What would you do with an additional $8,000? That extra money would make a huge difference in your life, wouldn’t it?
The U.S. Census Bureau just released its latest numbers on median household income, and the news isn’t good for Virginia. That $8,000? That’s the difference between Tennessee’s median household income, which increased by $6,665, and Virginia’s – which dropped by $1,459.
The bottom line? Virginians are poorer – much poorer than they were just a few years ago. This decline took place from 2014 to 2016, during the first three years of Lt. Gov. Ralph Northam’s term.
In his recent op-ed, J.C. Hernandez, state director for Americans for Prosperity-Virginia, shows just how far Virginia has fallen under Northam’s tenure:
It is time to face facts — our commonwealth is in a disturbing backward drift.
For many years before McAuliffe and Northam took office, Virginia was viewed as an economic leader nationally. Now we are headed in the wrong direction.
In 2013, the commonwealth was No. 1 on Forbes’ list of best places in America to do business. We’ve since slipped to No. 6, with North Carolina overtaking us. Forbes cites Virginia’s “higher business costs and a declining economic climate” for the drop. It’s not just Forbes. Chief Executive magazine dropped Virginia from No. 7 in 2013 to No. 15 now.
So what will it take to reverse Virginia’s economic slide? Hernandez points to successful reforms in North Carolina:
The “Carolina Comeback” was accomplished by cutting taxes, reducing government spending, and curbing regulations. That’s the direction Virginia should be headed; but that’s not the agenda being pushed by Northam. His record of support for higher taxes and higher spending would continue moving Virginia backward — slower economic growth, a stagnant job market, lower incomes, and declining population.
Read the full op-ed to learn more about Virginia’s slump and discover #WhyRalphIsWrong for the commonwealth. We need bold leadership, not more of the status quo.