Really interesting question. I think Mikey was in fact suicidal, but only through the lens of corruption and purity, and its affects on the innocents who have to deal with it, which this movie presents literally and symbolically in many, many ways. I don't think Mikey was looking to die so much as he was looking for anything that was pure and true in a world that seemed to hold none of that for him, his brother, or his closest friends.
Mikey wants purity, the purity of clean molecules, of the perfect space in his mind and imagination that cannot be touched by the corrupt, real world. It seems to me that purity like that can only be found in non-existence, whether as a young teenage boy Mikey could ever speak to this observation or not. In this sense Mikey actually reminds me a lot of Seymour Glass from Salinger's short stories. They hold a lot of the same conflicts within them, though Seymour is much more on the nose about the conflicts inside of him than Mikey could ever be. It's a credit to not only Elijah, but Tobey and Christina that they could play these kind of conflicts so subtly and quietly at such a young age.
Mike's last speech to his brother about purity, about cleanliness, his fixation on these feelings while living in such a subtly corrupt and traumatizing world, a world where literally no adult is telling the truth about anything that's happening. Obviously it's hurting Mikey very, very badly in ways that, much like his own father, he has no emotional tools to express at all.
So Mikey's journey into the ice storm is a literal and symbolic search for the purity he described to his brother when he was helping him with his homework, (his brother dismisses this reverie with, "But I just need help with my homework.")
The ice storm is the physical manifestation of that free and perfect space in Mikey's soul. He's innocent and alive out in the woods alone, maybe more alive than he's been his whole life; in a place where his mind, imagination and the natural world meld into one last perfectly symphonic moment for him.
Is that journey suicidal? To my mind, the way Ang Lee presents it, it is, just not with all the expressive psychosis we have come to associate with the act of self murder in our current age of mass therapy.
Maybe the better question to ask about Mikey's ultimate fate is: did he achieve the purity he was searching for in his death? Well, that's a question we can never know the answer to until we take the journey ourselves.
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