Hey DE Gov JACK MARKELL, CATO Gave You a "D" for Fiscal Policy

By my estimate, the Gov. could benefit from spending time learning financial literacy in a bank-at-school program sponsored by my fellow board member, DSPAC president.

 

Governor Markell Gets "D"

for Fiscal Policies

From the Delaware House Newsletter

(or rather the rag mag that I did not sign up for but randomly shows up in my inbox)

Issue 87 October 2012

 

Full Report from the Cato Institute: http://www.scribd.com/fullscreen/109347697

A new report on the fiscal performance of the nation's 50 governors has given Governor Jack Markell a "D."

Using statistical data, the "Fiscal Policy Report Card on America's Governors 2012" calculates a fiscal policy grade for each governor based on his or her success at restraining taxes and spending since 2010.

The 11^th biennial report card from the CATO Institute awarded higher scores and grades to those that have cut taxes and spending.

Gov. Markell's overall score of 48 tied him with Republican Gov. Jan Brewer of Arizona. Only 13 governors, including Maryland Democratic Gov. Martin O'Malley, fared worse.

Among other things, the report took Markell to task for a $210 million package of tax hikes enacted in 2009: "When he first came into office, Governor Markell walloped Delaware residents with a whole range of tax increases. In 2009 he signed into law increases in the top personal income tax rate, the corporate franchise tax, the gross receipts tax, and cigarette taxes. In 2011 Markell seemed to partly realize the error of his ways and signed legislation to cut taxes so that the state could "stay competitive" and "create jobs." The bills slightly reduced his previous income tax increase, trimmed the state's gross receipts tax, and provided a few other modest tax breaks. However, Markell's score on this report card was dragged down by his substantial spending increases in recent years."

Delaware's current $3.586 billion operating budget (FY 2013) is $496 million higher than the $3.09 billion state budget of just three years ago (FY 2010) -- an increase of more than 16-percent.

The chief executives in neighboring New Jersey and Pennsylvania received higher marks. The Garden State's Chris Christie received a "B," while PA Governor Tom Corbett got an "A. Both are Republicans.