Jim Bacon chats with former Finance Secretary Cummings about former Governor Glenn Youngkin’s budgetary achievements, Virginia’s economic development track record, and how well positioned the commonwealth is to survive a federal financial meltdown.
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Lightly edited transcript
Jim Bacon: Hello, everyone. I’m Jim Bacon, and this is the Oinkonomics podcast.
Whatever your feelings about Glenn Youngkin’s performance as governor, it’s hard to deny that he left Virginia in sound financial condition. Many states are struggling with current-year budget deficits, and even more with year-ahead and long-term deficits. Virginia consistently ran budget surpluses during Youngkin’s term and built up its financial reserves, even while giving back $9 billion to taxpayers and tax cuts and rebates while funding a 7% inflation-adjusted growth in general fund spending. Here with us today to talk about Governor Youngkin’s fiscal legacy, we have his former Secretary of Finance, Steve Cummings. Greetings, Steve.
Steve Cummings: Hi, Jim. Thanks for having me.
Bacon: Why don’t we start off with you describing how Governor Youngkin chose you to be Secretary of Finance and how he thought of your job as a chief financial officer?
Cummings: I will be honest, when I got the first call on this, I was mystified — I asked first, did you have the right number? — because my professional life has been in the private sector in all different forms of banking over the course of 40 some years. After we got through that, I talked about my background and how it I felt like I wasn’t sure how it fit. The Governor basically said, Steve, those are exactly the reasons I want you. I want to bring private sector orientation, how we provide transparency around what we’re doing, how we provide real truth in numbers, and through that create more accountability and ownership throughout our team, and just make sure we’re running this the best possible way we can on behalf of the citizens of Virginia.
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