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Virginia Governor Youngkin has two ways to combat a looming recession

Governor Glenn Youngkin of Virginia, joined Yahoo Finance Live on June 23 to discuss inflation and the labor force.

Video Transcript

GLENN YOUNGKIN: One of the challenges that we have right now is, is that inflation is running rampant. And gas price is up at nearly $5 across America, and hit $4.90 in Virginia recently. And of course, the labor markets are incredibly tight.

This is driven by two phenomena. One is failed policies out of Washington on energy. And we have to recognize that in all of the above energy policy, that actually encourages our domestic production so we don't cede a national security advantage and have to go to Saudi Arabia looking for incremental production, as opposed to doing it here. And that's got to be step one to combating inflation.

And second of all, the labor markets are, of course, very tight. But they're not as tight as people would think, because I think there's 3 million jobs in the United States that are going unfilled because we still have workers on the sidelines. In Virginia, there's 150,000 people who've just left the workforce. And we're trying to get them back.

And this is where the answer is. If we could get an energy policy that would bring back domestic production and combat the supply demand imbalance and bring energy prices down, and if we get people back off the sidelines into the workforce so that we can meet the job demands that are there, then there's a real chance to combat what everyone is thinking is inevitable with regards to a recession.

I don't think it's inevitable. But we have to have some policy changes. One out of Washington, and then we've got to get people back to work.