Reader's view: Budget proposal wouldn't serve Minn.
The budget proposed this session by the Minnesota Legislature did not meet the needs of the state. It proposed cutting taxes to mostly end the budget surplus.
But having a surplus is not a bad thing. A surplus offers some protection from a recession. We need a more stable budget that is not thrown into crisis with every economic downturn. Moreover, the surplus can be used in creative ways rather than a tax cut that only benefits the rich and does nothing for our state.
To consider a bonding bill while also proposing tax cuts is ridiculous. Bonding is actually a tax increase since citizens need to repay the bond and pay interest on it. Bonding costs taxpayers two or three times the amount of the bond because of interest costs.
It would be far better to use the budget surplus for one-time projects rather than selling bonds to cover their costs. That would be a triple win for citizens. It would fund desperately needed projects around our state, which creates jobs; would save taxpayers the high cost of bonding; and would contribute to stability in our state budget by offering some protection from economic recessions.