The GOP Governor leaves behind a healthy fisc and fast-growing state economy
WSJ editorial. Excerpts:
[Virginia has] "a revenue surplus likely north of $2 billion. The commonwealth has had four consecutive years of surpluses, collectively totaling $9.7 billion."
"a separate $4.7 billion rainy-day fund"
"Between fiscal years 2019 and 2024, Virginia rose to third from 14th among states with a AAA credit rating"
"Many states used the cash [federal pandemic largesse] to expand government, and when the Covid cash ran out, they raised taxes."
"Between the fourth quarter of 2021 and the first quarter of 2025, Virginia ranked 16th of the 50 states in economic growth"
"Virginia has generally outperformed neighboring Maryland"
"Since January 2022, nonfarm payroll employment has increased by 264,000, creating a broader tax base. Year-to-date growth in withholding taxes as of October was 8.6% because of wage growth."
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