Jobs and the Economy
For several decades Minnesota’s economic performance was the envy of most states. Unfortunately, in recent years we have slipped.
We don’t have to accept mediocrity or worse. I reject the myopic pessimism that says we can cut, cut, cut our way to a dynamic economy. We have seen how this approach leads to collapsing bridges, troubled schools, and missed economic opportunities. Forty years ago, Minnesotans pulled together to make good on their shared vision and made critical investments in education and infrastructure. They propelled the “Minnesota Miracle.” We can do it again—indeed, we must.
Helping the economy when we need it most
Minnesota and the nation are starting to rebound from the worst recession in decades, but much damage has been done and the recovery looks agonizingly slow. It is important to do what we can to address unemployment in the short term while building the foundation for a strong economy with good jobs in the long run.
Short-term strategy
While unemployment is high, the cost of borrowing is the lowest it has been in decades. In addition, the lack of activity in the construction industry has created an excess capacity that is driving down the cost of construction. I support taking advantage of these circumstances to advance the timing of capital projects we are planning to do at some point anyway. This will help put people back to work while simultaneously redeveloping our infrastructure at a lower cost to taxpayers. As unemployment persists, we should also invest in retraining out-of-work Minnesotans to help them re-tool for 21st Century work. Finally, we should encourage and support entrepreneurs capitalizing on new opportunities.
Building for the future
The “Minnesota Miracle” succeeded by making key investments in education and infrastructure. In recent years we have been engaged in an ideological experiment that seeks to cut back on resources for these critical areas. The results of the experiment are clear. They include deteriorating roads and bridges, schools and universities that are losing their competitive standing, and a weakening of Minnesota’s economic performance relative to the rest of the nation. This is unacceptable.
• I am committed to making Minnesota’s educational system world-class. We can’t be satisfied with mediocrity or worse in this area.
• We need to make sure that we have a sustainable transportation infrastructure that is among the best in the nation.
• We need to do everything we can to encourage energy efficiency and prudent stewardship of the environment. This is critical for our high-quality of life in Minnesota—as well as for a sustainable, competitive economy.