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Researchers Stephen Moore and Stephen Slivinski find that the top-ranked governors have learned the dual lesson that you can't tax your way to recovery and that the best way out of a deficit is to cut spending. By that measure, Arnold Schwarzenegger is the nation's best governor. The Governator has cut taxes, slashed spending, held a "garage sale" to get rid of excess state assets, and established a budget task force that has identified $32 billion in savings over five years.
The best Democratic governor is also a relative newcomer. Bill Richardson has cut New Mexico's top rate of personal income tax to 5% from 8.2%, reduced the capital gains tax and kept spending in check. Contrast Mr. Richardson's performance with that of another Democratic Presidential hopeful: Mark Warner, who enacted the biggest tax increase in Virginia's history.
What about the governors who have been around for a while? One of Messrs. Moore and Slivinski's most interesting findings is that the longer the Republicans have been in office, the more inclined they are to succumb to a tax-and-spend mentality.
The rankings cover all of a governor's time in office. George Pataki's B would drop to a C without his first term, when he slashed New York taxes. He has since increased spending so much that a huge tax increase passed over his veto. If Bill Owens were judged just by his recent attempts to alter Colorado's tax limitation law, he would not be considered A material. Florida's Jeb Bush, who earned an A two years ago, has slipped to a B after endorsing more bloated budgets.
Finally, we'll note the bipartisan nature of Cato's F students: Republican Bob Taft of Ohio and Democrat Edward Rendell of Pennsylvania.