his 2010 gubernatorial campaign. On November 2, 2010, Chafee won the gubernatorial race, winning with a 36% plurality in the seven-candidate race. Switch to the Democratic Party In August 2012, he announced plans to attend the Democratic National Convention in Charlotte, North Carolina, to show support for President Barack Obama's re-election campaign. After constant speculation during his term, Chafee officially joined the Democratic Party on May 30, 2013. He had previously indicated that he might run for re-election as an Independent or a Democrat. Recession Chafee came to office in the depths of the worst recession in decades. Unemployment peaked at 11.4% in the first months of his tenure. Over his four budgets, July 1, 2011, to June 30, 2015, the rate dropped to 5.9%, second best in the country. Chafee also inherited a crisis with impending bankruptcies of a number of municipalities including Providence, East Providence, Pawtucket, West Warwick and Woonsocket. As a former mayor, Chafee was a strong advocate for the state's city and towns. He increased state aid and intervened to protect these distressed communities. One city, Central Falls, did declare a bankruptcy. Chafee appointed a special master to run the city on an interim basis, negotiate concessions with labor and retirees, and pass a budget with tax increases. Central Falls emerged from bankruptcy the following year. Fiscal issues Chafee had campaigned on a platform that included lowering the state sales tax by creating a 1% tax on 59 tax exempt commodities and services. This would have squarely addressed the Rhode Island legislature annual budget deficit. A 2012 poll showed that some of Chafee's proposed tax increases, intended to move the state from budget deficit to surplus status, had received negative feedback from Rhode Island residents. As Governor of Rhode Island, Chafee received grades of D in 2012 and B in 2014 from the Cato Institute, a libertarian think tank, in their biennial Fiscal Policy Report Card on America's Governors. In two of his four budgets, there were no tax increases. At the same time, he restored 20% to local education and higher education, cut by his predecessor. Social issues In May 2012, Chafee refused on principle to release a prisoner charged with murder to federal custody because Rhode Island hadn't had an execution since 1842 and the US Attorney refused to guarantee the prisoner, if convicted would receive a maximum life imprisonment without parole. Chafee said: