Tim Walz ranks dead last among governors for fiscal restraint

Democratic vice presidential nominee and Minnesota Gov. Tim Walz has the worst record on fiscal responsibility in the U.S. among state leaders, according to a new study.

The Cato Institute's biennial Fiscal Policy Report Card on America's Governors for 2024 released Tuesday ranked Walz – who is the running mate of Vice President Kamala Harris – dead last due to the policies he has implemented during his tenure leading the North Star State.

Walz earned an "F" grade for his record of taxing and spending with a score of 19, landing him at the bottom of the list, where only five other governors received failing grades. Each are fellow Democrats. 

Wisconsin Gov. Tony Evers also received an "F" for his score of 34, followed by Delaware Gov. John Carney, Washington Gov. Jay Inslee, and Maine Gov. Janet Mills, all of whom received scores of 31. Gov. Kathy Hochul of New York scored a 29, which was the second-lowest behind Walz.

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The report, authored by the libertarian-leaning Cato Institute's Kilts Family Chair in Fiscal Studies Chris Edwards, states that Walz "has overseen substantial spending increases and pushed many tax hikes," pointing out that "Minnesota’s general fund budget increased from $51.9 billion in the 2022–2023 biennium to $70.5 billion in the 2024–2025 biennium, a 36 percent increase."

"Walz has repeatedly pushed for tax hikes on high earners, the middle class, and businesses," Edwards told FOX Business. "Since, like many states, Minnesota has had budget surpluses, Walz’s tax-hike zeal has seemed more like an effort to punish taxpayers than to fill any real need for more revenues."

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Edwards pointed out the Minnesota legislature was divided from 2019 to 2022, but Walz's party has had full control since 2023, "and that’s when Walz went hog-wild on tax and spending hikes."

"Minnesota is a cold, northern, and high-tax state that is steadily losing individuals and businesses to warmer and lower-tax states," Edwards added. "Unfortunately, Walz has exacerbated the problem with his big tax hikes."

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Neither Walz's office nor the Harris-Walz campaign immediately responded to FOX Business' requests for comment on the findings.