ST. PAUL – State officials issued a new economic forecast for Minnesota Thursday, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for the current biennium.
State Rep. Ben Davis, R-Mission Township, said the forecast figures clearly indicate a more balanced approach is needed in St. Paul.
“The level to which Democrats pulled a bait-and-switch on Minnesota taxpayers is horrific,” Davis said. “They told the public they support a quick tax bill fix, a full elimination of the tax on Social Security, and $2000 rebate checks for Minnesotans. But when they gained full control of the Capitol and had their chance to follow through, they broke their promises to Minnesotans and instead used the $17.5 billion surplus to raise government spending by a whopping 40 percent. They increased taxes by $10 billion along the way and left our state on the brink of a shortfall.
“Minnesotans are saying enough is enough and will hold Democrats accountable for their total disregard of taxpayers. We need more balance to the Capitol.”
The state is fully funded for the current two-year cycle, meaning no additional state spending is necessary this session. The new bottom line will guide legislators through supplemental fiscal considerations the rest of the 2024 session.
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