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Johnson/Weld Graded by Cato

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johnson weldGary Johnson and Bill Weld received good grades from Cato when they were governors.

Cato report cards are here. The best governors get an “A” and the worst get an “F.” The reports covering Johnson and Weld were written by Steve Moore and various coauthors.

Here are Johnson’s grades, with a few notes from the reports:

  • 1996, “B.” Johnson is “aggressively trying to make the state more taxpayer friendly. To control spending, Johnson has vetoed 200 bills passed by a liberal legislature.”
  • 1998, “B.” Johnson is “a true citizen-lawmaker who calls himself a libertarian … In a big-government state like New Mexico … Johnson’s staunch fiscal conservatism has been much needed, but also much resisted.” Johnson “reduced the number of state employees by nearly 10 percent, and he has set a state record for legislative vetoes.”
  • 2000, “B.” Johnson “has gained a well deserved reputation as a maverick governor. More so than just about any prominent politician in America today, Johnson has a libertarian attitude when it comes to government.” In “battling the legislators at every turn, Johnson has succeeded in cutting the state income tax, the gasoline tax, the state capital gains tax, and the unemployment tax. In 1999 he vetoed a 12-cent-a pack cigarette tax hike—not because he likes smoking, he says, but because he opposes all tax hikes.”
  • 2002, “B.” Johnson “has done much to create private-sector jobs and to erode the culture of dependence on government in New Mexico.”

Why didn’t Johnson get some “A” grades from Cato? In most of the reports, he scored rather middling on spending. Also, the 2002 report suggests that the legislature blocked many of his reforms.

Here are Weld’s grades:

  • 1992, “A.” Weld cut the budget and pushed to reduce income and capital gains taxes.
  • 1994, “B.” Weld cut spending, balanced the budget, improved the state’s bond rating, and cut numerous taxes. Even with a Democratic legislature, “Weld has a stunningly successful fiscal record.”
  • 1996, “B.” Weld “began to engage in a whirlwind of government downsizing. In his first two years in office, the state budget actually declined in nominal terms—an astonishing achievement given the pro-spending inclinations of the legislature. Weld privatized state services, slashed the public payroll, and cut general welfare assistance for employable adults. Weld has also been a supply-side tax cutter.”

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.