Pension actuaries use the word “liability” differently than the layman would. The total actuarial accrued liability of Providence’s pension system has been given as $1.3 billion, with about $0.4 billion in assets, but the liability as most people would probably conceive of it is more likely $5.7 billion, with the same $0.4 billion saved up to date.
In terms of employment change from 2000 to 2010, Portsmouth is pretty much the typical RI town. The town weathered the recession well, until 2010, and its seasonal swings create an interesting comparison with the rest of Aquidneck Island.
The House Finance committee hears a variety of tax proposals, mainly concentrating on taxing “the rich”; Justin writes live.
Cumberland is somewhat unique in Rhode Island, in that from 2000 to 2010 it gained employment. Still, its labor force grew more quickly, so its unemployment is still high, and all numbers are down from their boom-time peak.
Cranston’s unemployment rate is below that of RI overall. Most interesting, though, is how trends in employment compare with those in Warwick, for very different results.
The not-seasonally-adjusted unemployment rate for Central Falls was 15.6% in March and would be much higher if the same percentage of the population were in the labor force as in other RI cities and towns.
Burrillville’s unemployment rate equals the statewide average of 11.8% mainly because the town’s employment has not matched its growing labor force. Consequently, unemployment is near the town’s all-time high.
Is it the bull or the bear for Rhode Island? Justin suggests that if Rhode Island is to cease to be a drag on its region, the model has to be quite different.
RI’s accelerated decline in labor force and employment continues and now constitutes a full-quarter trend; combined with poor housing market results, the trend ought to be of great concern to Rhode Islanders, especially in their capacity as voters.
Tiverton’s employment trend is characterized by ten-year growth in population and labor force that wasn’t matched by employment. In recent months, improvement in unemployment results only from a fast-falling overall labor force.
Correlation is not causation, but Alabama’s employment picture has improved in the wake of its stringent immigration law.
The Current’s full “Video on the Go” from Congressman Ron Paul’s campaign appearance at the University of Rhode Island.
Newport joins its neighbor, Middletown, in having very high unemployment, as well as a dramatic downward trend in its population and employment data.
Reviewing William Raveis data for single-family home sales in each Rhode Island community, Justin finds that the picture isn’t rosy.
Middletown’s February unemployment is high compared with the rest of the state, at 13.4%, and January’s was the highest in 22 years of data. More concerning is that those numbers were achieved even as the total labor force shrank.
RI’s unions are behind efforts to increase state revenue through gambling and “taxes on the rich” in an apparent effort to counter the effects of Massachusetts casinos, but the state will have to decide whether the consequences are worth the attempt.
Although Little Compton is among Rhode Island’s wealthiest communities, the town has seen an above-average drop in employment and its unemployment rate is still high.
Justin writes live from Don Watkins talk to the Brown Republicans on entitlements.
An interview with Charles Murray leads Justin to muse on the possibility that avoiding judgmentalism in the name of tolerance might just make it less likely that others will have the opportunity to judge us good and worthy of advancement.
According to RI Dept. of Labor and Training statistics, the number of employed residents in Jamestown fell 7.6% from 2000 to 2010. The town’s number of employed residents has almost returned to its level before the new bridge to the mainland eased travel to the island in 1992.
West Warwick leads Kent County in unemployment, in part because its total labor force grew 4.1% at the same time that the total number of residents working or looking for work (its labor force) increased 4.9%.
West Greenwich’s employment data (while of limited confidence, given the small population) tells a story of consistent growth, until the current recession moved its unemployment rate above that of the state overall.
Argumentation about the concept of “legislation last” when it comes to municipal pension reform appears to be an example of two sides talking past each other.
Warwick’s employment story appears to be one of lost population and lost employment. As with some of RI’s other cities and towns, Warwick’s number of employed residents has never been lower in the twenty-two years of data.
Justin writes live and extemporaneously from the Senate Finance Committee hearing on Gov. Chafee’s municipal relief package of legislation.
A pair of articles point to the use of statistics in public policy debates, and Justin encourages everybody not to lose sight of the points being made.
Given its reputation among Rhode Island towns, it’s surprising that East Greenwich has a higher-than-average unemployment rate. The explanation likely lies in the growth of its population and labor force, which exacerbated the smaller decrease in employed residents.
Reviewing the unemployment picture for RI cities and towns, the Current finds that Coventry’s exploding unemployment rate can be explained by increases in population and labor force rather than a decrease in the overall number of residents who are employed.
At this morning’s workshop, Treasurer Raimondo’s news that the state pension has only been earning 2.28% return on its investments jarred disconcertingly against the actuary’s projections of what 7.5% and 5.0% returns mean for the future.
Justin writes live from General Treasurer Gina Raimondo’s second comprehensive pension reform workshop for municipal leaders, Part II: Creating a Secure & Sustainable Pension Plan.