Federal policymakers should move quickly to direct significant additional funding to states, as well as local and tribal governments, to address the severe impacts of the public health emergency and the economic recession, and to prevent the economic downturn from getting worse.
Author: Clark Goldenrod
Deputy Director (former),
Minnesota Budget Project
May budget report reveals the need to support everyday folks
The May budget projection will guide the decisions that policymakers make in the remaining weeks of the legislative session, and the months beyond. They remind us of how many of our neighbors are struggling, and the importance of taking swift action to reduce the hardships that Minnesotans and their families are facing as a result of the pandemic, and to start building for the economic recovery.
Minnesota’s April economic update
It’s a bigger deal than usual, but doesn’t yet have all the answers: The April Revenue and Economic Update is a first look at the economic and fiscal impacts of the coronavirus crisis in Minnesota. The quarterly report from Minnesota Management and Budget (MMB) shows that state revenues have dropped considerably and the national economy has likely fallen into recession.
A look at the first federal policy steps to combat coronavirus, address economic impact
The federal government has begun to respond to the coronavirus with legislation over the past few weeks. The first was… Continue reading A look at the first federal policy steps to combat coronavirus, address economic impact
Walz and Legislature working to combat coronavirus
Even though goings on at the Capitol look a little different right now in response to the novel coronavirus, policymakers… Continue reading Walz and Legislature working to combat coronavirus
Minnesota moderately well prepared to respond to looming recession
As we grapple with a rapidly changing economy due to the coronavirus and an all but certain recession, a new… Continue reading Minnesota moderately well prepared to respond to looming recession
Caution, savings in Governor Walz’s proposed budget
Governor Tim Walz’s FY 2020-21 supplemental budget proposal released today focuses on passing a significant capital investment or bonding package and making small,… Continue reading Caution, savings in Governor Walz’s proposed budget
Positive budget surplus is coupled with caution
Minnesota’s positive budget balance coupled with continued modest economic growth give us short-term good news, however it also gives reasons for caution, with only a small structural balance in the next budget cycle before accounting for inflation and slowing economic growth in the future.
January economic outlook is brighter
January’s Economic Update brought us good short-term news: revenues are up, and the economy is growing at a good pace for now. However, with slower economic growth and potential for a recession on the horizon, policymakers should prioritize a strong budget reserve to be able to meet Minnesotans’ needs in future tough times.
Minnesota’s November budget forecast offers some near-term good news, while pointing to the need for sustained revenues for investments
Minnesota’s budget reserve is strengthened and the state’s budget outlook gives us short-term good news, according to today’s release of the November Budget and Economic Forecast by Minnesota Management and Budget.