Giuliani's solid fiscal record
The Cato Institute’s blog publishes a small item on the growth of New York City government spending during Giuliani’s tenure. It reports that NYC general fund expenditures grew at a 3.6% annual rate, from $31.3 billion in 1994 to $40.2 billion in 2001. Meanwhile, the city’s general obligation debt grew at a 2.3% rate during the same period.
This compares favorably to the growth in U.S. nominal GDP, which was 5.3% over the period (my calculation, not CATO’s, and I don’t have figures specifically for New York’s economy). Federal spending grew 6.8% over the same period.
For Romney watchers, the Massachusetts state budget grew at an annual rate of 5.2% during his tenure (FY03-FY07), according to my calculations.
Giuliani can hold his head high in terms of fiscal restraint.