Report: State has ‘mammoth economic problems’
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Rhody In The Red
A national magazine publishes a report on Rhode Island's economic problems.A national magazine has published a recent report on Rhode Island’s “mammoth economic problems”, and highlights the troubles in the state.
The Economist comments on the state’s high unemployment rate the foreclosure rate, and the fact that people are leaving the state in droves.
NBC 10’s Bill Rappleye reports.
Related link: Little Rhody in the Red
Reader Reactions
My husband and I left Rhode Island last October after being born and raised there for 64 years. In retirement, we cannot afford to live there. How sad, but the taxes are outrageous, plus the weather is lousy. We want more sunshine, less rain, no snow or ice. Can’t get those things in RI. More and more people will be leaving RI because they cannot afford to live there.
WOW it pays to hire a rocket scientist
Can you say DEMOCRAT!!!!!
I don’t understand why the General Assembly and local governments can’t see they are the problem. They never ask the question how can we control spending, rather they continue to look for new ways to tax the citizens. The General Assembly cuts local aid, but this does not cut spending, rather it is playing kick-the-can and passes the problem to local governments.
Local governments are not any better. They have entered in employment contracts that provide unaffordable pensions. They continue to create new position and increase town employment, even when the towns’ populations are decreasing. Since 1999, the average yearly increase in my Middletown tax/sewage bill was 7.75%. During the same timeframe, the average yearly increase in family income was 3.0%. This is a recipe for an economic disaster.
I live in Rhode Island, but work in Massachusetts. If I were to move my family to Massachusetts, our total tax bill (income, property, sales and gas taxes) would decrease by thousands of dollars per year. It is no surprise to me, that people are leaving this state. If this trend continues, the state will be home to the unemployed, elderly, teachers, and state workers. This is not an economic engine that will drive the an economy.
Until the state and local politicians understand they are the problem and take real actions to solve the problems, our state’s economy will stay in the Doldrums. It does not take a rocket scientist to fix the problems, rather it take courage to make the hard decisions. Yes, some people may be hurt in the short term, but in the long term everyone will benefit from a robust economy.
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