{"id":44811,"date":"2014-06-11T12:03:25","date_gmt":"2014-06-11T17:03:25","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=44811"},"modified":"2019-05-21T06:56:32","modified_gmt":"2019-05-21T11:56:32","slug":"unexpected-3","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=44811","title":{"rendered":"“Unexpected”"},"content":{"rendered":"

For the fourth straight month, Minnesota’s revenues came in below forecast – and the rate of the shortfalls is accelerating.\u00a0 That is according to Minnesota Management and Budget, which is nominally non-partisan (but whose leadership depends on Mark Dayton for their employment, and whose rank and file work for AFSCME).\u00a0<\/p>\n

\"\"<\/a><\/p>\n

Exactly as fiscal conservatives said they would.<\/p>\n

Over the past four months, the shortfalls add up to over $200 million dollars – enough for a couple of Senate Office Buildings (hat tip: Ben Kruse).\u00a0<\/p>\n

So what does this mean?\u00a0<\/p>\n

Forward To The Past!:\u00a0 <\/strong>Remember 2010?\u00a0 When the DFL\/Media harped on the “six billion dollar deficit” that two years of DFL control of the legislature had left us?\u00a0<\/p>\n

The deficit that two years of GOP control in the Legislature erased and converted – in the year after the DFL took control, when GOP policies were finally taking effect – to over a billion in surpluses?\u00a0<\/p>\n

The “D” word is back.\u00a0 Oh, not that the Strib <\/em>is going to make anything of it, not yet – not until there are Republicans to blame – but\u00a0this adds new impetus to the predictions that the state budget – which the GOP dragged out of six billion dollars worth of deficit in 2011-2012 – is heading back to deficit <\/em>in the budget’s off-year.\u00a0<\/p>\n

So what does this mean?<\/p>\n

Remember that $1.1 billion surplus that the DFL inherited from two years of GOP control?<\/p>\n

Well, memories are all we have. If revenues keep falling at this rate, and the shorftall keeps growing at the rate it’s been accelerating this past few months, we’re going to be at over a billion dollars in deficits by the end of this year.\u00a0<\/p>\n

And the worse news?\u00a0<\/p>\n

Underperforming<\/strong>:\u00a0 The budget forecasts were based on the projections of economic activity using the activity of the years of GOP control as a baseline, with growth predictions factored in.<\/p>\n

The growth isn’t happening as predicted.\u00a0<\/p>\n

So for all the DFL\/Media’s happy talk about Minnesota’s economy, the MInnesota economy is like a Summit Avenue mansion; the main floor, where the Fortune 500 folks like Target, Best Buy, Ecolab, 3M and the like hang out looks just great – but the foundation is rotting away.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the fourth straight month, Minnesota’s revenues came in below forecast – and the rate of the shortfalls is accelerating.\u00a0 That is according to Minnesota Management and Budget, which is nominally non-partisan (but whose leadership depends on Mark Dayton for their employment, and whose rank and file work for AFSCME).\u00a0 Exactly as fiscal conservatives said […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117,2],"tags":[409],"class_list":["post-44811","post","type-post","status-publish","format-standard","hentry","category-dayton-dustbowl","category-minnesota-politics","tag-unexpected"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44811"}],"version-history":[{"count":2,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44811\/revisions"}],"predecessor-version":[{"id":71351,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44811\/revisions\/71351"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44811"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}