Minnesota’s Economic News – W/E 7/30/21
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Phelan tells the legislature that Minnesota’s economy since 2007-2008 is slumping down to the average.
Two American Experiment policy experts told legislators that Minnesota’s economy is not nearly as robust as its press clippings indicate. In almost two hours of testimony, President John Hinderaker and Economist John Phelan told members of the House Ways and Means Committee that the state’s economic performance is only mediocre.
They based their testimony on Phelan’s report, “The State of Minnesota’s Economy: 2017—Performance Continues to be Lackluster.”
Minnesota’s GDP growth, Phelan said, “has not compared all that favorably” relative to the nation as a whole, showing an overall downward trend. “We seem to be losing the lead we had before 2007-2008 and seem to be slumping down to the average.” He added that private-sector productivity in Minnesota also lags national levels.
Their testimony can be viewed online at AmericanExperiment.org.