State of Minnesota Archives: on Budget & Economy
Across-the-board budget reductions
The federal budget has doubled since 2002 and now totals an astonishing $4.1 trillion dollars. It remains the single biggest drag on economic growth and job creation, because wasteful government spending crowds out productive private investment.
An unsustainable debt of $19 trillion is putting America on the road to Athens. Net interest on the debt will be nearly $800 billion in a decade, according to the CBO.
Yet Washington insiders cut another back room deal last year, undoing the 2011 budget caps and adding another $112 billion to domestic discretionary spending. And though the federal government collected a record $3.25 trillion in 2015,
we have a 2016 deficit of $600 billion. We need across-the-board budget reductions because no matter how you finance big government spending--whether taxes, borrowing, or printing money--it all comes out of your pocket.
Source: 2016 Minnesota House campaign website JasonLewis2016.com
Nov 8, 2016
Economy is "top down" and "rigged" in favor of the wealthy
Among the issues the candidates discussed Wednesday:
Economy: Franken said the economy is "top down" and "rigged" in favor of the wealthy. He said he has been focusing on getting young people trained to fill available jobs.
He said students should be able to refinance their student loans and called for an increase to the minimum wage.
McFadden said that under Obama and Franken, the U.S. has had the slowest rebound from a recession in its history and the federal debt has soared.
He said he has a plan to get the economy back on track, consisting of three "E's"--energy and mining, education and effective government.
Source: Twin Cities Pioneer Press on 2014 Minnesota Senate debate
Oct 8, 2014
Borrowing places our sovereignity at risk
Question topic: Free enterprise and the right to private property turn mankind's natural self interest into the fairest and most productive economic system there is, and are the key to national prosperity.
Abeler: Strongly Agree
Question topic: Briefly list political or legislative issues of most concern to you.
Abeler: Debt & deficit: we must live within our means, and cannot rely on borrowing. That places our sovereignity at risk.
Source: Faith2Action iVoterGuide on 2014 Minnesota Senate race
Jul 2, 2014
Led $3.8B in human services cuts to close MN budget gap
Abeler has been a state representative for 15 years and served as chairman of the state health and human services finance committee in 2011. Those experiences will be helpful when it comes to dealing with issues like the federal deficit and health care
reform, he said.
Abeler said the $17 trillion national deficit, and massive debt to foreign countries, are issues that national legislators will need to contend with. "If we don't get that under control, it will consume us," he said.
Abeler said his past legislative experiences would help in trying to find a solution. When Minnesota was faced with a $6 billion state deficit in 2011, Abeler led the committee that found a way to cut $3.8 billion in human services
spending through permanent reductions. Cuts were made carefully to avoid harming the people who receive state services, he said. As a measure of the bill's success, he noted that Gov. Mark Dayton has kept the reductions in place.
Source: Marshall Independent on 2014 Minnesota Senate race
Nov 28, 2013
We've been spending like a drunken sailor
Q: Every few years, Congress fights over the federal debt limit. Would you have any preconditions on whether you'd support raising the debt limit?
A: We're looking at close to $17 trillion in debt now. It represents almost 80% of our GDP, and that's
problematic. As it comes to debt ceiling negotiations, I would be front and center in any part of those negotiations, and I think what needs to be measured is, on one hand, we need to provide some fiscal constraint in terms of government spending.
We've been spending like a drunken sailor and we have to stop that.
That's got to be measured against what that does to our credit in the world market for borrowing money if we violate our debt covenants.
Source: Minneapolis Post on 2014 Minnesota Senate race
Jul 15, 2013
Lift us out of miserable deficit-to-deficit cycle
We have repaired much of the fiscal damage we inherited, but we're not done yet. We face another deficit, projected at $1.1 billion, for the next biennium; and we still owe our schools another $1.1 billion.
My budget for the next biennium would lift us out of this miserable deficit-to-deficit cycle. It would eliminate the $1.1 billion deficit, balance the biennial budget, and begin the following biennium with a projected surplus.
Where do we want Minnesota to be in a year, or in a decade? We will not agree on every aspect. However, if we can discover our shared goals, perhaps we will find greater accord on how best to achieve them.
We can also better assess whether the path we're now on will lead us to them.
Source: 2013 State of the State speech to Minnesota Legislature
Feb 6, 2013
George W. Bush:
Too much government spending will end prosperity
Gore offers an old and tired approach. He offers a new federal spending program to nearly every voting bloc. He expands entitlements, without reforms to sustain them. 285 new or expanded programs, and $2 trillion more in new spending.
Spending without discipline, spending without priorities, and spending without an end. Al Gore’s massive spending would mean slower growth and higher taxes. And it could mean an end to this nation’s prosperity.
Source: Speech in Minneapolis, Minnesota
Nov 1, 2000
Don’t “give it all back”; economy will sour someday
Dayton may also be the most liberal of the major DFL Senate candidates. He is the only one who says he’ll push for immediate universal health care, and wants the federal government to pay for 90 percent of special education costs,
instead of the current 12 percent. Dayton says he may be running against the tide by arguing for more government spending in an era of “give it all back”, but he says now is the time to invest in education, health care and Social Security.
“If we don’t take advantage of this budget surplus at the federal and state level, which always comes to an end, as economic cycles always do, to improve the quality of public education, to help seniors pay for their prescription medicines;
if we don’t do it now, I fear for the future of this country, especially when we fall in more difficult times,” Dayton said.
Source: Laura McCallum, Minnesota Public Radio on-line
Aug 1, 2000
Page last updated: Feb 28, 2017