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.