Next Stop: the ’70s
The depressing thing is that the “bright spot” of this finding is that Professor Lardaro’s index doesn’t go back far enough to have captured pre-Reagan economic periods:
Economically speaking, Rhode Island is in the midst of the “worst year” in a quarter century, according to a local index released today.
After a brief uptick in April, the Current Conditions Index in May plunged back to its lowest value in the index’s 25-year history.
Eleven out of 12 indicators deteriorated, as the unemployment rate spiked to 7.2 percent and consumers hit by rising food and fuel prices cut back on spending, causing retail sales to plunge, according to the index’s manager, University of Rhode Island professor of economics, Leonard Lardaro.
Perhaps more depressing is that some of us believe Rhode Island could quickly rise at least to a sea-level float if it were to discard some of its all-too-familiar baggage.