Few states represent as dramatic a case study of the country's economic malaise and stumbling recovery as Michigan. The state's rebound has been incredible, to say the least, but has so far to go simply because it had fallen so far. Sure, they've recovered of thousands of jobs during this so-called recovery, but they're in the hole for nearly a million.

Near the end of last year, no less an authority than Forbes ranked Michigan near the bottom in the nation for business and careers. Only three other states fared worse. Not only that, but based on both Census and Labor Bureau data, the state of Michigan ranks dead last in three primary job and economic per capita growth indicators: GDP growth, income levels and employment growth.

And in a national survey—as reported by CEO magazine last year—Michigan ranked as the fifth-worst business climate in the country, primarily because of the perceived burden of taxes and regulations.