RI Unemployment up to 8.5%

So the ProJo had another interesting blurb. Our reported unemployment rate is 8.5%. Now this is just people who are collecting on unemployment insurance claims, and don’t forget that RI just got an additional 13 week extension for the program. But it still doesn’t tell the real story.

I’ve got friends in many different disciplines, and one of them is in economics. I’m told by this friend that the reported rate is usually only 1/3 to 1/5 the real percentage of population unemployed. So we’re looking at true unemployment figures of 17% to 25.5%. Consider RI has a population of a million people, of that million I believe about half are the working population. So it’s anywhere from 85,000 to 127,500 people are out of work in RI.

Hell, I have to haul myself out to Massachusetts every day. There are no jobs here in RI and they don’t pay worth a god damned.

And in the article they mentioned the state should do a financial stimulus but since the state is in crisis it’s doubtful that will happen. Hell, I already explained why the state is in the mess it’s in.

Stop giving tax breaks to entities that don’t need them. Let CVS, Fidelity, BofA etc. pull up and move. It isnt’ cheap to do so. They have to weather the bad economy just like us.

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