Minnesota policymakers are struggling with the future of state budgeting. Like all other states they will get bailed out by the feds this time. But this same massive shortfall happened in 2003. And will happen again if they don't fix the core problem. Spending. In 2003 they used tobacco suit settlements to fill the gap and like I said, the feds will fill the ditch this time. But what I'm wondering is what happens in 2013 or 2015 when the feds and big tobacco's aren't around?Intuitively you would think policymakers would get long term spending inline with projected revenues. You would think. I've said it once I'll say it again, business people in general would make much better politicians than lawyers. They don't spend more than they take in. If they do they fail. Simple. The finance part of of govt is and always will be superordinate to actual law making always.
From the Star Tribune
"The fiscally appropriate thing to do would be to create a permanent solution." But it's hard to sell painful long-term solutions when quick fixes are at hand, even though an aging population means the state's long-range budget outlook is troubled.
