Two politicians who left office in the past year, British Columbia’s Gordon Campbell and Newfoundland and Labrador’s Danny Williams, topped the list of premiers who are best money managers, according to an analysis conducted by the Fraser Institute and released Tuesday.
The Vancouver-based conservative think-tank also said that the premiers of the two largest provinces – Ontario and Quebec – are among the worst in dealing with fiscal policy.
“Since sound fiscal policy is a key determinant of long-term economic success, it’s unfortunate to see premiers of Canada’s two biggest provinces ranked so low,” said the study’s co-author, Charles Lammam.
The annual Fraser Institute study ranked the 10 premiers as money managers, with each receiving an overall score out of 100. The score was based on their record on spending, taxes and debt and deficits for the duration of their time in office, up to the most recent year of available data, which was the 2010-11 fiscal year.
Dalton McGuinty’s government in Ontario ranked ninth overall, with a score of 34 out of 100, while Jean Charest’s Quebec government ranked sixth, with a score of 45.5 out of 100.
The study authors called on McGuinty, who is in the middle of a provincial election campaign, to curb spending, balance the provincial budget and lower personal income taxes in order for Ontario to regain its position as an economic powerhouse.
Campbell, who quit his job as B.C. premier in March, led the premiers with an 83.1 ranking, while Williams – who left last November – ranked second, with a score of 72.9.
Lammam noted that while Campbell left office several months ago, he pursued “better fiscal policies” during his term, notably by reducing personal and business taxes and cutting government spending.
Robert Ghiz, premier of Prince Edward Island, took the bottom spot with 27 points.
Nova Scotia’s Darrell Dexter ranked third at 60.4, Saskatchewan’s Brad Wall (53.8) ranked fourth and Alberta’s Ed Stelmach (52.7) ranked fifth.
New Brunswick’s former premier, Shawn Graham, (35.1) ranked seventh, while Manitoba’s Greg Selinger ranked eighth, with a score of 34.3.
The Fraser Institute lamented that seven of the 10 premiers have increased spending at a faster rate than the growth of their economies in the past year.
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