Carcieri Continues His Crusade to Destroy RI

Last night on Rachael Madow's show, Paul Krugman the Nobel prize winning economist commented on the decline of the Security and Exchange Commission (SEC). He stated emphatically that the decline began during the Reagan administration as the SEC was viewed as too powerful. After all, government "is the problem".

Today, our Reagan loving governor outlined proposals to drastically cut taxes to the wealthy and powerful in Rhode Island in addition to totally eliminating corporate income taxes. Guess what? CEO's are thrilled. Only 4 states have no corporate income tax; however, those states may well tax businesses in other ways. To be fair, the report did say that those making over $1 million would pay a slightly higher tax. Taxpayers will save $125 million. There seems to be no speculation on how this might affect middle income taxpayers. I think it's: screwed again.

For how long will we live with such idiotic economics. Guess what folks? The government will lose $125 million on top of a projected deficit of $450 million. Even if there is a slight incentive to grow, the return will be lucky to approach 10 cents on the dollar. You have to be kidding me! In this economy do you really feel that small business is going to jump out there and start doing great things. There's no demand out there, stupid. Carcieri continues to propose digging a deeper hole with the dirt coming out of the hole thrown on the public employees.

Any economic stimulus money from the Obama administration will be watered down in the state of Rhode Island because of this ancient thinking. Look forward to 10% unemployment for 5 years and 15% unemployment is not out of the question. Rhode Island was the first to feel this economic slowdown and we will be the last to climb out of it. Thank you very much Governor Carcieri.

One more thought; remember when our people loving governor lowered the income tax on those folks making over $250,000 annually in this state. The promise was that it would improve our business climate and create jobs. Where are they? Ya, that worked! Of course the legislature must share in the blame. Most legislators probably make more than $250,000. God forbid you think about establishing a personal property tax on all those boats surrounding Narragansett Bay.

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