Without a doubt, economic conditions have improved on Walker's watch. The unemployment rate is down, and the state's businesses are hiring. But Walker is nowhere near meeting his pledge that businesses would create 250,000 jobs during his first term, and Wisconsin's job growth is anemic compared with other states. The state is 37th in the nation in private-sector job growth under Walker.

But a dose of reality: We don't believe that Wisconsin's poor economic performance has that much to do with Walker and his policies. Governors affect the economies of their states only at the margins. They should spend scarce state tax dollars wisely for economic development, education, infrastructure. They should keep taxes and regulations reasonable. They should budget honestly and avoid pushing off obligations to the future.

But the sluggish job growth in the wake of the Great Recession has far more to do with the state's mix of industries and competition from a global economy than it does with anything the governor has or has not done.

The heart of Walker's message Wednesday night was a proposal to give back a big chunk of an expected state surplus to taxpayers on the speculative notion that a tax cut will stimulate the economy. It's a smart political move in an election year but far less smart as a matter of policy. Even some members of Walker's own party are concerned about the governor's plan to cut property and income taxes by a combined $504 million.

To do it, Walker would draw down the $912 million in unexpected tax collections that now are projected to flow to the state through June 2015, according to the Legislative Fiscal Bureau. He also proposes to deposit about $100 million into the state's rainy day fund.

We don't object to property tax relief — property taxes are too high in Wisconsin and have been for years; the property tax is overused as a revenue stream — but we urge the Legislature to set aside more of this found money for the rainy day fund and to make important investments in public education. The state already expects a shortfall north of $700 million in the next two-year budget; Walker's plan would add to that. That doesn't strike us as honest budgeting.

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