By Carla Fried | Mar 23, 2011
While many states are confronting severe budget shortfalls and dragging economies, North Dakota has a different sort of problem. It’s stuck deciding how best to deal with a budget surplus. Yes, a surplus. North Dakota’s balance sheet is so strong it recently reduced individual income taxes and property taxes by a combined $400 million, and is debating further cuts.
“North Dakota’s economic good fortune is pretty much a function of being a major producer of two very in-demand commodities: wheat and oil, both of which have seen huge global price increases.”
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