ST. PAUL – State officials issued a new economic forecast Thurday, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for the current biennium.
State Rep. Jeff Dotseth, R-Silver Township, said the forecast figures clearly indicate a more balanced approach is needed in St. Paul.
“It seems like people became so accustomed to hearing about our state’s historic surplus last year that many folks are unaware the Democrats spent all that money last spring and a shortfall is still projected for our state,” Dotseth said. “The Democrats spent the $17.5 billion surplus, raised taxes by $10 billion and increased state spending by 40 percent. Their approach is reckless, unaffordable and has left our state vulnerable at a time when our local taxpayers already have been facing record price increases.
“We need more balance in St. Paul to help us take a practical approach, with common sense guiding our budget decisions. The one-party control has had our state living hand to mouth and it needs to end. This forecast does not change the fact Democrats need to start making good on their promises to fully eliminate the tax on Social Security, provide $2000 rebate checks for Minnesotans and completely fix their errors in last year’s tax bill.”
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.
-30-