by Mitch Kokai
Senior Political Analyst, John Locke Foundation
While the federal government struggles with its debt and unsustainable deficit spending, a number of state governments are moving forward with surpluses. Cal Thomas highlights them in his latest column.
Nowhere has the economic turnaround been more immediate than in Virginia. When Republican Gov. Bob McDonnell took office in January 2010, he was faced with a $2.2 billion shortfall bequeathed to him by outgoing Democratic Gov. (and now Senate candidate) Tim Kaine.
In less than two years, McDonnell has delivered two budget surpluses without raising taxes or causing harm to the “most vulnerable.” Instead, he has judiciously cut spending.
Last week, the governor’s office announced a surplus of $544.8 million. That is $234.1 million more than McDonnell told the legislature on June 30 he has saved state taxpayers. Call it compound savings.
According to the Pollina Corporate Real Estate Study of Top 10 Pro-Business States for 2011: “Virginia is the unquestionable brightest star on the American flag when it comes to pro-business. … Virginia is truly in a class by itself.” Nine other states made Pollina’s list. Republican governors lead eight of them. Anyone else see a pattern?