{"id":283187,"date":"2021-11-05T14:29:55","date_gmt":"2021-11-05T14:29:55","guid":{"rendered":"https:\/\/usa.timesofnews.com\/breaking-news\/political\/how-glenn-youngkin-plans-to-address-jobs-taxes-and-education-after-winning-virginias-gubernatorial-race.html"},"modified":"2021-11-05T14:29:55","modified_gmt":"2021-11-05T14:29:55","slug":"how-glenn-youngkin-plans-to-address-jobs-taxes-and-education-after-winning-virginias-gubernatorial-race","status":"publish","type":"post","link":"https:\/\/usa.timesofnews.com\/breaking-news\/political\/how-glenn-youngkin-plans-to-address-jobs-taxes-and-education-after-winning-virginias-gubernatorial-race.html","title":{"rendered":"How Glenn Youngkin plans to address jobs, taxes and education after winning Virginia’s gubernatorial race"},"content":{"rendered":"

Youngkin, a Virginia native and multi-millionaire, was a big player in the business world before entering the political field.\u00a0<\/p>\n

The Rice University alumnus spent his early career handling mergers and acquisitions at investment bank Credit Suisse First Boston in 1990. After obtaining his MBA from Harvard University, he spent one year at management consulting firm McKinsey Company before joining the Carlyle Group, a private equity firm, in 1995.<\/p>\n

There, he led buyout deals in the U.K. and the firm’s initial public offering in 2012. He climbed the ranks at Carlyle and became one of its chief executives in 2018.\u00a0<\/p>\n

Before stepping down in 2020 after a 25-year tenure at the firm, Youngkin oversaw Carlyle’s<\/a> real estate, energy, infrastructure and investment solutions businesses.<\/p>\n

He steered the firm to lead the $12 billion redevelopment<\/a> of Terminal 1 at JFK Airport in New York City, one of the largest infrastructure projects in the nation.<\/p>\n

Youngkin made his business resume a major part of his pitch to Virginia voters this year.\u00a0<\/p>\n

His campaign website touts his “key role” in making the Carlyle Group one of the “leading investment firms in the world.” It claims that he played a critical role in funding the retirement of frontline public workers and supported hundreds of thousands of American jobs.\u00a0<\/p>\n

But unnamed sources from the firm have chafed over the picture Youngkin has painted of his leadership at the firm, according to Bloomberg<\/a>.\u00a0<\/p>\n

Sources told Bloomberg that Youngkin racked up several bad investments that cost Carlyle billions of dollars before he “flamed out” as CEO. They cited “troubled forays” into hedge funds and energy investments over the last decade, as well as infrastructure projects he oversaw “that dogged him.”\u00a0<\/p>\n

Other reports detailed how Youngkin’s leadership at Carlyle hurt nursing homes and other institutions the firm acquired.\u00a0<\/p>\n

In 2018, the Washington Post<\/a> revealed widespread neglect at a nursing home chain the firm owned. The report detailed increased health risks, skyrocketing health-code violations and hundreds of layoffs at the ManorCare chain before it filed for bankruptcy.<\/p>\n

McAuliffe seized on this controversy during his campaign. During the second gubernatorial debate, he said the Carlyle Group “bought nursing homes” and “neglected seniors” under Youngkin’s leadership.<\/p>\n

The Youngkin campaign did not immediately respond to a request to comment on criticism of the governor-elect’s business record.<\/p>\n

Despite the scrutiny his resume has drawn, some experts say Youngkin’s business background was likely part of what appealed to Virginia voters.\u00a0<\/p>\n

“I think his background did boost his appeal,” said Chris Stirewalt, a senior fellow at the conservative-leaning American Enterprise Institute.\u00a0“We certainly live in a time where business experience could be seen as a liability. But in Glenn Youngkin’s case, he came from Carlyle, what some still consider a very well established company.”<\/p>\n

“Coming from that world certainly sent the cue to voters that he was no kook,” Stirewalt continued.\u00a0<\/p>\n

Karen Hult, a political science professor at Virginia Tech, also noted that Youngkin’s business background may have been important to Virginia voters who are concerned about the state economy.<\/p>\n

She noted that his win points to the value of Youngkin’s “non-national” campaign strategy.\u00a0<\/p>\n

While McAuliffe pursued a “national strategy” that rallied voters around issues like former President Donald Trump, Youngkin focused on “closer-to-the voter” concerns such as taxes and education, Hult said.\u00a0<\/p>\n

Article source: https:\/\/www.cnbc.com\/2021\/11\/04\/virginia-governor-glenn-youngkin-economic-policies.html<\/a>\r\n<\/p>","protected":false},"excerpt":{"rendered":"

Youngkin, a Virginia native and multi-millionaire, was a big player in the business world before entering the political field.\u00a0 The Rice University alumnus spent his early career handling mergers and acquisitions at investment bank Credit Suisse First Boston in 1990. After obtaining his MBA from Harvard University, he spent one year at management consulting firm […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[84],"class_list":["post-283187","post","type-post","status-publish","format-standard","hentry","category-political","tag-political"],"_links":{"self":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/283187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/comments?post=283187"}],"version-history":[{"count":0,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/283187\/revisions"}],"wp:attachment":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/media?parent=283187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/categories?post=283187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/tags?post=283187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}