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ATR: IT’S TIME FOR A SPENDING CAP IN MINNESOTA
By Luke Hellier | December 10, 2009
From Kelly William Cobb of Americans for Tax Reform on Wednesday, December 9, 2009 5:54 PM
Minnesota Gov. Tim Pawlenty’s proposed state spending cap took its first step forward on Monday. Following a rally with U.S. Representative Michele Bachmann (R-MN-6) in the state capital rotunda, the Minnesota Senate Taxes Committee held its first hearing on a constitutional “Spending Accountability Amendment.â€Â The measure would simply restrain general fund spending to the amount of revenue received during the previous biennium. In other words, the state can’t spend what it can’t already raise.
Spending in Minnesota has grown widely out of control. In, 1999 spending and gross state product chained to 1989 levels had grown 65% and 63% respectively – nearly equal. In 2008, just a decade later, chained state spending was at 117%, while GSP was at only 84%. Runaway spending beyond what the economy can sustain has resulted in another $1.2 billion deficit that could skyrocket to as much as $5.4 billion in the coming years.Read the rest of the post here.
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December 11th, 2009 at 11:12 PM
Wow T-Paw must really hate this graph.
Things look really fine right up until he became Majority leader.