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State Representative Kim Norton
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-9249
For more information contact: Matt Swenson 651-297-8406
NEWS COLUMN
A PROCESS AS OLD AS THE RAILROADS
Minnesota’s economic recovery, and our long-term standard of living, depends squarely on the responsible, forward-thinking decisions we make today. That’s why we need to continue the work our grandparents began, building a state where jobs and opportunity thrive.
Today the capital assets they built, infrastructure that has kept our state prosperous for decades, are now at risk. Built more than a generation ago during the Eisenhower era, Minnesota’s roads and bridges are in serious need of repair. Wastewater management systems, college classrooms, and our parks and trails need attention. Regional civic and conference centers that attract visitors, bring economic growth, and enhance our quality of life need vital upgrades to save energy and meet modern demands.
Without smart, targeted investments in our infrastructure, Minnesota can’t hope to attract new industries or encourage entrepreneurs to build new businesses here at home. Without the jobs that come with that economic development, we can never expect to keep our best and brightest young minds here in Minnesota.
That’s why passing a strong, responsible bonding bill is so important this session.
Every other year, the Minnesota Legislature is tasked with passing a large bonding bill that leverages the state’s borrowing power to make needed investments in our infrastructure. The state sells bonds to investors to collect capital now that will be paid back over time. It’s the process the state began using during the Panic of 1857 to encourage the construction of railroads through Minnesota in the 1850s and 60s; it’s the process that for more than 150 years has built Minnesota into what it is today.
Recently, when Republicans controlled the House and the Governor’s office in 2005, Minnesota faced a declining Minnesota economy and a large budget deficit. They too recognized the need for a sizable bonding bill to responsibly maintain the state’s infrastructure and create jobs, passing a nearly $900 million bonding package. The next year, they passed another $950 million bonding bill. Both were similar in size and focus to the bonding package introduced by state lawmakers at the Capitol last week.
This year, in the midst of the longest and deepest recession since the 1930s, passing a strong bonding bill is more important than ever. Minnesota’s most trusted fiscal advisor State Economist Tom Stinson agrees. He recently told legislators that one of the state’s best tools to put Minnesotans back to work and help our economic recovery is a jobs-targeted bonding bill focused on shovel-ready projects. Stinson urged legislators to pass the bill early this session in order to take advantage of low interest rates, and get projects going when the ground thaws this spring.
On Stinson’s recommendation, we worked throughout the summer and fall to have a bonding bill ready on day one. That bill is already moving quickly through the legislative process and will come to the House floor for a vote next week, putting final passage of this year’s bonding bill far ahead of schedule.
Conservative estimates project this year’s $998 million bonding bill will create 8,000 to 10,000 jobs. The bill won’t put all of Minnesota’s 217,000 unemployed workers back on the job. But turning thousands of unemployment checks into paychecks will get people spending at our local businesses again, hire idle contractors, and pump needed consumer activity into Minnesota’s lagging economy. It is an economic development effort that will create jobs now, and sustain more long-term jobs into the future.
Several of these bonding proposals will invest needed resources here in Rochester, including:
• $28 million for the Mayo Civic Center expansion
• $3.2 million to complete the Rochester Community and Technical College (RCTC) Workforce Center co-location
• $4 million for Phase II of the Rochester National Volleyball Center
Let me be clear, the bonding bill isn’t the only answer to our economic troubles. This is the first of several actions that are going to address the larger issue. A second jobs bill will help support private sector growth through intelligent tax incentives and relief from overregulation in some areas. A third will help train Minnesota’s workforce to remain competitive in this economy and the next.
State government can’t single-handedly end this recession. But lawmakers have a responsibility to do all we can to encourage private sector growth – which sometimes means getting out of the way. Then we can people back to work. I’ll continue doing everything I can this session to make that happen. Please contact me with your questions and concerns. I look forward to hearing from you.
Rep. Kim Norton
State Representative
District 29B
(651) 296-9249
rep.kim.norton@house.mn
News Items
- Rep. Norton Selected as Vice Chair of House Health and Human Services Finance Committee - (Posted: 2012-12-14 00:00:00)
- It’s Time for Legislature to Get Back to Basics, Balance the Budget Honestly - (Posted: 2012-12-11 00:00:00)
- Second Saturday Coffee Meeting Date Changed to December 9 - (Posted: 2012-12-03 00:00:00)
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