A new way of doing business is only way for R.I. to advance

Last week’s release by the U.S. Bureau of Economic Analysis of personal income growth for the nation made a nice headline for the Ocean State. Rhode Island ranked No. 16 on the list for growth from 2013-14.

But one data point does not a trend make, and a deeper dive into the numbers supports Gov. Gina M. Raimondo’s focus on changing the way things are done in these parts, specifically when it comes to economic development and job growth.

In the face of knee-jerk reaction to the public-sector spending any money investing in the state’s economy, as well as growing opposition to the ox-goring going on that will free up funds to make such expenditures possible, Gov. Raimondo should stay strong.

In the last decade Rhode Island saw its total personal income grow 35.1 percent, performance that earned it a No. 49 rank among a list of the 50 states and the District of Columbia.

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This performance indicates a number of things – Rhode Island’s population is not growing, it’s not adding jobs and the jobs it is adding are not as high paying as in other states.

All three things point to the correctness of Gov. Raimondo’s assertion that what we need more than anything is more jobs that pay well. Growing well-paying businesses here will reverse all three trends, as companies and people see that living and working here is a good choice.

The old ways of doing things clearly have not worked. The time for waiting for the market to somehow pull Rhode Island out of its tailspin is long past. Change is difficult. But it’s the only choice we have. •

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