The Minnesota Budget Project and Minnesota Council of Nonprofits recently updated our Frequently Asked Questions about options and opportunities for nonprofits as employers under the Affordable Care Act (ACA).
Minnesota’s projected $1.2 billion positive budget balance creates opportunities to keep our state moving in the right direction, according to our analysis of the February 2014 Economic Forecast. Economic Recovery Creates Opportunities: Inside the February 2014 Forecast points out that Minnesota’s strong economic growth is leading to higher revenues and lower spending, resulting in a surplus.
One of the most compelling reasons why there is so much momentum to increase the minimum wage is that it hasn’t been keeping up with the cost of living.
At both the state and federal levels, the minimum wage has lost much of its buying power, even as the cost of basic necessities like food, rent and gas have grown. If the federal minimum wage had the same buying power as in 1968, it would be substantially higher today – estimates range between $9.55 and $10.75 an hour, depending on how inflation is calculated.
The 2014 Legislative Session may only last a few months, but policymakers should make the most of that time with decisions that move Minnesota closer to a future where everyone has the opportunity to succeed and share in our state’s economic prosperity.
The state’s February 2014 Economic Forecast released today brought good news for Minnesota. The state projects a $1.2 billion positive balance for the current budget cycle, the FY 2014-15 biennium, which is $408 million higher than the November Forecast projected.