While Iowa goes the way of Kansas,
Last fall, I wrote about the strange case of Minnesota governor Mark Dayton, a left-wing billionaire heir to the Target fortune who came to power and reversed his Republican predecessors’ Reagonomic idiocy, instead raising taxes on rich people, increasing public spending, and creating shared prosperity for the people of Minnesota.
The results of the experiment continue to surprise and delight: unemployment is down to 3.7%, private sector earnings are up 1.5% to $891/week, 47,000 new jobs were added to the economy in the past year, and the state just declared a $1.8B budget surplus, even as Forbes ranked it 9th in its table of best states for business.
But this is all the more remarkable when compared the fate of the Republican-run, austerity-fuelled neighboring states, where a succession of GOP governors and state houses have slashed taxes on business and the wealthy, eliminated social spending, and attacked trade unionism. They are running deficits, the people there are earning less than their Minnesotan cousins, they’re adding fewer (and worse) jobs, and posting less growth.