Palin's Record of Economic Growth #1 in the GOP Field

During Sarah Palin’s tenure as governor,

•   Alaska ranked 4^th in the nation in GDP growth.

•   Alaska ranked 4^th in the nation in per capita GDP growth.

•   Per capita GDP grew $5,251 ($2,100 per year) more in Alaska than in the nation.

•   Alaska’s economy grew 2.79% faster per year than the U.S. economy.

During Jon Huntsman’s tenure as governor,

•   Utah ranked 4^th in the nation in GDP growth.

•   Utah ranked 16^th in the nation in per capita GDP growth.

•   Per capita GDP grew $681 ($124 per year) more in Utah than in the nation.

•   Utah’s economy grew 2.29% faster per year than the U.S. economy.

During Rick Perry’s tenure as governor,

•   Texas ranked 10^th in the nation in GDP growth.

•   Texas ranked 27^th in the nation in per capita GDP growth.

•   Per capita GDP grew $839 ($84 per year) more in Texas than in the nation.

•   Texas’s economy grew 1.17% faster per year than the U.S. economy.

During Tim Pawlenty’s tenure as governor,

•   Minnesota ranked 36^th in the nation in GDP growth.

•   Minnesota ranked 32^nd in the nation in per capita GDP growth.

•   Per capita GDP grew $588 ($73 per year) more in Minnesota than in the nation.

•   Minnesota’s economy grew 0.33% slower per year than the U.S. economy.

During Mitt Romney’s tenure as governor,

•   Massachusetts ranked 48^th in the nation in GDP growth.

•   Massachusetts ranked 42^nd in the nation in per capita GDP growth.

•   Per capita GDP grew $332 ($83 per year) less in Massachusetts than in the nation.

•   Massachusetts's economy grew 1.86% slower per year than the U.S. economy.

Annual Outperformance of GDP Growth Relative to Nation

Annual Outperformance of Per Capita GDP Growth Relative to Nation

Annual Outperformance of Per Capita GDP Growth Relative to Nation

GDP Per Capita

 State Rankings by GDP Growth

State Rankings by Per Capita GDP Growth

Summary Data Tables:

Sources:

GDP figures from the U.S. Department of Commerce, Bureau of Economic Analysis

Population figures from the U.S. Department of Commerce, Bureau of the Census
All GDP figures and per capita GDP figures given in 2010 dollars

Palin's Fiscal Record as Governor Is the Strongest in the GOP Field

During the fiscal years for which Sarah Palin exercised budgetary authority as Governor of Alaska, the State's General Fund averaged an annual surplus of more than $2.6 billion (up from her predecessor's average of $1.0 billion), amounting to 24.4% of average revenues over the same period.

Among the records of other current or former governors in the GOP field, Mitt Romney's tenure in Massachusetts comes closest, with an average annual surplus of $897 million, equal to 3.92% of average revenues. During Rick Perry's term, Texas has averaged a surplus of $643 million, or 1.00% of average revenues. Minnesota’s General Fund averaged a surplus of only $7 million, or 0.04% of revenues, under Tim Pawlenty. During Jon Huntsman’s governorship, Utah’s General Fund ran an average annual deficit of $1 million, or -0.03% of revenues.

At the close of Gov. Palin’s final fiscal year, Alaska’s General Fund had grown to $15.5 billion, equal to 158% of yearly revenues.

Mitt Romney left Massachusetts with a balance of $4.9 billion, or 19% of revenues. Jon Huntsman left Utah with a balance of $648 million, or 13% of revenues. In Rick Perry’s latest fiscal year, Texas’s General Fund amounted to $8.4 billion, or 10% of revenues. Tim Pawlenty left Minnesota with a balance of -$886 million, or -6% of revenues.

Average Annual State General Fund Surplus/Deficit
as Percent of Average Revenues

Average Annual State General Fund Surplus/Deficit

Fiscal Year-End Balance of State General Fund

Final Year State General Fund Balance as Percent of Revenues

Candidate	Largest Surplus	Largest Deficit	Average Annual Surplus/Deficit	Average Revenues	Surplus/Deficit (% of Revenues)
Palin FY08 – FY10	$6.979 Billion (FY08)	-$292 Million (FY09)	$2.633 Billion	$10.790 Billion	24.40%
Romney FY04 – FY07	$1.570 Billion (FY05)	-$23 Million (FY07)	$897 Million	$22.896 Billion	3.92%
Perry FY02 – FY10	$5.230 Billion (FY06)	-$2.452 Billion (FY03)	$643 Million	$64.433 Billion	1.00%
Pawlenty FY04 – FY10	$746 Million (FY06)	-$1.096 Billion (FY10)	$7 Million	$15.258 Billion	0.04%
Huntsman FY06 – FY10	$215 Million (FY06)	-$236 Million (FY09)	-$1 Million	$4.718 Billion	-0.03%

Sources

Comprehensive Annual Financial Reports available from the following online sources:

Alaska Department of Administration, Division of Finance
Office of the Comptroller of the Commonwealth of Massachusetts
Minnesota Office of Management and Budget
Office of the Texas Comptroller
Utah Department of Administrative Services, Division of Finance

Palin's Record on Debt and Liabilities Bests the Rest of the GOP Field

Of all current or former governors among the leading candidates for the 2012 Republican presidential nomination, no one’s record of dealing with his or her state’s debt and unfunded liabilities compares with that of Sarah Palin during her three fiscal years at the helm in Alaska.

The following analysis examines the growth of total debt outstanding and total liabilities, both on an actual and per capita basis, for Alaska under Sarah Palin, Massachusetts under Mitt Romney, Minnesota under Tim Pawlenty, Texas under Rick Perry, and Utah under Jon Huntsman.

Total Debt Outstanding

Of the five governorships examined, Alaska under Palin saw the smallest increase in total debt outstanding (12.7% cumulatively, 4.2% per year). Texas under Perry performed worst, with total debt increasing 20.5% annually, almost tripling during his term (a cumulative increase of 184.2%).

On a per capita basis, only Utah under Huntsman performed slightly better than Alaska under Palin. Utah experienced a cumulative increase of 6.8%, versus 7.4% for Alaska (1.4% per year for Utah, versus 2.5% per year for Alaska). Again, Texas under Perry ranks last, with an astonishing cumulative increase in debt per capita of 140.4% (15.6% on an annual basis).

Candidate	Beginning Debt Outstanding	Ending Debt Outstanding	Cumulative Increase/Decrease	Average Annual Increase/Decrease
Palin FY07 – FY10	$2.246 Billion	$2.531 Billion	12.7%	4.2%
Huntsman FY05 – FY10	$3.475 Billion	$4.204 Billion	21.0%	4.2%
Pawlenty FY03 – FY10	$3.474 Billion	$5.768 Billion	66.0%	9.4%
Romney FY03 – FY07	$15.963 Billion	$23.026 Billion	44.3%	11.1%
Perry FY01 – FY10	$12.561 Billion	$35.692 Billion	184.2%	20.5%

Candidate	Beginning Debt Outstanding Per Capita	Ending Debt Outstanding Per Capita	Cumulative Increase/Decrease	Average Annual Increase/Decrease
Huntsman FY05 – FY10	$1,391	$1,485	6.8%	1.4%
Palin FY07 – FY10	$3,326	$3,571	7.4%	2.5%
Pawlenty FY03 – FY10	$688	$1,090	58.5%	8.4%
Romney FY03 – FY07	$2,473	$3,543	43.3%	10.8%
Perry FY01 – FY10	$589	$1,416	140.4%	15.6%

Cumulative Change in Debt Outstanding During Governorship

Average Annual Change in Debt Outstanding During Governorship

Total Liabilities

Alaska under Palin was the only state to see a reduction in total liabilities (34.6% overall, 11.5% per year), due in large part to the Governor’s insistence that the State’s surplus be used to pay down unfunded pension obligations and forward-fund education. All other states experienced cumulative increases in total liabilities, ranging from 19.5% for Massachusetts under Romney to 60.6% for Texas under Perry. On an annualized basis, other states showed increases ranging from 4.9% for Massachusetts under Romney to 8.2% for Utah under Huntsman.

Under Palin, Alaska’s total liabilities per capita fell 37.7% (12.6% per year). All other states experienced cumulative increases, ranging between 18.7% (Massachusetts) and 34.3% (Minnesota), and annual increases, averaging between 4.0% (Texas) and 4.9% (Minnesota and Utah).

Candidate	Beginning Total Liabilities	Ending Total Liabilities	Cumulative Increase/Decrease	Average Annual Increase/Decrease
Palin FY07 – FY10	$9.847 Billion	$6.436 Billion	-34.6%	-11.5%
Romney FY03 – FY07	$37.679 Billion	$45.030 Billion	19.5%	4.9%
Pawlenty FY03 – FY10	$10.188 Billion	$14.366 Billion	40.7%	5.8%
Perry FY01 – FY10	$48.125 Billion	$77.271 Billion	60.6%	6.7%
Huntsman FY05 – FY10	$4.501 Billion	$6.351 Billion	41.4%	8.2%

Candidate	Beginning Total Liabilities Per Capita	Ending Total Liabilities Per Capita	Cumulative Increase/Decrease	Average Annual Increase/Decrease
Palin FY07 – FY10	$14,581	$9,079	-37.7%	-12.6%
Perry FY01 – FY10	$2,256	$3,065	35.8%	4.0%
Romney FY03 – FY07	$5,837	$6,928	18.7%	4.7%
Huntsman FY05 – FY10	$1,801	$2,244	24.5%	4.9%
Pawlenty FY03 – FY10	$2,017	$2,710	34.3%	4.9%

Cumulative Change in Total Liabilities During Governorship

Average Annual Change in Total Liabilities During Governorship

Summary

During the fiscal years for which Sarah Palin exercised budgetary authority as Governor of Alaska (FY08 through FY10)

•   Debt outstanding increased 12.7%, or 4.2% per year

•   Per capita debt outstanding increased 7.4%, or 2.5% per year

•   Total liabilities decreased 34.6%, or 11.5% per year

•   Total liabilities per capita decreased 37.7%, or 12.6% per year

During the fiscal years for which Jon Huntsman exercised budgetary authority as Governor of Utah (FY06 through FY10)

•   Debt outstanding increased 21.0%, or 4.2% per year

•   Per capita debt outstanding increased 6.8%, or 1.4% per year

•   Total liabilities increased 41.1%, or 8.2% per year

•   Total liabilities per capita increased 24.5%, or 4.9% per year

During the fiscal years for which Tim Pawlenty exercised budgetary authority as Governor of Minnesota (FY04 through FY10)

•   Debt outstanding increased 66.0%, or 9.4% per year

•   Per capita debt outstanding increased 58.5%, or 8.4% per year

•   Total liabilities increased 40.7%, or 5.8% per year

•   Total liabilities per capita increased 34.3%, or 4.9% per year

During the fiscal years for which Mitt Romney exercised budgetary authority as Governor of Massachusetts (FY04 through FY07)

•   Debt outstanding increased 44.3%, or 11.1% per year

•   Per capita debt outstanding increased 43.3%, or 10.8% per year

•   Total liabilities increased 19.5%, or 4.9% per year

•   Total liabilities per capita increased 18.7%, or 4.7% per year

During the fiscal years for which Rick Perry exercised budgetary authority as Governor of Texas (FY02 through FY10)

•   Debt outstanding increased 184.2%, or 20.5% per year

•   Per capita debt outstanding increased 140.4%, or 15.6% per year

•   Total liabilities increased 60.6%, or 6.7% per year

•   Total liabilities per capita increased 35.8%, or 4.0% per year

Sources:

Comprehensive Annual Financial Reports

State of Alaska

Fiscal Year July 1, 2006 – June 30, 2007

Fiscal Year July 1, 2009 – June 30, 2010

Commonwealth of Massachusetts

Fiscal Year Ended June 30, 2003

Fiscal Year Ended June 30, 2007

State of Minnesota

Year Ended June 30, 2003

Year Ended June 30, 2010

State of Texas

Fiscal Year Ending August 31, 2001

Fiscal Year Ending August 31, 2010

State of Utah

Fiscal Year Ended June 30, 2005

Fiscal Year Ended June 30, 2010

Population Figures

U.S. Department of Commerce, Bureau of the Census

Preliminary Annual Estimates of the Resident Population for the United States, Regions, States, and Puerto Rico : April 1, 2000 to July 1, 2010