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Not Even One Minnesota Business Makes Fortune’s 100 Fastest-Growing Companies List

Fortune just published the 30th edition of their Fastest-Growing Companies list, the annual who’s who of hot publicly-traded companies and industries across the nation and world. In their review of the list, the magazine offered a few highlights.  First, the “roster now reflects the rise of small banks and other financial institutions.”  Second, not only does finance represent the most companies, but these companies are geographical dispersed across the country.  Florida, Georgia, and Arkansas are each home to more fast-growing finance companies than New York.  Third, more of fastest growing businesses in California—the state with the largest number of businesses on...

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Why the Minimum Wage Is a Bad Idea

In anticipation of our dialogue on the minimum wage that will take place on Tuesday, I recorded a three-minute segment on the issue with the Rookie, Matt Michalski, on KSTP radio. The segment played yesterday. Here it is; I think it is a pretty good short explanation of why a high minimum wage (higher than employers are already paying to entry level employees) is unfair to young people; If you haven't been hearing our Monday segments with the Rookie on AM1500, as well as the 30-second ads we have every day on the Joe Soucheray show, you should start listening for...

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Don’t Miss Our BIG Minimum Wage DEBATE This Tuesday (Sept. 20)

Featuring Sen. John Marty, Dan McElroy of Hospitality Minnesota & Dr. Mark Perry of the American Enterprise Institute.  The lunch forum starts at Noon at Hilton Minneapolis (1001 S. Marquette Ave., Minneapolis, 55403) and cost is $30.  Register Now before we sell out. To give you a taste, here's Prof. Mark Perry's excellent piece on What a $15 Minimum Wage Can and Cannot Do: A. Here is what the $15 an hour minimum wage law can do: For any firms that decide to employ unskilled, low-skilled, and limited-experienced workers, they must pay them a mandated minimum hourly wage of $15 according to government fiat. B. Here is what...

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Minnesota’s high-tech industry can do much better

A new documentary film on Minnesota’s high tech industry is set to premiere on September 22.  As the Star Tribune’s Lee Schafer explains, “the gist of the movie is that the technology industry here is diverse, vibrant and sits atop a foundation of groundbreaking computer success.” It appears the main aim of the documentary is to promote Minnesota as a great place to run a high-tech business.  The film was borne from Nick Roseth’s frustration with how, in his view, people inside and outside the region don’t know that Minnesota’s high tech industry is thriving.   Roseth is a technology consulting executive. Efforts...

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Are Voters Catching On to the Minimum Wage?

The minimum wage is a classic feel-good measure: who wouldn't want relatively low-paid workers to earn a little more money? No one. In my view, the minimum wage doesn't do any harm as long as it is equal to or less than what employers are paying to entry-level employees in a given locality. But if you increase it beyond that point (as a $15 wage would do almost everywhere) the result is fewer employment opportunities for young people. Almost all minimum wage workers are young people trying to catch on to the bottom rung of the economic ladder. At one time, this...

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Even Where It’s Good, Minnesota’s Economy Isn’t Great

Mankato is one of Minnesota's most prosperous cities. Yet, as Peter Nelson pointed out in an op-ed in the Mankato Free Press, even Minnesota's best-performing areas are not enjoying an outstanding economy by the standards of our neighboring states. In a recent fedgazette article, The Federal Reserve Bank of Minneapolis spotlighted how Mankato’s economy has been outperforming the state as a whole on a number of measures. The city boasts an unemployment rate well below the state rate and has experienced stronger growth in employment, labor force and population over the past 10 years. That’s good news for Mankato relative to Minnesota....

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Minnesota’s Economy: No Beacon of Prosperity!

Today, the St. Cloud Times published this op-ed by American Experiment Senior Policy Fellow Kathy Kersten: If you’re like most Minnesotans, you may believe our state is doing great economically. We’ve long been proud of our renowned work ethic, our high educational attainment, and the many Fortune 500 companies that call our state home. But a new report from Center of the American Experiment details the worrisome clouds on our state’s economic horizon. The report makes clear that in recent years, Minnesota’s traditionally competitive economy has underperformed other states on most major economic indicators. Worse yet, our own state agencies forecast an even...

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Minnesota’s Economy Faces a Turning Point

Minnesota's economy faces a turning point. That's the message of American Experiment's new report, “Minnesota’s Economy: Mediocre Performance Threatens the State’s Future.” It's a report with statewide implications, so the Center will be on the road to share the findings in communities throughout Minnesota in the weeks and months to come. Our first town hall co-hosted by the St. Cloud Area Chamber of Commerce this week attracted entrepreneurs, legislators and other local officials. We also met with the editorial board of the St. Cloud Times to discuss workforce, job creation, tax and regulatory issues raised in the report. Local media outlets play an...

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Download American Experiment’s Blockbuster Report on Minnesota’s Economy

On August 15, the Center published a report by Dr. Joseph Kennedy titled "MINNESOTA’S ECONOMY: Mediocre Performance Threatens the State's Future." The report has gained a great deal of attention and has been hailed as a wake-up call for Minnesota's policymakers. To read or download the report, click here. ...

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Star Tribune Editorial Urges Bipartisan Focus on Center’s Economy Report

American Experiment’s new report on the state’s economy shows Minnesota’s performance has been average, at best, over the last 15 years, trailing many other states in job creation, income growth and other key benchmarks.  Moreover, leading indicators point to Minnesota’s economy performing below average in the years ahead. Today the Star Tribune published a lead editorial on the findings of our 37-page report, urging liberals to dig into the findings which deserve bipartisan attention. The report, “Minnesota’s Economy: Mediocre performance threatens the state’s future,” (http://tinyurl.com/joswboy) describes several worrisome trends. Among them: Overall growth in Minnesota as measured by gross domestic product (GDP)...

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