The Governor was inadvertently introduced as Tim McCain (freudian slip?).

  • Highlights mortgage problems
  • Mentions the Commonwealth’s Foreclosure Task Force
  • Lots of mixed signs in the economy
  • The good:
    • Significant new economic development deals brought to Virginia
    • Virginia named the best place to be born (children born in Virginia have the best chances for success in life; education, etc.)
    • Virginia named #1 state in which to do business
    • Virginia ranks high in education
  • The bad
    • Recession may be looming
  • Virginia has three powerful things going for it:
    • Very diverse economy
      • Despite our strong government services industry the number one industry is agriculture and forestry.
      • Strong education system
      • Global connections
    • The state has a “rainy day fund” of $1.3 billion
      • helps it weather difficult economic times
    • Virginia doesn’t have major budget challenges
      • pensions, etc. are well funded
      • great bond ratings
  • Virginia’s economy is most threatened by any future reduction in federal government spending
  • Virginia is and will continue to be in a good position relative to the rest of the country
  • This is a challenging time, but we have the tools to get through it
  • Education and workforce training are not being touched in the state’s recent budget cuts
  • Kaine proposing major capital construction project at community colleges
  • Kaine rattling off economic development deals in…
    • Petersburg
    • Danville
    • Falls Church
    • Harrisonburg
  • Construction at educational facilities has both short-term and long-term economic development
  • Expanding workforce activities and bringing them under the Commonwealth’s Chancellor of the Community College system
  • Times are tough, but there’s no reason for doom and gloom
  • Question from the audience about Prince William foreclosures
    • Kaine unsure how exactly to address the problems
    • Nearly $1 million in the budget for consumer counseling
  • Question from the audience about immigration and what’s going to happen
    • 137 immigration bills were introduced in Virginia this year
    • Governor will pursue bad behaviors
    • Will oppose anti-immigrant policies in Virginia in defense of foreign economic development
    • Being unwelcoming to foreigners harms our ability to bring in foreign investments and squanders our international assets (Hampton Roads ports and Dulles Airport)
    • So many of the economic development deals under Kaine have been foreign investments
  • Question from the audience about rail to Dulles
    • This project is Kaine’s albatross
    • Washington DC’s international airport should have a rail connection to the city
    • Virginia and the localities are putting forward 75 percent of the cost for a fixed-cost contract to build rail from Falls Church to Dulles
    • FTA denied the grant of the other 25 percent in January
    • The goalposts are being moved
    • The congressmen are pressuring FTA to approve the project
    • Kaine “will not rest until we make this thing work”
    • Dulles has more capacity for international flights that can be tapped if public transportation link to airport is developed
  • Question from the audience about transportation especially the I-81 corridor
    • Major transportation investment, especially in Hampton Roads and Northern Virginia
    • State and federal revenues being combined to make safety improvements, but no significant expansion planned.