In my column today I suggest lawmakers take a cautious view of the numbers. The state, national and global economies continue to face substantial risk. A balanced budget is, of course, a priority. But

With much risk beyond their control, lawmakers should be cautious in their spending and prudent in maintaining adequate budget reserves. They should also do what they can to stimulate economic activity here and avoid actions that depress investment.

Invest in transportation and education. Reform workers’ compensation. And,

There’s also a time for constructive inaction. They should avoid creating new regulatory burdens and higher business costs. Don’t give employers new reasons to defer investment and job creation.

Finally, maintain a long-term perspective, remembering that …

This revenue forecast frames the short-term budget debate. But lawmakers must look beyond it. The best way to improve the revenue outlook for the future is by adopting policies that foster long-term private sector job creation.