State Economist Tom Stinson arranges charts Wednesday as he prepares to tell reporters about Minnesota’s growing budget deficit. That deficit is caused by less money being produced by jobs.
Stinson did not paint a pretty picture for the economy when he and other state officials released a report about how the economy affects the state budget. Projections show 150,000 Minnesota jobs will be lost in the two years ending next spring, 30,000 more than predicted last February. On top of that, Stinson said, employees who are working put in fewer hours. The drop in the number of workers means total wages are falling, providing the state less income tax revenue and creating a $1.2 billion deficit in the current budget. Don Davis, Forum Newspapers
Read the article: Reality budget talk needed