Nevada has unseated Michigan as the state with the highest unemployment rate, knocking Michigan out of the top slot for the first time since April of 2006.

Nevada's unemployment rate was 14.0 percent, according to the U.S. Census Bureau. Michigan's unemployment rate for the month of May was 13.6 percent.

That snapped Michigan's streak of 49 consecutive months as the state with the highest unemployment rate.

"We're No. 2!" wrote Michael LaFaive, the Director of the Mackinac Center for Public Policy's Morey Fiscal Policy Initiative. "I've never been so happy to see Michigan be the 49th worst at anything before."

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Jim Riley got his own fiscal house in order so he could retire. Now he wonders why his city government can’t do the same for their employees, and taxpayers who could end with huge bills from the unfunded retirement liabilities.

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