ECONOMICALLY
On the economic front, family budgets are stressed to the breaking point. Because of oppressive regulations, not only is our state one of the worst states in which to start a business and create jobs, but Rhode Island suffers from one of the highest costs of living in America due to high taxes and inflation-causing regulatory and spending policies that reduce supplies and raise demand. Our Ocean State is also one of the most expensive states for seniors to retire.
The average 2-parent Rhode Island family will pay over $1,369,000 in taxes throughout their lifetime … over 30% higher than the US average!
Also, family savings have completely reversed (-72% drop) under the Biden’s control over the national economy as compared with Trump’s (+129% rise).
The “tax the rich” and spend mentality of the progressive-left actually makes worse the problem of wealth inequality by robbing low income families of opportunities for upward mobility; instead of encouraging them to become dependent on government assistance.
When income or wealth is over-taxed at the individual or corporate level, there is less incentive to invest cash (capital) to hire and pay workers or to start or expand a businesses, while at the same time driving high-income investors out of Rhode Island and to other, less oppressive, states.
These kind of natural and human reactions are why increased taxation often leads to decreased revenues to the government.
Such counter-productive policies that borrow opportunity from future generations, in order to satisfy the demands of corrupt insiders, inevitably lead to many negative and unintended economic consequences for families:
- Soaring “Local” Inflation (High Cost Of Living) means families are losing thousands of dollars of purchasing power each year, as prices on many staples continue to rise. Groceries cost too much. Clothing costs too much. Housing costs too much. Electricity costs too much.
- On top of the national inflation problem, Ocean State politicians have made local inflation even worse. RI politicians continually and mindlessly collected billions of of dollars in federal aid and hundreds of millions in wasteful spending bonds … most of which end up in the pockets of insider cronies and special interest groups.
- These unchecked levels of federal & bond funds and indiscriminate state spending are a direct and major cause why local prices have risen so significantly.
- For too many families, rises in family incomes are not keeping pace with rises in the local cost of living. “Shrinkflation”, where consumers get LESS product for the same spend, is also a direct cause of government over-spending.
- “Real” wages for families (income as compared with inflation) have fallen by 2.54% under the progressive policies of progressives in the White House
- High housing costs in RI are significantly higher than the national average, while misguided over-regulation by government has reduced the number of units to rent and homes to buy. Housing prices have exploded past the level of affordability for an increasing number of Rhode Islanders, with lack of availability even a bigger concern. Never-ending government regulation in the housing industry has reduced the number of available units, while increasing costs on builders, sellers, and landlords … all of which are passed onto buyers and renters.
- Property Taxes are among the highest in America, largely due tooverly-generous collective bargaining agreements with unionized public employees
- Most new and available public housing units are being developed for the benefit of illegal immigrants and NOT for hard-working Ocean State families.
- SOLUTION: Allow natural market forces to determine what gets built, free from onerous regulation. Repeal 2014 “RhodeMapRI” regulations that mandate social-engineering and urban-planning policies (such as “sustainable development” and “smart growth”) that artificially increase the cost of building and restrict the supply of home and rental units. End free housing policies for illegal immigrants.
- Ever increasing cost of utilities and exploding energy prices, while simultaneously decreasing energy choices, when it comes to heating our homes and driving our vehicles. Our government’s foolish race to be the first net-zero-emissions state … will actually result in zero world-wide benefit … but will impose massive energy costs upon families, while limiting our freedom of choice. Who wins and who loses?
- In recent years, RI lawmakers enacted green energy mandates for power suppliers and voluntary entered our state into a regional cap-and-trade market … each of which artificially drives up the cost of electricity, hoping many families will use less
- The Regional Greenhouse Gas Initiative (RGGI) is a regional compact between participating states, whose goal is to artificially raise electricity prices
- By next decade, Rhode Island motorists will be banned from buying lower-cost gas powered cars, and will be forced to buy significantly higher-priced and less-reliable Electric Vehicles … because state lawmakers mandated that RI must follow California’s (CARB) oppressive vehicle emissions standards
- The “Act On Climate”, passed by RI lawmakers in 2021, supports our state’s unachievable path to eliminate carbon emissions … a path that will lead to increased utility and energy prices even more rapidly than we have seen in recent decades.
- SOLUTIONS: Accept the reality of the limitations of green energy. Repeal the Act of Climate and end RI’s voluntary membership in RGGI and CARB
- In recent years, RI lawmakers enacted green energy mandates for power suppliers and voluntary entered our state into a regional cap-and-trade market … each of which artificially drives up the cost of electricity, hoping many families will use less
- Fewer good paying jobs will be available for many Rhode Islanders as they are increasingly going to illegal immigrants welcomed into our state by Rhode Island’s and Providence’s “sanctuary state” and “sanctuary city” policies.
- Small businesses, the main source of jobs in our state, are being crowded out by high local inflation and oppressive regulations imposed by progressive lawmakers that make it costly to produce goods or provide services
- Also, RI’s high and ever-increasing minimum wage mandates, means employers will hire fewer workers and will cut back on the hours of part-time or hourly workers.
- SOLUTION: Reform RI’s minimum wage laws to match the federal minimum wage minimums. This will increase job availability and allow good-performing workers to quickly earn higher wages from employers who will want to keep them.
- Reductions in Public Assistance for low-middle income families are at threat because of the Left’s misguided polices. First, the influx of illegal immigrants means more public funds are being diverted away from long-time Rhode Island resident families. Second, our high tax and cost-of-living environment means thousands of people are leaving our state every year, which will lead to a loss of one of our two prized House of Representative seats in the US Congress … resulting in lower levels of federal aid for Rhode Island. Who wins and who loses?