Virginia is one of the most economically resilient states and shows good prospects for recovery, according to the American Legislative Exchange Council.
A new report by the ALEC ranks Virginia No. 4 in economic outlook. Maryland is ranked in the middle of the pack at No. 28.
ALEC’s rankings of the 50 states are based on the balance between policies and performance, determining which states are in better position for an economic recovery.
The state tax burden was found to be a major factor in economic performance.
“The top performing states keep taxes, spending, and regulatory burdens low, while the biggest losers in the book tend to share similar policies of high tax rates, unsustainable spending and regulation,” said Jonathan Williams, director of the Tax and Fiscal Policy Task Force for ALEC.
The report also finds that states should not depend on federal stimulus dollars, but should focus instead on long-term competitiveness by turning away from careless spending.
“States were quick to increase spending and add programs during the good times,” said Bill Howell, ALEC’s national chairman. “We need to make tough choices to live within our means.”
source: Washington Business Journal
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