Walz and State Legislators Push for a Billion Dollars in More Debt

After growing Minnesota's state government by an unprecedented 36% and blowing through a record $21 Billion of overtaxed surplus money, Governor Walz proposed adding another billion dollars on the taxpayer credit card today in a press conference. Generally, politicians in St Paul only pass debt bills (known as bonding bills) every other year, but Walz' proposals comes after a massive $2.6 Billion bonding bill passed last year with both Democrat and Republican support. 

The bonding bill requires a super majority (60%) for passage, so it's the one key piece of leverage Republicans have to stop Walz and the Democrat legislature from enacting more radical policies. But the Senate Republican lead on bonding, Karin Housley, complained today that Walz' bill didn't spend enough money stating, "I'm concerned there isn't more money in this proposal for local needs across the state."

Nearly half the new debt will go towards maintaining state buildings, especially those in the Minnesota university system. 

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  • Russell Jackson
    commented 2024-01-18 10:45:28 -0600
    A few other items I also forgot to mention. MN is too worried about the proper use of pronouns, child mutilation surgery, giving murderers the right to vote, sanctuary state/city status, etc. These policies/ideologies have gone so well for other Democrat run states/cities. Maybe DEI should stand for “Don’t Expect Integrity”. But at least we have a new flag. What a joke. Should have just adopted California’s flag and saved a lot of time and money. Maybe instead of re-writing history, maybe a person should learn from the mistakes made in the past, acknowledge the mistakes and make improvements. There is a saying that people who ignore/change history will repeat the same mistakes. Anything, whether a flag, statute, etc. can be “offensive” to someone.
  • Russell Jackson
    commented 2024-01-18 10:31:12 -0600
    If the state buildings are in that bad of shape, just sell them, tear them down, etc. Instead of building a Taj Mahal" type capital, just look at North Dakota’s capital building. It is easy design, and functional. But the DFLer’s are always good at spending someone else’s money. Maybe just get a bunch of used mobile homes to use. If a person wins a One-Million-dollar home, they forget what the carrying costs are. Maintenance, RE taxes, insurance, etc. I was a banker for 38 years. When a business, person, state gov’t, etc. increases spending by 36% and uses only the “cash on hand” (Surplus) to offset this additional spending, the next year you are in a heap of trouble to maintain the same amount of spending without increasing income/revenue. I saw this mistake made all of the time. The only ways to offset an increase in spending/shortfall is: 1). Sell assets, 2). borrower money (Bonding). 3). Outside investors, sale of stock, 4) Money from a person’s Frelatives (A/K/A Friends and Relatives). This is not rocket science, just basic economics. I will guess a large tax increase on top of the ones the DFL crammed down our throats last year will be forthcoming. Maybe this is why people and businesses are leaving MN.
  • Paul Bade
    commented 2024-01-18 09:40:34 -0600
    We should not be borrowing money for building maintenance. Instead of wasting billions of dollars on new flags, diversity indoctrination, more ways to make the poor comfortable on the state dole instead of pushing them to work, etc., we should be budgeting for maintenance every biennium, with major tasks such as roof replacement on an adjustable rotating schedule. Unused maintenance money should be carried to the following year to accumulate funds (in interest-bearing accounts) for the major projects, up to a reasonable limit.

    But good management does not seem to be a characteristic of Democrat-run government.
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  • Jake Duesenberg
    published this page in News 2024-01-17 16:19:35 -0600