Are Trump & Biden both bad for the economy?

Happy Groundhog Day - Youngkin tax plan is dead and Haner thinks so is Virginia's business climate.

Final Four articles this week.

Michael Strain in Financial Times:The Trump-Biden Consensus on the Economy Is Bad for Business

The business community will be tempted to keep its head down, particularly if Trump is the next president. This is understandable but wrong. Corporate leaders should stop weighing in on every social development as if they were columnists. But they should be vocal about the issues that directly affect their business. Unlike in 2016 or 2020, they now have direct evidence of the harm caused by protectionism, industrial policy and aggressive regulation.

Analysis: Tell that to the base of the two main political parties. A collision of realities is coming due this year. Graphic below from The Hidden Tribes of America

Richmond Times Dispatch: Youngkin tax plan hits dead end under Senate recommendation

Modernization of our tax code is long overdue,” Sen. Creigh Deeds, D-Charlottesville, said before moving to carry over Senate Bill 632. “But the bottom line for this proposal is it takes more than $900 million out of the revenue stream over two years.”

The subcommittee also recommended carrying over bills to allow betting on Virginia collegiate sports; consider a proposed casino at Tyson’s Corner in Northern Virginia; allow cruise ships to operate casino gambling in state waters; divert 5% of income tax revenues to state parks; and remove a sunset clause on increases to the standard deduction for income tax filers who don’t itemize deductions.

Analysis: The 2025 Session is going to be a DOOZY. Add tax reform to Senator David Marsden’s review of the Virginia Clean Economy and Clean Car Act and all during the gubernatorial cycle following the presidential election.

Senators Deeds and Stanley with Delegate Delaney in Cardinal News: A Prescription Drug Affordability Board is a bipartisan opportunity to lower the cost of living A bipartisan trio of legislators explain why the state needs an independent group of health experts that evaluates the prices of certain high-cost prescription drugs and sets reasonable out-of-pocket caps on what consumers will pay for a given medication.

As a group of both Democratic and Republican legislators, we could not agree more. With a divided legislature, we should make it a top priority to pass bipartisan legislation that makes life more affordable for Virginians. That’s why we are introducing a commonsense proposal in the 2024 legislative session to rein in the skyrocketing cost of prescription drugs

Analysis: Bipartisan effort highlights drug costs. Difficult bill title to vote against.

Steve Haner of Thomas Jefferson Institute for Public Policy: Rent Control, Collective Bargaining, Class Action Lawsuits, Virginia’s Business Climate in the Crosshairs

The Democrats now running Virginia’s General Assembly are not just more progressive, but far more ambitious than their predecessors. To fully understand how ambitious you must compile the entire list of progressive bills advancing in the 2024 session and consider their total impact on the cost of living and the cost of doing business in the Commonwealth. Individual news stories here or there miss the big picture. 

Analysis: Sending this article again - for a reason - business climate change is REAL.

Programming note - Virginia FREE Friday at 4pm EST moves this week to Monday at 4pm.

Happy Groundhog Day!