May 11, 2011

Economic Passivity in Rhode Island

Justin Katz

At first, I was just bothered by the passivity evidenced in the first sentence of the following paragraph:

Because Rhode Island's economy is interconnected with the regional and national economies, the slowdown in the national economic recovery in the first quarter of 2011 affected Rhode Island, according to the [Bryant University-RIPEC] report. The U.S. Gross Domestic Product increased at an annualized rate of 1.8 percent in the first quarter, compared with 3.1 percent in the fourth quarter of 2010.

Why should it just be assumed that Rhode Island will follow the national trend?

But then, I reread the first paragraph of the article:

Rhode Island's economy expanded 1.9 percent in the first quarter of 2011, sustaining about the same rate as in the last two quarters of 2010, according to an economic index to be released Monday.

So, the national growth is actually down significantly from the last quarter of 2010, while Rhode Island's anemic growth is about the same as it was during the last quarter of 2010. Do we only follow the national economy when it's bad to do so? Or were we really expecting a huge non-national surge in our state that was dragged down?

Whatever the case, I still think we need to cut taxes, slash regulations, and eliminate mandates in order to set our state free of economic shackles — whether of our making or the nation's.

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The biggest issue I see is that of morale. Are RI'ers resigned to corruption and underperformance economically? Do RI'ers expect failed and corrupt leaders? (and get it in droves). The State is demoralized. They feel they can't win. If we associate this thought with professional sports how would the Patriots do with a corrupt coach, demoralized apathetic players and staff? RI is too used to "losing". It will require a new team (Tea Party?) to instill life and hope. Unfortunately the seeds of dependence and failed leftist liberal policies run deep. The old refrain of the Red Sox used to be "Wait until next year"...for eighty years. Let's hope Rhode Islanders do not wait that long.

Posted by: ANTHONY at May 12, 2011 11:17 AM
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