Save in flush times, so there’s cash when things head south.
That’s the philosophy of Montana Gov. Brian Schweitzer, whose “Big Sky” state has an unemployment rate of 7.3 percent and a budget surplus of $351 million.
“The reason we have money in the bank,” said Schweitzer, a two-term Democrat in this red state. “I ran the state of Montana the way you run a small business or a ranch in Montana.
“When we had good years, three, four, five years ago, instead of committing money, spending the money, like they did in the 48 other states, I vetoed bills and put money in the bank.”
Schweitzer, a rising star in the Democratic Party, is a rancher and businessman, who once opened the world’s largest dairy farm in Saudi Arabia.
The public official's appearance on CNBC is part of a weeklong series in which governors of states with unemployment rates lower than the national average of 9.5 percent tell how they run their state during downturn.