SAINT PAUL, Minn. — Today Minnesota Management and Budget announced a new economic forecast showing a $9.25 billion budget surplus for the current biennium. The analysis does not incorporate inflationary costs or the various impacts of the Russian military invasion of Ukraine.
“Today’s forecast shows that Minnesota’s economy is doing well — at least at the surface level, with corporate profits continuing to wildly outpace expectations. Now it’s our job to address the challenges that people are facing and ensure that workers and families are benefiting from the economic growth they are helping create,” said Speaker Melissa Hortman. “The last two years have been incredibly challenging for so many, and there is significant uncertainty ahead, but we have an opportunity now to truly deliver help for Minnesotans. I hope Senate Republicans will join us in our work to build a better future for all Minnesotans.”
“The United States is facing the biggest geopolitical challenge since the Cold War, and it remains to be seen what impact it could have on our economy and family budgets,” said House Majority Leader Ryan Winkler. “Today we learned Minnesota’s budget surplus grew significantly, but MMB’s economic analysis does not factor in this new global crisis. It’s clearer now than ever that our state government should be doing everything in its power to support workers and their families — the people who bear the economic brunt of global crises. Democrats will oppose extreme Republican proposals that shower the biggest corporations and wealthiest individuals with tax cuts that could tank budget stability in Minnesota for decades.”
“No matter the size of our budget surplus, families, workers, and small businesses are still counting on us to work together to ensure everyone can experience success and prosperity as we recover from the pandemic,” said Rep. Rena Moran (DFL – Saint Paul), chair of the House Ways and Means Committee. “House DFLers are committed to delivering solutions that will help Minnesotans overcome the barriers they continue to face – including rising costs day to day – as they navigate an economy that while improving, is tilted in favor of large corporations and the very wealthiest.”