Rhode Island Economy
Union reps and pension testifiers have been arguing that reducing pensions will harm the local economy. Using the RI Center for Freedom & Prosperity’s pension database, though, I’ve looked at some relevant numbers, including the fact that the state sends $142 million in public pension payouts out of state.
Part of what bothered me about Governor Chafee’s “findings” in Pittsburgh was the broader economic strategy whereby the state government tries to run Rhode Island like a giant corporation — picking preferred industries, backing particular players (as if they are subsidiaries), and trying to shape available public resources (such as the I-195 land) toward a…
In his Sunday Providence Journal column (not online), John Kostrzewa worries that Rhode Island officials aren’t doing enough to ensure that looming cuts in Bank of America’s workforce don’t come out of our local economy. He suggests that they’re waiting for a more opportune time and insists that they can’t afford to do so. But…
Rhode Island had to have a speculative wind project. The General Assembly and former Governor Don Carcieri effectively castrated the regulatory body that oversees energy policy and forced through the Deepwater Wind agreement that will raise energy costs for all Rhode Islanders in order to guarantee the company profits. Of course, those who use more…
I hate to be so negative… I really do… but isn’t it just too perfectly Rhode Island that the geniuses guiding the state would come up with this as an advertising slogan: The judges like Team 5’s idea about unpacking Rhode Island. But they choose another slogan and marketing plan for the winner: “Rhode Island:…
The Economic Development Corp. is limited in the scope of the activities in which it can engage (and its board members are appointed by local politicians), but I didn’t want to let this article slip through the cracks as I catch up with things because it so well illustrates the futility of usual practice in…
It’s getting kinda hard to take the spin that permeates economic reporting. Reporter Kate Bramson and her headline writer mainly adopt RI Department of Labor and Training Director Charles Fogerty’s line that the statistics show “slow, steady progress.” The headline and lede are, “Rhode Island unemployment dips slightly, to 10.8 percent, Still, 10.8% an improvement…
Toray has been in Rhode Island for over twenty years. They are looking to expand. They also have a facility in Virginia. The Rhode Island facility is bigger, but the costs are higher. Virginia looks pretty good. #50 business friendly Rhode Island is now competing with #1 business friendly Virginia to woo a business it…
Sam offers Fred $10, but Fred wants $30. To solve the problem, they call in their buddy, “The Arbitrator”, who decides $20 is fair. Sam pays more, Fred gets more. The next week, Fred asks Sam for $30 again, but Sam says he’s only got $13 in his wallet. Fred says Sam is holding out.…
CNBC has ranked Rhode Island as the least business-friendly state in the country. #50. Dead last. I know the yabuts will be out, but–to coin a phrase–“perception is reality” and when a business channel reports that your state is the worst, well, what do you think the business people watching that channel are going to…
