The Cato Institute has graded Gov. Tim Walz's fiscal management with a D. | Facebook
The Cato Institute has graded Gov. Tim Walz's fiscal management with a D. | Facebook
The Cato Institute has handed Gov. Tim Walz's administration a D in fiscal management.
The think tank's Fiscal Policy Report Card on America’s Governors 2020 was released Oct. 5.
Walz, along with 13 other governors, were given the grade of D. Four governors did receive an A, all Republicans.
"There have been some high‐scoring Democrats in past Cato fiscal reports, but Republican governors tend to focus more on tax cuts and spending restraint than do Democrats,” the report states, according to The Center Square.
Walz entered office with projected budget surpluses left over from the previous administration. The report states that instead of funneling those funds back to taxpayers, Walz planned to spend it and then increase taxes further. He did end up having to compromise. The final tax increase passed last year was $330 million annually. Walz's push for higher gas taxes was dropped from the final budget.
Before the pandemic, Minnesota was forecast to have a budget surplus of $1.53 billion. Currently, there is a projected $4.7 billion deficit for 2022-2023.
The Cato Institute's rubric analyzed governor's tax and spending records. Those able to control taxes and spending were scored higher than those who increased taxes and spent more liberally.
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