Fiscal Expertise Needed to Balance Minnesota's Future Budgets
Hi, I am Rick Olson, DFL candidate for MN State Senate, running against incumbent Republican Eric Pratt. We have significant financial challenges facing our state. Last February’s revenue projections are about two billion dollars less than the projected spending for each of the two two-year bienniums. These earlier projections are now made worse by the federal One Big Beautiful Bill which cuts funds being sent to the state - estimated to be $23.5 billion less in federal Medicaid funding over ten years. Ouch! Now, we can hope that the state’s economy is better and we collect more tax revenue than currently projected, but hope is not a strategy. Ultimately, we will have three choices in closing the 2-billion-dollar plus gap: · Increase taxes · Cut some programs or · Close tax loopholes The problem is that each takes money out of somebody’s pockets. Our legislators will need a keen understanding of the ...