The History of Rhode Island Crony Deals

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Steven Frias had another excellent essay in the Providence Journal, yesterday:

Using funds raised through a refinancing of state debt, Raimondo proposes spending about $35 million, in total, for a First Wave Closing Fund, a Small Business Assistance Program and a I-195 Redevelopment Fund. The Rhode Island Commerce Corporation and the I-195 Redevelopment District Commission would have broad discretion over how these funds are be spent and over which businesses benefit. 

Supporters of Raimondo called these programs “bold” and “game-changing.” However, Rhode Island politicians have used various government financing programs to benefit select businesses for more than a half-century, with little success at reversing Rhode Island’s decline. History shows that the state’s efforts to select businesses for help have been, at best, ineffectual at improving the economy in the long-term, and at worst, disastrous for taxpayers.

I’ve been thinking that it would be useful to have an online museum exhibit, of sorts, that presents timelines of various controversies, themes, and trends, in Rhode Island.  Unfortunately, most of the people I know who would undertake such a project are busy trying to support their families while doing some work to try to save the state for itself.  Meanwhile, it’s hard to see an academic taking it on, because it would inevitably make big government look bad, which academics aren’t allowed to do.



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