“…the data is pretty clear that having a good business climate and low tax rates does not increase a state’s economic growth rate,” said Greg Gerritt from Prosperity for Rhode Island.
ProsperityForRI.com, a think tank focused on the ecology/economy interface in Rhode Island, released a white paper yesterday entitled “Business Climate or Real Climate. Which is more important for Rhode Island’s future economy?” The paper was announced at a press conference by Greg Gerritt, who leads the group.
The research “examines the ideology behind business climate rankings, explores how useful business climate rankings are in developing economic development policies, examines the potential for growth in the Rhode Island economy, examines how the rolling climate catastrophe will transform the economy and compares the likely outcomes if Rhode Island continues on its current path or if it goes all in an economy geared towards stopping climate change and reducing inequality using something approximating the various versions of the Green New Deal.”
“Rhode Islanders , especially the political class, accept as an article of faith that we must strive to have a good business climate, but the data is pretty clear that having a good business climate and low tax rates does not increase a state’s economic growth rate, while increasing inequality in the state, harming ecosystems, and making it much less likely that a community will be properly prepared for the climate catastrophe that is already making its presence felt,” said Gerritt. “An all in effort to prevent the climate catastrophe along the lines of a Green New Deal appears to be the only way Rhode Island can remain a prosperous place.”