower than the change of 39 percent observed in the typical study state.

The study pointed out that the rate of growth in total workers’ compensation costs per claim rose in the last two years of the study as the annual growth rate increased from 3.4 percent between 2005 and 2007 to 5.5 between 2007 and 2009. This recent rise in annual costs per claim, however, was lower compared to many other study states.

Click here for more information about this study or to purchase it.

ABOUT WCRI:

The Workers Compensation Research Institute (WCRI) is an independent, not-for-profit research organization based in Cambridge, MA. Since 1983, WCRI has been a leader in providing high-quality, objective information about public policy issues involving workers’ compensation systems. For more information, visit: http://www.wcrinet.org.

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Question by TruEastSydeBoi: Whether the current/recent economic downturn would better be classified as a “recession” or “depression.”?
Economists are debating the question of whether the current/recent economic downturn would better be classified as a “recession” or “depression.” Which term is more appropriate – and why

Could anyone answer and explain this for me in a short simple paragraph?

Best answer:

Answer by Culture Warrior
“A recession is when your neighbor loses his job. A depression is when you lose yours.”

What do you think? Answer below!

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Question by mbush40: If this recession is called “one step from the great depression” then why is Goldman Sach’s making huge profit?
Did anyone make billions in profit during the “Great Depression”?

Best answer:

Answer by scott b
Because Goldman Sachs is just ONE company. It’s not a while economy.

Know better? Leave your own answer in the comments!

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Question by psw: Is the US really about to enter another “Great Depression”?
I’ve heard, with our economy the way it is, that we’re on the verge of a depression. Is that possible this day in age? How long could it be until we are in this “depression” seeing as we’re appparently already in “recession”? And how long could it last. Is America soon to be so different it’s unrecognizable?

Best answer:

Answer by Nacho
It is not even close to what happend in the great depression. Its not eve the same concept. We are on the verge of a shallow recession. Unrecognizable huh, i guess that depends on what you view the US as.

Add your own answer in the comments!

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Question by Rabbit09: What is the difference between”Recession” and “depression” in regards to our economic climate at present?
Just wondering what the difference is with “depression” and “Recession”
in regards to today’s failing economy?

Best answer:

Answer by Quicken Loans
That’s a great question. At one time in our nation’s history (before the Great Depression of the 1930s), any downturn in the economy was referred to as a “depression.” But because of the severity of that particular depression, a new term was coined to indicate economic downturns that were less serious.

To measure economic downturns, most economic experts now look to the GDP (Gross Domestic Product – an indicator of a country’s economy that measure the value of the goods and services that country produces). If a country’s GDP declines by over 10%, then there is officially a depression. A recession is any downturn that is less extreme.

Using this measure, the Great Depression of the 1930s was actually two events: an extreme depression that occurred between 1929 and 1933, where real GDP declined by almost 33%, and then a period of recovery before the less severe depression of 1937-38 (where US GDP declined by over 18%).

The US hasn’t experienced any depressions since the ones we had in the 30s. The most intense downturn since the Great Depression was a recession in 1973-75, where real GDP fell by nearly 5%.

Because one must evaluate the past to determine the loss of GDP, no one can be sure yet what the extent of our current economic downturn will be. Some experts are saying that when all is said and done, we will have seen a decline of 5%, but we will only be able to see this clearly when the economy begins to grow again.

What do you think? Answer below!

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CNBC: “What would be the first two things you would do if you were in Mr Ben Bernanke’s seat”?
Jim Rogers: “I would Abolish the Federal Reserve and Resign”.

“Recessions are good, they clean out the excesses, you start again from a sound foundation and then you go again”.

“Spending all this money trying to prevent a recession is making it worse, and we’re going to have a worse recession in the end”.

Duration : 0:10:23

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What happened last week?

Duration : 0:10:13

Technorati Tags: bear, collapse, commoditie, CPI, depression, dollar, euro, Gdp, gold, Inflation, market, Recession, Silver, stearns, Stock, subprime

Presented by Thomas DiLorenzo at the Mises Circle in Newport Beach, California; 14 November 2009. Sponsored by Louis E. Carabini. Includes an introduction by Douglas E. French.

Duration : 0:30:28

Technorati Tags: bank, Banking, Beach, BUBBLE, California, Central, circle, currency, depression, dilorenzo, dollar, Fed, federal, History, Institute, Ludwig, Mises, Newport, Recession, Recovery, reserve, Thomas, Tom, von

94 year old cook, author and great grandmother, Clara, recounts her childhood during the Great Depression as she prepares meals from the era. Learn how to make simple yet delicious dishes while listening to stories from the Great depression.

Pizza is Clara’s favorite meal.

This recipe and more can be found in Clara’s new book “Clara’s Kitchen”, available everywhere.

Duration : 0:5:52

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A special Thank you to Brent Johnson who authorized me to repost this video at AfterAmericaNZ.

Words by Brent Johnson
Vocals by Brent Johnson and Dave vonKliest

You may visit Brent on the internet at:

http://www.freedomradio.us

On You Tube at:

http://www.youtube.com/truthandfreedomnet

Road to Depression
(to the tune of Road to Morocco)

Were off on the road to Depression
Where is it, its just south of Hell

Where poverty and sickness
Are a way of life
Weve lost our inspiration
All we have left is strife

Our economic ship has run aground
Like a nation thats gone bankrupt
Were Depression-bound!

Were travelin the road to starvation
Just moving as fast as we can

When the truckers who deliver
All our food and drink and more
Stop truckin due to high fuel costs
Oh, it will make us sore
Cause the shelves will all be empty
At the supermarket store

If we dont stop fooling around
Then our children will go hungry
Were Depression-bound!

Were walking a path of destruction
Our country is going down for good

For years weve lived beyond our means
But now our debts are due
Its time to pay the piper
Who so long supported you

If you listen you can hear the sound
Of America collapsing
Were depression-bound!

Were making our way to extinction
There isnt so much left for us to do

Our businesses have closed their doors
The manufactories
Have shut down operations
And moved them overseas

The king of despair has been crowned
He has wrapped us in his arms
Oh, were Depression-bound!

Were off on the road to Depression
It isnt a smooth running ride

Our hopes and dreams have gone away
We have no more time for those
Survival is at stake now
Thats just the way life goes
When our government controls us all
Tyranny then grows

If we ever hope to rebound
Wed better reverse course cause
Were Depression-bound!

Were keeping the home fires burning
Each day is much harder than the last

There still remain a vaunted few
Who tirelessly aspire
To help restore our way of life
To standards that are higher

All that weve lost must be found
If were ever gonna fix this
Were Depression-bound!

Duration : 0:4:53

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