Positive economic news a sign that investing in opportunity for all strengthens our economy
ST. PAUL – Friday, Minnesota Management and Budget (MMB) released the February Economic Forecast, which showed a $1.9 billion budget surplus. The surplus is due to a multitude of factors, including higher revenues, lower spending and a general improvement in Minnesota’s economy. Minnesota’s unemployment rate is 3.6%, the 5th lowest in the country and lowest in Minnesota in 14 years. The report also shows a slight increase in wages for Minnesotans.
“I’m especially grateful for the work of those who paved the way to this $1.9 billion surplus. It shows us that by investing in hardworking Minnesotans and in opportunity for everyone, you strengthen the economy,” said Rep. Jennifer Schultz (DFL – Duluth). “The forecast points to reasonable expectations that our economy will continue to improve if we build on this momentum and work to expand economic security for all Minnesotans, not just special interests and corporate executives.”
Minnesota’s economy has improved significantly since the DFL legislature passed a balanced budget that invested in education, middle-class tax relief while asking the very wealthiest Minnesotans to pay their fair share. More than 75,000 jobs have been created in Minnesota since the previous legislature passed its balanced budget. More Minnesotans are working now than ever before, but there is more work to do to expand opportunity for all.
“Despite our economic progress, there are still Minnesotans in every region of the state that continue to strive for economic security and a better life,” said Rep. Schultz. “College affordability, quality education, the cost of child care, and affordable health care are all real concerns that require a narrow focus on the economic hurdles facing Minnesota families. This surplus will provide good opportunities to find common ground at the legislature to continue improving the economy for all Minnesotans.”
Governor Dayton proposed utilizing the budget surplus to fund universal pre-K education for all four years olds and a tuition freeze for Minnesota college students. In 2013, the legislature approved investments in all day kindergarten and froze tuition.
MMB said today that Minnesota’s long term budget outlook remains strong with a structurally balanced budget into 2019. The DFL-led legislature passed a balanced budget in 2013 for the first time in nearly a decade, paving the way for a stable budget now and into the future.
Rep. Schultz encourages community members to contact her on any legislative issue. She can be reached by email at rep.jennifer.schultz@house.mn or phone at 651-296-2228.
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