Federal Deficit

July 20, 2005

Federal deficit
on the decline

The federal deficit is $94 billion less than expected, boding good news for the nation’s economy, reports Rep. Dave Camp (R-Midland).
A release from Camp’s office notes that the national deficit is $94 billion less than a forecast made in February and now stands at $333 billion, or 2.7 percent of Gross Domestic Product (GDP), which is smaller than the deficits in 15 of the last 25 years as a percentage of GDP.
Camp credits Republican tax cuts as playing a role in generating better than expected revenues. He adds that nationally, the economy has created over 3.7 million jobs since May 2003, with job gains for each of the last 25 months and more Americans working than ever.
The numbers show the nation’s unemploy-ment rate fell to 5.0 percent in June, the lowest rate since September 2001, and lower than the average rate of the 1970s, ‘80s, and ‘90s.
“Clearly we have more work to do in Michigan, but nationally we are back on track and moving full speed ahead,” said Camp, a senior member of the Ways and Means Committee that was responsible for writing the tax cuts into law.
He adds that projections show the deficit will fall to $162 billion in 2009, or 1.1 percent of GDP.
“These numbers are only going to get better as Congress holds the line on spending,” Camp said.

New casino complex
planned in Petoskey

The Little Traverse Bay Bands of Odawa Indians are on a roll in Petoskey with plans for a new $197.4 million casino, hotel and entertainment complex which will replace Victories on U.S. 131.
To be located on a 97-acre parcel of land on Cemetery Road, south of Petoskey, the plan includes an eight-story hotel with 250 rooms and a rooftop restaurant. Every room will have a view of Little Traverse Bay or Lake Michigan.
The complex will include a 1,000-seat entertainment center for concerts, pow-wows, banquets and other events. Also in the works is a 300-seat buffet near the new casino, which will offer 1,500 machines. Currently, there are 1,100.
Tribal chairman Frank Ettawageshik said the project will be constructed over the next two years, with a groundbreaking to be held this summer.

Missy Kamyszek remembered through scholarship

The First Annual “Missy” Memorial Scholarship Fundraiser raised more than $23,000 at Magnum Hospitality restaurants in the region.
Missy Kamyszek was a manager at Red Mesa Grill Boyne City, whose life was tragically cut short last summer as the result of domestic violence. Scholarships will be awarded annually in her honor to area students enrolled in the NMC Culinary Program. Recipients will be culinary students who, like Missy, demonstrate a commitment to the spirit of ‘hospitality”.
On June 21, all four Magnum Hospitality restaurants hosted fundraising events. Magnum Hospitality’s goal of $10,000 was more than doubled.
Events at the Red Mesa Grill in Boyne City and Traverse City, Pearl’s New Orleans Kitchen in Elk Rapids and The Fish in Harbor Springs raised more than $23,000 to permanently endow the scholarship fund.
Magnum Hospitality donated $12,765, or 50% of its sales on June 21. Another $11,000 was raised through silent auctions and cash donations.