For a very long time, the Rhode Island economy has been one of the worst performing, with one the highest unemployment rates in the nation. Most concerned Rhode Island citizens, business owners, and perspective investors know that Rhode Island has one of the highest business tax rates and has a solid history of being un-business friendly.
The precedent of the complete failure of 38 Studio’s is a damning example to set for future business attraction to the beautiful state of Rhode Island It also leaves a bitter taste in the mouths of honest business owners in this state. This is similar to an experience that I had at a wiener restaurant in Woonsocket. The patron before me made their order and said hold the onions, the server said “too late” and made the transaction.
Rhode Island is geographically and historically speaking one of the most attractive states in the nation. This brings me back to the premise of my subject. The real leaders of the Rhode Island economy the Rhode Island voters!
First, I will admit that I myself did not vote this election year due to unforeseen circumstances. I am not one of the leaders here. While controversial, the ballot issues that passed will provide a solid economic flu shot to the arm of the Rhode Island economy, (and no it won’t make it worse).
Yes, I am speaking about the 300 million dollars in bonds that will have to be paid back by the Rhode Island tax payers, but also the Twin River Casino issue that was passed by the voters. This I believe is a counterbalance argument for the 38 Studio deal. (At least we got gambling!)
With due respect, the legislators that put these issues on the ballots deserve credit for listening to their constituents. I admit that this is an antidote of revenue and poison of government intervention issue. Twin River Casino will bring in more jobs and much needed tax revenue. For me the casino issue was more about protecting the Rhode Island tax base, with the added potential of additional tax dollars. I believe that the extra income will offset the bonds that are being taken in order to complete the bonding projects.
The consideration that the bonding payments will be paid by increased tax revenue from gambling makes this added value to me. That is while I don’t favor borrowing while in continued economic recession, the money’s spent are actually going toward real things, and that money will most likely be reciprocated within the Rhode Island economy helping surrounding businesses and Rhode Island workers.
My point is, Rhode Island Voters and taxpayers on behalf of every elected official that will claim credit when this money actually helps, Thank You!
I believe that you the elected officials, the ballot initiators and Rhode Island voters took the lead for the Rhode Island economy. This is not an economic panacea, but small wins needs to be acknowledged with the negatives to show a true picture of what is.
The Rhode Island budget isn’t balanced on the backs of EBT gold cards, or minimum housing (while to some it is necessary), but on the privatized workforce. That is why I hope that the private sector understands that these ballot initiatives did cost 300 million, but it is revenue neutral in the least because of the casino initiative. So good job on protecting the environment, building veteran homes, clean water projects, and urban housing, while building better college facilities that brings in outside tuition money, and protecting RI’s tax base by expanding gambling capacity. This is a chip that the EDC should use in highlighting positive change in the RI economy. Let’s hope that it makes a visible difference!