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Legislative News and Views - Rep. Jon Koznick (R)

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RELEASE: Koznick: Long Term Deficit Overshadows Short Term Budget Surplus

Monday, March 4, 2024

ST. PAUL – Minnesota’s economic experts unveiled a new state budget economic forecast on February 29th, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for what’s left of the current budget cycle.

State Representative Jon Koznick, R-Lakeville, noted that the Democrat legislative majority is having trouble using the word ‘deficit’ for the budget mess it has created. Instead, it is trying to avoid criticism by rebranding the term as a ‘structural imbalance.’

“It should be no surprise that Democrats have invented new terminology to avoid calling last Thursday’s news exactly what it is—a budget deficit,” Koznick said. “This Democrat Deficit is the direct result of their reckless and irresponsible economic policies that continue to drive inflation and higher costs of everyday goods for Minnesota families.”

Koznick reminded residents what a difference a year can make. At this time last year, Minnesota had a nearly $20 billion budget surplus. Three months later, the Democrat majority spent every bit of that amount, raised taxes by an additional $10 billion, and ultimately crafted a budget that increased state spending by 40%. Now the state is looking at a projected budget deficit.

“Instead of giving last year’s surplus back to you to help mitigate the consequences of their economic policies, Democrats doubled and tripled down on the out-of-control spending and raised taxes on all Minnesotans by an additional $10 billion,” said Koznick. “Balance is badly needed in St. Paul, because Minnesotans are sick and tired of being treated like an ATM to pay for Democrats’ out-of-touch agenda.”