For more information contact: Matt Swenson 651-297-8406
Economic experts are calling this the longest and deepest recession since 1942. Job losses in Minnesota totaled 30,000 over the last twelve months, and another 77,000 jobs will be lost in 2009. The recession has caused a $5.2 billion budget shortfall in Minnesota.
State Economist Tom Stinson told legislators these extraordinary economic circumstances have left the state in “uncharted waters." The process ahead will be long and difficult, and these problems won’t be solved overnight. But Minnesotans want their leaders to work together now to begin lifting our state out of this terrible recession. We welcome everyone’s suggestions and thought on how to address this problem.
State lawmakers need to take decisive, strategic action to balance the budget responsibly. By prioritizing spending and restructuring state government, I am confident we can resolve the deficit in a fair and prudent manner.
But our main focus must be on rebuilding our lagging economy. With a thoughtful, positive approach that encourages innovation, entrepreneurship, and job growth, we will achieve long-term economic security. Doing so will make Minnesota’s economy even stronger than before.
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