The Corporate Welfare Strategy Has Failed
The massive budget shortfall is proof that the state government’s corporate welfare strategy has failed. Rhode Island’s current corporate tax-credit economic development strategy is highly inefficient as it creates relatively few jobs at an extremely high cost per job to taxpayers. This targeted ‘advanced industry’ approach does little if anything to improve the overall business climate, which is necessary if organic entrepreneurial growth is to occur on its own. A 3.0% sales tax would disproportionately help low-income families.
The folly of relying on the unemployment rate as an indicator of growth is apparent in the Ocean State. The Jobs & Opportunity Index (JOI), developed by the Center, provides state lawmakers with a more comprehensive view of the larger state economic picture. This index is designed to show broader picture of our economy as opposed to the narrow snapshot of the monthly unemployment rate. Rhode Island is still trapped in last place in New England and at 48th in the country on the JOI.
Rather than make the situation worse via the progressive’s “no shot” agenda, bold pro-business, pro-family reforms like a 3.0% sales tax must take on renewed priority. The progressive-left is openly promoting job-killing, anti-business, and anti-family policies. Their so-called ‘fair shot agenda’ would transform our Ocean State into a liberal hell, where businesses face even higher legal risks and financial burdens. There schemes would make Rhode Island a less attractive place for employers and resulting in fewer good job opportunities for families.
Rhode Islanders deserve the freedom to achieve their hopes and dreams. I ask you to continue to make your voice heard against the status quo public
