Posts Tagged ‘economic performance’

Debunking Minnesota Economic and Fiscal Policy Myths

Minnesota is a land of 10,000 lakes and almost as many misconceptions about the size of government, growth in public revenue and expenditures, and performance of the state’s economy. Some of these mistaken beliefs are the result of an innocent misreading of the data, while others are the product of deliberate disinformation campaigns. The following…

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Minnesota Per Capita GDP Growth Surpasses U.S. Average

High per capita gross domestic product (GDP) states—such as Minnesota—tend to have lower rates of GDP growth over time, for reasons discussed in part 1 of this series. However, Minnesota has successfully bucked this trend during the current business cycle, with per capita GDP growth nearly double the U.S. average—a trend which stands at odds…

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Convergence is Back! (It Never Really Went Away)

Convergence refers to the tendency of states with below average levels of economic activity to enjoy somewhat higher growth rates than other more prosperous states. Convergence occurs because less well-performing states tend to make up ground over time relative to more prosperous states as innovations and technology diffuse throughout the economy.* If convergence is real,…

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While Minnesota Reinvests, Wisconsin Disinvests

Tax cuts enacted in the Badger State in recent years have contributed to a more regressive tax system and recurring revenue shortfalls, as noted in the preceding article in this series. Meanwhile, tax increases in Minnesota have not only made the tax system less regressive, but also helped to produce a significant surplus after years…

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The Connection Between Public Policy and Prosperity

Since the end of the Great Recession, Minnesota has comfortably surpassed Wisconsin in terms of GDP and income growth, and job creation. Based on newly released 2016 data from the American Community Survey, median household income in the Gopher State is 15.5 percent ($8,800) greater than in America’s Dairyland. Caution is in order when drawing…

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Minnesota’s Economy Doing Relatively Well

Conservative interest groups contend that Minnesota’s economy is floundering, the victim of “blue state” (i.e., progressive) fiscal policies. Critiques published by North Star and others show such claims are generally bogus and based more on politics than coherent economic analysis. Evidence of Minnesota’s strong economic performance relative to other states can be found in the…

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Minnesota Outperforms Regional Migration, Population Trends

A new report from the conservative Tax Foundation and the Minnesota Chamber of Commerce—Minnesota Illustrated—generally paints a gloomy picture of Minnesota. The previous article in this series showed that this portrayal was inappropriately bleak in several regards, as job growth has been comparable to the national average and well above the regional average and that…

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Minnesota Re-Illustrated: Correcting Economic Disinformation

Last week, the conservative Tax Foundation and the Minnesota Chamber of Commerce released a report entitled, Minnesota Illustrated: A Visual Guide to Taxes & the Economy. Much of the information in the report is presented in such a way so as to give the impression that Minnesota is facing looming economic peril because it is…

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Doctor Frankenstein, Meet Your Monster

Several weeks ago, the right wing Center of the American Experiment (CAE) observed that Minnesota’s economic performance over the course of the 21st century has been “mediocre” and touted a forthcoming report that would stimulate debate over “the extent to which Minnesota’s blue-state policies are eroding the state’s historic economic strength.” Our five-part series, which…

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State Trend in Sub-Par GDP Growth Reverses Under Progressive Policies

In the post-World War II era, Gross Domestic Product (GDP) has been the principal way of measuring economic growth or contraction. Based on this widely accepted measure, Minnesota’s economy has slightly underperformed the national average over the course of the current century, but has outperformed the national average in the two years since the enactment…

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