Rhode Island Economy
Yeah, I know, who cares what a bunch of rich CEOs think. Anyway, fwiw (h/t Ted Nesi): Business leaders graded the states on a variety of categories grouped under taxation and regulation, workforce quality and living environment. “Do not overtax business,” offered one CEO. “Make sure your tax scheme does not drive business to another…
I’ve had occasion to drive through the construction site of the new Sakonnet River Bridge in Tiverton quite a bit, lately, and no matter how many times I see it, I never fail to be impressed with the structural inefficiency of the work habits. The other day, I saw three employees gabbing over two who…
RI General Treasurer Gina Raimondo uses an apt metaphor to describe the significance of the state’s public pension problem: “If you remember one thing from me this afternoon, remember this,” Raimondo said, speaking bluntly: “fixing this state’s pension system is not an issue, it is the issue. Our state retirement debt is an anchor holding…
As the old song goes, the children are the future, and in discussing the effects of our graying workforce, John Kostrzewa worries about Rhode Island’s: Eleven percent of the 107,108 people ages 22 to 29 who lived in Rhode Island in 2008 moved out in 2009. That’s 11,200 young people. The numbers are even scarier…
One can’t call the vote “party line” because Rhode Island’s Pension Review Board is technically non-partisan, but as Marc observed on Wednesday, the vote to bring investment estimates closer to what the pension fund has actually been earning nearly fell along what might be called a “union picket line” vote. Basically, the question was about…
Earlier today, the pension review board was presented with an actuarial study concerning the RI Pension system. After the presentation, the board voted 9-6 to reduce the assumed rate of return on pension investments from 8.25% to 7.5%, which was the figure recommended by the study. The ProJo has the roll call: • General Treasurer…
Consultant’s hired by General Treasurer Gina Raimondo will present their findings to the state retirement board today (report here – PDF). Their findings are grim if unsurprising, as reported by the ProJo. There are some basic structural problems: The state pension system is based on three basic sources of funding: employee contributions, employer contributions and…
I heard a little bit of Ken Block this morning on the Helen Glover Show explaining how he was willing to help the state reduce the fraud, waste and abuse in its social services programs. For free. According to Ian Donnis, Governor Chafee is “receptive” to the offer. Duh. Tell me, how often does someone…
It’s possible that all of the corporate executives on the Economic Development Corporation’s board wouldn’t dream of allowing their own companies’ interests affect their prescriptions for the state’s economy. It’s even more possible that state government will treat the board’s activities as a nice show to prove that everybody’s really, really interested in turning Rhode…
Rhode Island’s aristocracy chose to believe in their own power to impose taxes rather than the power of economic incentives, and some don’t like the result: State Rep. Raymond Gallison, D-Bristol, says local businesses are losing revenue that could help the state’s financial situation, while the state itself has not generated any new revenue from…