Latest Current Conditions Index for RI = 0
URI Economist Len Ladaro:
Rhode Island’s recession may be entering a troublesome third phase. For the first time ever, the CCI registered a value of 0. I prefer to think of this as a long-run equilibrium: at long last, we have gotten from Rhode Island’s economy precisely what we have always demanded from our state’s government: absolutely nothing! Fasten your seat belts, this is going to be a rough fall and winter.
I also heard Prof. Ladaro this morning on WPRO with Jim Hummel (filling in for John DePetro). Ladaro made the point that there is still much to do on the part of the legislature to reduce spending and restructure government. To paraphrase, “they shouldn’t be lauded for passing a balanced budget. That’s what’s expected.”
Can we start the petition here to have Jim replace John “Cook the Books” DePetro permanently?
The Democrat-controlled General Assembly has finally run Rhode Island into the iceberg that they had been warned about for year after year, and there aren’t enough economic lifeboats for all the passengers.
How ironic that Bob Ballard now works out of URI. Perhaps some decades from now he’ll mount an expedition to find the remains of the State from which he once worked … working along the debris trail of collapsed bridges that weren’t properly maintained (RI’s bridges were just ranked the worst in the entire country – yet another of a long line of surveys with RI ranking “among the worst at [pick your topic].”
question for prof ladaro.
everyone says the recession will end in ri in 2009.
but what will make the slide stop and what will make things improve?
my answer…its going to get worse!!!!!
things are going to keep sliding downward.no jobs in the state, poor education, higher taxes, state layoffs,real estate and mortgage sector is dying, no new business.
these factors all feed off each other.
If you can, get out now. Move to the Northwest, the Southwest, or the Carolinas.
Thanks to progressive politics, Rhode Island has a very shaky future.