Giuliani Campaign Press Release - Giuliani Exercises Fiscal Discipline

October 11, 2007

By Joseph J. Lhota

Op-Ed

New Hampshire's tradition of staunch fiscal discipline – notably low taxes and limited spending – is well-known and respected throughout the country. Voters in the state need to know that Rudy Giuliani shares this commitment – and has a long and impressive record of results to prove it.

I know because I was there.

As one of Rudy's budget directors (and later deputy mayor), I saw firsthand how he grappled every day to reduce New York City's uncontrollable bureaucratic bloat.

After he inherited a mismanaged budget with a deficit of $2.3 billion, Rudy used his disciplined and conservative budgeting philosophy to eliminate the first year's deficit, and he turned a surplus in just six months. Over his two terms in office, his budgets resulted in multi-billion-dollar surpluses, all while cutting taxes.

Before Giuliani, it was customary to base the city's spending on overly optimistic revenue estimates. … The city over-promised and under-delivered.

But, Giuliani stopped this roller coaster. … In good economic times, a surplus was built, taxes were cut, and our city grew economically stronger.

And often, New York's chronic budgetary crises were compounded by the city's knee-jerk instinct to tax and spend. … But Giuliani advanced a novel, yet revolutionary, idea for New York: that when the private sector thrives, people thrive.

Because of Giuliani's efforts, taxes were cut 23 times, saving individuals and businesses more than $9 billion, while New Yorkers enjoyed the lowest tax burden in decades. …

Giuliani's strong fiscal principles helped New York turn from "the ungovernable city" to one that remains in control of its economic destiny. This is the exact kind of commitment to fiscally responsible leadership and focused discipline Rudy Giuliani will bring to Washington.

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