Business success never happened because an enterprise sat around waiting for it to happen. So why should Rhode Island follow the same path?
That is the essence of Gov. Gina M. Raimondo's message to the state's citizens, but it must be heard by its legislative leaders as well.
For too long now, the state has been without a coherent, specific economic-development plan that used investment as one tool among many to get the state moving forward. Whatever the reasons, the state has shied from making investments, frozen in fear of making mistakes. As a former investor, Gov. Raimondo knows that fear is just as likely to prevent success as making bad decisions.
So we come to her plan to revitalize the economy, known as the Ocean State WAVE, which stands for Workforce development, Advanced industries and innovation, Visitor attraction, and Enterprise expansion and recruitment. As economic-development plans go, it is smart, focused on what Rhode Island needs and not particularly expensive. But it is in danger of dying the death of a thousand cuts.
Gov. Raimondo has emphasized that the state needs to move at the "speed of business" to be effective. What she doesn't include, perhaps out of political caution, is that the state needs to move with the decisiveness of business as well.
Does that mean the General Assembly is a hindrance to the state's economic progress? She can't say that, but we can.
The state needs to take dramatic action to jump-start its economy, and this plan is just what is needed. •
If I was governor, I would increase state funding for local education so that each community could reduce their property taxes by 10%. This would help every business, every family and all other taxpayers in RI. More products and services would be bought, state sales tax revenue would increase, each business would pay more state income taxes and employment would greatly increase. With this increase in sales tax and income tax revenue, sales tax and income tax rates could be reduced which would further stimulate Rhode Island’s economy.« less