A CEO for Rhode Island
Eleven “business and community leaders,” and only one gives the right answer to the question of what ‘can be done in the next 90 days to turn” RI’s economy around. Here’s Strategic Point Investment Advisors President and CEO David Brochu (emphasis added):
Governor Carcieri should announce the creation of a business advisory committee, made up of volunteers from the business community, to help new businesses form and enter the market. In addition, a new state office should be created to walk prospective businesses through the state’s regulatory hurdles.
“We need to announce that Rhode Island is going to be the business incubator of the country,” Brochu said.
In addition, Rhode Island should allow business owners to deduct passive losses, up to the amount of their investment, on their state tax returns. Brochu also called for an across-the-board tax cut of perhaps 10 percent until the unemployment rate falls to the national average, along with a 20 percent cut in state employment. In addition, he said, the state employees pension system should be terminated for people who are not already vested in it, with newer employees shifted to 401(k) plans. To pay for shortfalls in the state budget, including the underfunded pension system, the state should float a general obligation bond. “The bond issue will be greeted very well,” he predicted. “The state will have cut its spending, get its pension system under control, and in two or three years, it’s going to be in great shape.”