While much of the nation's economy remains strong, the housing crisis and high oil prices are causing economists to predict an economic slow-down.
As a result, the State of Minnesota’s budget is now projected to have a $373 million shortfall during the current budget period. This deficit is about 1% of the general fund budget.
Since I have become Governor, we have achieved a long-standing goal to move Minnesota out of the top ten in taxes, and have kept a lid on State spending. The DFL doesn’t believe in the value of lower taxes or limiting government spending.
Predictably, their approach in times of deficit will be to increase state spending and raise taxes to pay for it.
We cannot tax our way to prosperity. The best way to stimulate the economy is to leave as much money as possible in the hands of hard-working Minnesota families.
Some relief can come in the form of closing a tax loophole for foreign corporations. This is a fair thing to do and brings Minnesota in line with how the federal government taxes such corporations.
Every time the suggestion is made to close this loophole, the Democrats want to use the money generated by the change for more government spending. No surprise there. They always want to spend more. I think we should use the money to provide relief directly to Minnesota taxpayers.
But I can’t present our message alone. I need your help delivering our message of limiting government spending and tax relief to legislators. Please visit our Action Center at http://www.timpawlenty.com/ to find out ways you can help.
This afternoon I announced my selection of Chris Dietzen to serve on the Minnesota Supreme Court.
Judge Dietzen has a long and distinguished career as both an attorney and as a judge on the Minnesota Court of Appeals. He is a graduate of Gonzaga University, where he also received his law degree. For more than 30 years, he practiced law specializing in civil litigation and has served on the appellate court since 2004.
He has proven himself to be a strict constructionist who follows the rule of law with impartiality. In a time when legislating from the bench has unfortunately become more commonplace, Judge Dietzen has continually used judicial restraint and common sense in his opinions.
His strong experience, innate fairness and honest character will serve him well as the newest member of the Minnesota Supreme Court.