Although the state won’t issue its next economic forecast until early December, the outlook for the state budget is growing increasingly gloomy.
To underscore the closing words of state economist Tom Stinson in our interview with him a couple of days ago, here’s a mind-numbling graphic (h/t Baseline Scenario) on the revenue crunch that US states are projected to face in the coming years. It suggests many additional rounds of absolute fiscal anguish at the Legislature, some [...]
The PIM interview: State economist Tom Stinson on the origins of Minnesota’s structural deficit (and why it’s getting worse)
By now, anyone with the remotest interest in the state’s budget crisis has heard about the so-called "structural deficit" that’s become a regular part of the state’s biennial juggling act. They also know it’s grown markedly worse since the national economy tanked last fall. What’s less clear is how we got into this situation. What [...]