With about one-billion dollars in anticipated revenue shortfalls, and with recent statements from leading Rhode Island lawmakers indicating a general feeling of helplessness, the Rhode Island Center for Freedom and Prosperity published a new report this week with proven budget strategies that can help put the state on a long-term trajectory towards prosperity.
The budget problems we face did not come down from the heavens.
They were government-made, and they can be reversed. Lawmakers should not feel helpless, nor should they rely on the federal government. Many states are taking proactive steps to prepare their state economies for rapid recovery… and we must do the same.
Virtually all recent comments from public officials indicate an undue reliance on federal bailout funds in the hope that status quo spending levels might be maintained. This is not a budget strategy.
Instead, lawmakers have to understand that they can no longer hide from the responsibilities and difficult decisions they were elected take on. The status quo budget approach – tax, spend, and borrow – will not work in response to this pandemic crisis.