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Yahoo
a minute ago
- Yahoo
Youngkin praises Virginia's economy, dismissing Democrats' concerns over Medicaid and job cuts
RICHMOND, Va. (AP) — Republican Gov. Glenn Youngkin said Thursday that Virginia's economy is thriving after ending its fiscal year with high revenues, a characterization Democrats criticized as rose-colored in light of budgetary decisions in neighboring Washington, D.C. In a presentation to the state's money committees, Youngkin and Virginia's secretary of finance said revenues for the fiscal year resulted in a $572 million surplus and a $4.7 billion rainy-day fund. Economic output in the state grew by about 1 percent higher than initially forecast, officials said. 'The strength and success we see today is no accident. It is the result of very intentional decisions made by all of us — intentional decisions to lift up opportunity in the Commonwealth of Virginia,' Youngkin said in his speech to lawmakers. 'And these decisions are yielding dividends. They're enabling us to compete and to win.' Democratic lawmakers were quick to push back, particularly in light of looming Medicaid work requirements for some adults after Congress passed a reconciliation bill last month. Youngkin repeatedly said Medicaid will not be taken away from Virginians, and Secretary of Finance Stephen Cummings added that hospitals will be able to absorb any additional costs from federal cuts to Medicaid. Senate Democratic Majority Leader Scott Surovell cited an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid. 'The governor stood up here and said a million times, repeatedly, that nobody is coming to throw out Medicaid,' Surovell said. He added that the CBO, which 'America relies upon to tell us the answers to these things, tells us that millions of Americans are going to lose their Medicaid.' Democrats also said the governor is not fully acknowledging that the White House's reshaping of the federal workforce will continue to impact the state's economy. The job losses that factored into Youngkin's assessment did not include federal workers who took buyouts and are still receiving payments until later this year, Cummings said. But Republican House Minority Leader Terry Kilgore praised Youngkin's presentation, calling it 'the kind of news every Virginian should cheer.' 'It happened because Republicans have kept a steady hand on the wheel,' Kilgore said. ___ Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Olivia Diaz, The Associated Press
Bloomberg
4 minutes ago
- Bloomberg
Why Swatch Is Facing Tough Times
The Swatch brand is credited with having saved a Swiss watch industry that had been laid low by the so-called quartz revolution. Back in the 1970s and 1980s, these less expensive and more accurate watches from an ascendant Japan upended European mechanical watchmaking. Swatch's response? Tap into the '80s zeitgeist with colorful, low-priced designs—funky, artistic, eclectic and made for collectors along with a whole new demographic that saw them as fashion, not function. Swatch used its skyrocketing revenue to support its more staid, traditional brands while acquiring new ones. But fast forward to today, and the market's changed: phones and smartwatches have undercut low-cost watches, leaving luxury as the main engine for growth. In this Bloomberg Originals mini-documentary, we show how that change hasn't favored Swatch. And a new set of problems, from low sales in China to Donald Trump's tariffs, have made matters even worse.
Associated Press
4 minutes ago
- Associated Press
Youngkin praises Virginia's economy, dismissing Democrats' concerns over Medicaid and job cuts
RICHMOND, Va. (AP) — Republican Gov. Glenn Youngkin said Thursday that Virginia's economy is thriving after ending its fiscal year with high revenues, a characterization Democrats criticized as rose-colored in light of budgetary decisions in neighboring Washington, D.C. In a presentation to the state's money committees, Youngkin and Virginia's secretary of finance said revenues for the fiscal year resulted in a $572 million surplus and a $4.7 billion rainy-day fund. Economic output in the state grew by about 1 percent higher than initially forecast, officials said. 'The strength and success we see today is no accident. It is the result of very intentional decisions made by all of us — intentional decisions to lift up opportunity in the Commonwealth of Virginia,' Youngkin said in his speech to lawmakers. 'And these decisions are yielding dividends. They're enabling us to compete and to win.' Democratic lawmakers were quick to push back, particularly in light of looming Medicaid work requirements for some adults after Congress passed a reconciliation bill last month. Youngkin repeatedly said Medicaid will not be taken away from Virginians, and Secretary of Finance Stephen Cummings added that hospitals will be able to absorb any additional costs from federal cuts to Medicaid. Senate Democratic Majority Leader Scott Surovell cited an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid. 'The governor stood up here and said a million times, repeatedly, that nobody is coming to throw out Medicaid,' Surovell said. He added that the CBO, which 'America relies upon to tell us the answers to these things, tells us that millions of Americans are going to lose their Medicaid.' Democrats also said the governor is not fully acknowledging that the White House's reshaping of the federal workforce will continue to impact the state's economy. The job losses that factored into Youngkin's assessment did not include federal workers who took buyouts and are still receiving payments until later this year, Cummings said. But Republican House Minority Leader Terry Kilgore praised Youngkin's presentation, calling it 'the kind of news every Virginian should cheer.' 'It happened because Republicans have kept a steady hand on the wheel,' Kilgore said. ___ Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
