Rhode Island has the highest unemployment rate in the nation, with more than 50,000 Rhode Islanders currently out of work. And the state economy may get worse before it gets better. Now is the time for state and local government to take bold action to put Rhode Islanders back to work. The best way to
Already a Subscriber? Log in
To Continue Reading This Article
Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.Learn More and Become a Subscriber
- Critical RI business news and analysis updated daily.
- 1 year of print (26 issues).
- Unlimited access to all subscriber only content on our website, on any device.
- Free email alerts.
- Annual Book of Lists Print Edition.
- All special issues produced during subscription term.
Click Here to purchase a paywall bypass link for this article
PBN Branded Content
Building a Strong Data Foundation in the Age of AI
Artificial intelligence (AI) has become a key priority in the boardroom and across management —…
Learn More
Mr. Paolino is actually pointing out the fatal flaw in our economy. I respectfully suggest that he is barking up the wrong tree with his proposal.
The fatal problem that we must resolve right now is the parasitical relationship that exists between the productive sector and the overheads (state, city, education, health care, retirees, legal, unions, non-profits…..). This parasitical relationship exists in all states, and is healthy as long as the parasites do not forget that the health of a growing host is what enables sustainable growth. We have long forgotten this iron law of nature/economics and are paying a terrible price. Those of us who are staying and work in the productive sector are under increasing strain to provide for our own families and the increasing parasitical overhead.
Until we can create an honest advantage for business to come here and treat business fairly and honestly, we will continue to dig ourselves into a deeper hole. Actions such as proposed by Mr. Paolino simply dig us deeper into the hole and prolong the agony until the final day of reckoning.
To create an advantage for the productive sector, the overhead entities will have to tighten their belt to create the fiscal, employment and regulatory environment that will draw employers to RI.
Forget about trying to pick winners and losers. If VW wants to make cars here, great. If Exxon wants to drill for oil in the bay, fantastic. If Intel wants to fabricate chips here, awesome. There are certainly enough environmental regulations to make sure that we have reasonably dealt with the risks. No one has the foresight to see what will be the next big thing so we need to create a welcome environment for all investments.