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Minnesota Legislature

Legislative News and Views - Rep. Melissa Hortman (DFL)

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House DFL Leadership Statement on the February Economic Forecast

Thursday, February 28, 2019

St. Paul, Minnesota — Today, Minnesota Management and Budget released the February Economic Forecast, showing a projected balance of $1.052 billion for the upcoming biennium, $492 million less than the November forecast. Slowed economic growth continues to be projected for the future. While the forecast does show a balance, it includes inflation on the revenue side, and excludes it on the spending side in several key areas. Estimated inflation is slightly greater than the projected budget balance.

“This budget forecast signals significant challenges for the future,” said Speaker Melissa Hortman. “We have to be cautious going forward. A workforce shortage is constraining our economic growth, making it even more important that we focus on things that help Minnesotans enter and stay in the workforce — like job training, education, child care assistance, paid family leave, and earned safe and sick time. It is also a time to roll out the welcome mat for people who choose to move to Minnesota and expand our workforce.”

“The economic forecast warrants caution, but the shrinking balance is thanks in part to Republican tax cuts for corporations and the wealthy in recent years,” said Majority Leader Ryan Winkler. “We can’t make progress for Minnesotans’ health care, schools, roads, bridges, transit, or other priorities by cutting taxes for corporations and the wealthy. House DFLers are committed to delivering results to improve the lives of Minnesotans, and we will continue advancing our agenda to do so.”