Minnesota: Dems Turn $5B Conk Deficit Into $1B Surplus

[Cap'n Cat]

Minnesota Gov. Mark Dayton wants to use the expected $1.1 billion state budget surplus announced Thursday to repeal three controversial sales taxes on businesses and provide middle-class income tax relief.

But first, the state must pay off the remaining $246 million in IOUs to public schools from borrowing during the Great Recession.

When that debt and a smaller one to airports are repaid, Dayton and the Legislature will have $825 million to use for tax cuts or new spending, according to the Minnesota Management and Budget office's new economic forecast.

Dayton credited a rebounding state economy for producing the extra cash.

"The principal reason for this dramatic improvement is the stronger-than-expected growth in our state's economy," he said at a Capitol news conference. "That credit belongs first and foremost to the people of Minnesota."

(....or President Obama....)

He praised employers for creating 122,000 jobs in the state during the past two years and their employees for making those business expansions successful.


Tim Pawlenty, former MN Governor and darling of the Conk Teabagger ilk, left his office with a $5 Billion debt, THEN had the audacity to run for President of the US!!! On what record?????

Democratic Gov. Mark Dayton completely turned it around in three years to a $1 Billion surplus.

Discuss!



"It wasn't my fault, it was Obama!!!"

[Cap'n Cat]

.....and he's gonna cut taxes!!!!!!

[AZGrizFan]

Surpluses are showing up in places you’d expect. North Dakota, currently enjoying an energy and agricultural boom, is projecting a $1.6 billion surplus over its two-year budgeting cycle. Texas, another resource-rich state, foresees an $8.8 billion surplus over its current two-year budget cycle.

But the Rust Belt is also regaining some of its fiscal shine. Ohio is expecting a $1 billion surplus for the current fiscal year. Wisconsin is looking at $484 million in black ink. Other states with surpluses include Iowa ($800 million) and Tennessee ($580 million). West Virginia completed its 2011–12 fiscal year with a surplus of about $88 million.

Some of the coastal states whose finances were hit hardest by collapsing housing markets and persistently high unemployment are also making a comeback. For the past several years, California’s massive, recurring deficits have made life miserable for politicians and inspired comparisons to Greece. Thanks to tough spending cuts, higher taxes, and a general recovery, California’s finances are on the mend. “California expects to take in $2.4 billion more in revenue than it will spend this fiscal year, which ends June 30,” Tami Luhby of CNN Money reported. "After paying off a shortfall from last year and setting aside funds for upcoming obligations, it’s on track to end the year with a $36 million surplus." Florida, another state that has had to deal with harsh cuts to rein in deficits, is also now in the black. The current projection is for a surplus of $437 million.

Yeah. He's a goddamned genius.

[Cap'n Cat]

Surpluses are showing up in places you’d expect. North Dakota, currently enjoying an energy and agricultural boom, is projecting a $1.6 billion surplus over its two-year budgeting cycle. Texas, another resource-rich state, foresees an $8.8 billion surplus over its current two-year budget cycle.

But the Rust Belt is also regaining some of its fiscal shine. Ohio is expecting a $1 billion surplus for the current fiscal year. Wisconsin is looking at $484 million in black ink. Other states with surpluses include Iowa ($800 million) and Tennessee ($580 million). West Virginia completed its 2011–12 fiscal year with a surplus of about $88 million.

Some of the coastal states whose finances were hit hardest by collapsing housing markets and persistently high unemployment are also making a comeback. For the past several years, California’s massive, recurring deficits have made life miserable for politicians and inspired comparisons to Greece. Thanks to tough spending cuts, higher taxes, and a general recovery, California’s finances are on the mend. “California expects to take in $2.4 billion more in revenue than it will spend this fiscal year, which ends June 30,” Tami Luhby of CNN Money reported. "After paying off a shortfall from last year and setting aside funds for upcoming obligations, it’s on track to end the year with a $36 million surplus." Florida, another state that has had to deal with harsh cuts to rein in deficits, is also now in the black. The current projection is for a surplus of $437 million.

Yeah. He's a goddamned genius.

He is!


Key points even you can understand:

1. Conks left $5 billion dollar deficit.

2. Surpluses appearing because of Obama cleanup of Bush/Conk mess.

3. Economy thriving.

4. Stock market setting records.

5. Obama is President.

[Grizalltheway]

Surpluses are showing up in places you’d expect. North Dakota, currently enjoying an energy and agricultural boom, is projecting a $1.6 billion surplus over its two-year budgeting cycle. Texas, another resource-rich state, foresees an $8.8 billion surplus over its current two-year budget cycle.

But the Rust Belt is also regaining some of its fiscal shine. Ohio is expecting a $1 billion surplus for the current fiscal year. Wisconsin is looking at $484 million in black ink. Other states with surpluses include Iowa ($800 million) and Tennessee ($580 million). West Virginia completed its 2011–12 fiscal year with a surplus of about $88 million.

Some of the coastal states whose finances were hit hardest by collapsing housing markets and persistently high unemployment are also making a comeback. For the past several years, California’s massive, recurring deficits have made life miserable for politicians and inspired comparisons to Greece. Thanks to tough spending cuts, higher taxes, and a general recovery, California’s finances are on the mend. “California expects to take in $2.4 billion more in revenue than it will spend this fiscal year, which ends June 30,” Tami Luhby of CNN Money reported. "After paying off a shortfall from last year and setting aside funds for upcoming obligations, it’s on track to end the year with a $36 million surplus." Florida, another state that has had to deal with harsh cuts to rein in deficits, is also now in the black. The current projection is for a surplus of $437 million.

Yeah. He's a goddamned genius.

So if a state is tanking with large deficits, it's the goddamn socialist donks' fault. If an economy turns around and produces a surplus under a donk, it's blind luck.

[AZGrizFan]

Yeah. He's a goddamned genius.

So if a state is tanking with large deficits, it's the goddamn socialist donks' fault. If an economy turns around and produces a surplus under a donk, it's blind luck.

My point is it's happening across the country, generally irrespective of who/what party is running the state. It's not rocket science. Kind of like global warming....

[Grizalltheway]

So if a state is tanking with large deficits, it's the goddamn socialist donks' fault. If an economy turns around and produces a surplus under a donk, it's blind luck.

My point is it's happening across the country, generally irrespective of who/what party is running the state. It's not rocket science. Kind of like global warming....

But according to you and your ilk, donks are too fiscially irresponsible for anything like this to happen...ever.

[Cap'n Cat]

So if a state is tanking with large deficits, it's the goddamn socialist donks' fault. If an economy turns around and produces a surplus under a donk, it's blind luck.

My point is it's happening across the country, generally irrespective of who/what party is running the state. It's not rocket science. Kind of like global warming....

Funny, though:

2009 - nation in tank. Obama takes Oath of Office.

2013 - states experience surpluses left and right, auto companies ring up double digit monthly numbers, stock market breaks records......

Only one constant throughout that timeline.

Not sayin', just sayin'. Know what I'm sayin'?

[AZGrizFan]

My point is it's happening across the country, generally irrespective of who/what party is running the state. It's not rocket science. Kind of like global warming....

But according to you and your ilk, donks are too fiscially irresponsible for anything like this to happen...ever.

Donks will take the excess and SPEND it. Because they NEVER learn. It's science.

[Cap'n Cat]

But according to you and your ilk, donks are too fiscially irresponsible for anything like this to happen...ever.

Donks will take the excess and SPEND it. Because they NEVER learn. It's science.

Z: King of the Generalizers.

See above what he's doing with the surplus, Lane?

[89Hen]

.....and he's gonna cut taxes!!!!!!

Minnesota is reporting a healthy projected state budget surplus after nearly a year in deficit.
The surplus is just over one billion dollars.

Just 10 months ago the state reported a near 630- million dollar deficit.

The Minnesota House and Senate passed a two billion dollar tax increase last session in an attempt to stabilize state finances and the changes took place in July.

Aint the internet cool?

[Grizalltheway]

.....and he's gonna cut taxes!!!!!!

Minnesota is reporting a healthy projected state budget surplus after nearly a year in deficit.
The surplus is just over one billion dollars.

Just 10 months ago the state reported a near 630- million dollar deficit.

The Minnesota House and Senate passed a two billion dollar tax increase last session in an attempt to stabilize state finances and the changes took place in July.

Aint the internet cool?

Who says he isn't going to cut taxes now that the deficit is erased? Obviously raising them was neccessary in order to accomplish that.

[89Hen]

Aint the internet cool?

Who says he isn't going to cut taxes now that the deficit is erased? Obviously raising them was neccessary in order to accomplish that.

Raise them by $2B and cut them by $500M =/= a tax cut.

[AZGrizFan]

Aint the internet cool?

Who says he isn't going to cut taxes now that the deficit is erased? Obviously raising them was neccessary in order to accomplish that.

Just like a donk...raise taxes $2 billion, then crow about reducing them $100 million.

[kalm]

Oh the irony dripping from this thread. Nice work Cappy!

[ASUG8]

My point is it's happening across the country, generally irrespective of who/what party is running the state. It's not rocket science. Kind of like global warming....

Funny, though:

2009 - nation in tank. Obama takes Oath of Office.

2013 - states experience surpluses left and right, auto companies ring up double digit monthly numbers, stock market breaks records......

Only one constant throughout that timeline.

Not sayin', just sayin'. Know what I'm sayin'?

I think the constant you're looking for are QE1, 2, and 3 which largely explain the stock market and cheap money. When you can buy a car for 1.99% interest for 6 yrs and you have a relatively stable job why not?

QE will probably end this year, we'll see major stock corrections, and it will once again be Bush's fault.

[Grizalltheway]

Who says he isn't going to cut taxes now that the deficit is erased? Obviously raising them was neccessary in order to accomplish that.

Just like a donk...raise taxes $2 billion, then crow about reducing them $100 million.

Just like a conk...crow about how raising taxes unequivically kills economic growth, then go completely silent when a state experiences growth/recovery inspite of it.

[kalm]

Just like a donk...raise taxes $2 billion, then crow about reducing them $100 million.

Just like a conk...crow about how raising taxes unequivically kills economic growth, then go completely silent when a state experiences growth/recovery inspite of it.

Also no deficit..which matter when donks are in office.

[AZGrizFan]

Just like a donk...raise taxes $2 billion, then crow about reducing them $100 million.

Just like a conk...crow about how raising taxes unequivically kills economic growth, then go completely silent when a state experiences growth/recovery inspite of it.

Well, there really was nowhere to go BUT up. But just like a donk, take credit for natural business cycles as political genius.

[Gil Dobie]

Mark Dayton send me a Thank you the other day, I bought the only electronic pull tab. The electronic pull tabs were going to pay for the new Vikings stadium.

CBS Minnesota reported.....

There’s a lot of revisionist history going on at the Capitol about those pull tab revenue projections — numbers that Gov. Mark Dayton says no one knew were wildly inflated.

But that’s not exactly true, according to lawmakers who tried to sound the alarm.

Many lawmakers were skeptical about pull tabs from the very beginning, even when top state revenue officials said it would eventually generate $66 million, or more, every year.

At a stadium Senate hearing last April, Minnesota Revenue Commissioner Myron Frans said that his level of confidence in the pull tab revenues was, on a scale of one to 10, at “about five…probably an eight.”

“We feel very strongly that this is a reasonable, and conservative estimate in terms of the revenue that will be generated,” Frans said then.

But the numbers were wildly off base. For 2013, state officials first estimated $35 million in revenues.

Now, they’re guessing $1.7 million.