Consumers and the Economy

Virginia is blessed with incredible natural resources, an outstanding secondary education system, and a new tradition of excellence in our government and in our ideas under the leadership of Governors Mark Warner and Tim Kaine. We should have one of the most thriving economies in the country. As a member of the Hope Street Group, I believe we should be building a new system based on the idea of “opportunity economics” and fighting for economic fairness. But we unfortunately have a predatory rather than a protective economy. Middle-class, working families, and individuals regularly fall victim to predatory lenders, whether through mortgages, credit cards, payday, or car loans. Legislation to curb these practices is needed but is not enough to truly protect people. We also need increased financial literacy programs in our public schools, colleges, universities, and community colleges, to help people help themselves.

The economy is facing tremendous changes and we have an enormous opportunity to reshape the economic landscape. Labor, on the defense for so long, can become a more important player in building a strong middle class. Our economy needs to be far more innovative. We have a great opportunity in the coming years as billions of dollars of federal stimulus money flow into Virginia to pressure the federal government to allow these dollars to flow toward economic innovation and infrastructure, not just existing programs that won't build the economy in the long-term. Small businesses—a driving sector of Virginia's economy—need to be freed from onerous regulations that prevent innovation.