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
Commonwealth of Massachusetts
State of Minnesota
State of Texas
State of Utah
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, 2010Pennsylvanians for Palin
