SAINT PAUL, Minn. – Today, Minnesota Management and Budget announced a new economic forecast showing a $9.25 billion budget surplus for the current biennium. The analysis does not incorporate inflationary costs or the various impacts of the Russian military invasion of Ukraine.
Rep. Jen Schultz (DFL – Duluth) issued the following statement:
“Large corporations and the very wealthiest are doing better than ever and despite a large surplus, it’s clear our economy is still tilted against workers and families who deserve to share in success and prosperity. They’ve faced some big challenges the last two years and helping them overcome barriers in their daily lives should be our biggest priority this session. On top of uncertainty regarding COVID-19 and Russian aggression against Ukraine, it’s important to recognize the budget forecast ignores inflation regarding state expenditures. When we don’t consider inflation on the spending side, we're misrepresenting the size of a surplus or potential deficit. Our supplemental budget should be assembled honestly and responsibly with families and workers at the forefront.”
Rep. Liz Olson (DFL – Duluth) issued the following statement:
“Right now, too many people are struggling with high costs for child care, health care, food, gas, and so much more every day. While corporate profits continue to soar, we need to deliver solutions to help workers, families, and students tackle the challenges they’re facing. Minnesotans have been through a lot the past two years, and have demonstrated how deeply resilient they are over and over again. While we need to exercise a degree of caution considering ongoing uncertainties in the world, our budget surplus gives lawmakers an opportunity to invest in a brighter future for everyone in our state.”