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'Faith' needed to improve R.I. economy, EDC chief says

2:12 PM Tue, Apr 07, 2009 |
Benjamin N. Gedan    Email

J. Michael Saul, Governor Carcieri's top economic adviser, said Tuesday that Rhode Islanders must have "faith" in an economic recovery to reverse the deepening recession.

Speaking at the annual Financial Services Symposium, organized by the University of Rhode Island, Saul said the need for boosting consumer spending is urgent. "If we get them spending," he said, "that will take care of the 10.5 percent that are unemployed."

Saul, the interim director of the Rhode island Economic Development Corporation, is a former lending executive at the former Bank of Boston. He is looking to hire an economist at the EDC to help counter what he considers overly negative predictions about the state's economy. "The Projo put in that I want to see happier projections," Saul said Tuesday at the forum at the Rhode Island Convention Center. "Well, I do."

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Comments

TiredofRI said:

Spend more? How can we spend more when you want to raise taxes, put higher tax on cigs? Why should we keep paying for the "Big Wig" I'm sorry to say I do not have faith in any of them. Clean house put all new people in, people who have had to live within a budget. I'd have more faith with the hard working Rhode Islanders who have had to struggle thur you mess than with what is in office now.



Bob Arino said:

Where to begin with this? Yeah, faith will help with lots of stuff. It can cure cancer, begin world peace...you name it. This is why we are where we are, because instead of fixing the economy and it's disgusting inequities between the rich and poor, we're asked by "experts" go buy stuff and pray.

We are doomed.



Peter C. said:

Mr. Saul is as big a boobie-head as his boss. Typical Republican answer to solving the economic crisis: ask people to start spending. Rampant consumerism, which accounted for 72% of the economy until the bottom fell out, was the problem, not the solution.

If I were able to, I'd leave this sad state ASAP.



Al b said:

My father always said, "you hope in one hand and cr_p in the other and see which one fills up first!" It will take a lot more than hope and faith to solve R.I.'s economic problems. Yet the solution is so simple. Reduce the size of the government workforce at both state and local levels by privatizing all but the most critical jobs. If you reduce the cost of government, you can then reduce taxes. Lower taxes will attract businesses, make people want to stay in the state, and give our kids decent job opportunities. Second, R.I. must reform its welfare programs; we can't continue to let people collect welfare unless they are at least working part time. See what the CATO Institute says about R.I.'s welfare state. The state is too small to let illegal immigrants have the same rights as legal residents. Finally, this state is crying out for education reform at the elementary and secondary levels. Our schools are no place for unions. Look what the unions did to the American steel and auto industries. Our schools will never improve unless the principals are allowed to fire deadwood and reward performance. Schools are no place for automatic pay step increases and seniority rules. Of course, none of these things will happen until the tax and spend folks are voted out of the General Assembly. Check the incumbents voting records at http://www.rilin.state.ri.us./Genmenu/ . It is easy to spot the tax and spend types!!



Sally said:

If we really want to move forward we must not put off until tomorrow what needs to be done today. We must think out of the box to help counter those pesky overly negative predictions about the state's economy.



prov said:

Um, with 10.5% unemployment, I don't foresee anyone in RI going out spending like JM Saul wants. I can see why this guy is hiring an economist to explain things to him!




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