But our state leads the class in one all-important subject: living within our means.

Whatever else might ail Ohio, it doesn't share Uncle Sam's addiction to debt. When Ohioans want state and local government services, we pay for them with taxes. We limit our borrowing. We don't bury our grandchildren with debt for our current consumption.

When voting before or on Nov. 4, Ohioans will be reminded of this wise, pay-as-you-go approach to government. We will decide 1,053 tax issues for schools, police and fire protection, streets, sewers and other public goods.

We learned prudence a long time ago. Responding to past financial abuses, Ohioans in 1851 adopted a new constitution that severely limited the state's power to incur debt. Today, the state won't allow annual debt payments to exceed 5 percent of estimated general-fund revenues.

Similarly, the state limits the tax and borrowing powers of its political subdivisions. Without voter approval, counties cannot incur debt beyond 1 percent of their tax valuations. Absent voter approval, the limit on cities is 5.5 percent of their valuations. Counties and cities also cannot plan expenditures beyond estimated revenues.

In 1878, the legislature ordered that county and township tax rates decrease as property values increase. Ever since, Ohio has had a system for rolling back property taxes as valuations increase.

Since 1933, Ohio has limited aggregate unvoted property taxes to 10 mills. All additional property-tax levies must be approved by the voters.

Ohio's cities have been levying local income taxes since the late 1940s, but state law limits the rate to 1 percent unless voters approve an increase.

Ohio's counties have had the power to levy local sales taxes since 1967, but voters retain the power to repeal them by referendum. Additional sales taxes can be levied for transit authorities, but only by a vote of the people.

The governor and General Assembly can increase state income, sales and business taxes without a public vote but have learned through election experience that Ohioans are tough judges of their taxing decisions.

The point is not whether Ohio is a high-tax or low-tax state. We're high in per-capita state/local income taxes, low in per-capita state/local sales taxes, and low in per-capita local property taxes.

The point is that Ohio has been highly responsible, reflecting its Midwestern values, in managing its public finances.

The financial marketplace recognizes this discipline. Despite all of its economic difficulties, Ohio carries a AA+ credit rating on its general-obligation debt offerings.

Franklin County has AAA ratings -- the highest level -- from both of the nation's major rating agencies. Nationally, only 38 other counties are similarly recognized.

Among the nation's cities, Columbus, Dublin and Upper Arlington have top-level credit ratings.

There are two timely reasons for recognizing and appreciating Ohio's history of responsible borrowing and budgeting.

• As the nation begins to recognize the true consequences of decades of irresponsibly binging on debt, the states, especially states such as Ohio, have much to teach Uncle Sam about the critical importance of constitutional and statutory limits on borrowing.

Without such restraints, the United States has run up $9.6 trillion in outstanding debt and $53 trillion in unfunded obligations to its citizens, most notably for Medicare and Social Security.

At present, that's $175,000 in red ink per person, or $455,000 per household. The debt burden is unsustainable, and there's no plan for getting out of the mess.

• As Ohio continues its struggle to readjust to a 21st century economy, it will be tested like seldom before to stick to its fiscal discipline and honest budgeting. The demand for state and local government services is never-ending, while the average Ohio taxpayer's ability to pay is being squeezed. That's when time-tested principles are most valuable.

Mike Curtin is associate publisher emeritus of The Dispatch.

mcurtin@dispatch.com