Looking forward with a real to-do list

This essay forms a preface to two roundtables conducted by PBN – one for governors (present and former) and the other for business leaders. They are all engaged in understanding what makes Rhode Island tick, and more importantly, how we can get it to tick better and faster.

For a small state, we are blessed with an abundance of assets. It is almost a cliché to recite them: numerous excellent institutions of higher education, beautiful seashores and parks, extensive historic architecture, rich cultural resources and an energetic, creative, diverse population. All these are found in a densely populated urban state with ports, airports and rail.

Yet we also are challenged. Given the assets listed above, it’s fair to say the state as a whole is “punching below its weight.” Like my colleagues in the roundtables, I want to explore what we need to do to put Rhode Island and its residents at the forefront of economic prosperity over the next decade. There are three essential areas, which are critical to address, if we are to achieve such prosperity.

• Improve state government

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The state itself is the biggest investor in Rhode Island that we have. Its budget is $8 billion-plus per year. Thus, it is essential those resources be spent wisely. This means three things. First, our management must become good, if not excellent – whether it’s DCYF, DOT, DOA or Commerce Corp. to name a few agencies. Our dollars must be spent sensibly and productively. Second, we need a coherent overall economic development plan. To put it directly, we have lurched about with no plan at all. We need one! Finally, we need to execute on such a plan. This is a long-term, multiyear effort that we must undertake and stick with.

• Fix public education

We all know that people move to towns where they believe the schools are good. Children who can read, write and do math have the skills for both college and real jobs. Indeed, adults who can read, write and do math form the basis of an employable, educated workforce. In reality, education is the biggest economic development tool we can have. But talk about punching below our weight!?! We spend as much as anyone, per capita, and get subpar results. This needs to change.

• Turn around the city of Providence

Rhode Island is a city/state. We need a strong, fiscally healthy capital city. Providence is an attractive, vibrant and interesting city, but it is not strong and healthy. As a state, we need to put the financial fixes in place that will allow Providence – and its residents – to regain their footing and thrive economically as well as socially.

The Raimondo administration, to an extent not seen since Gov. Bruce Sundlun, seems to be moving forward constructively on multiple operational fronts. However, Rhode Island did not get into the situation it now finds itself in overnight. It will take the remainder of the term this governor has, plus a second term, to bring a lasting turnaround to fruition. I hope that in 10 years someone can look back on my essay, smile, and say, “Yes, they (we?) did it.”

Merrill W. Sherman, the founding president and former CEO of Bank Rhode Island, is the principal of Sherman Consulting LLC.

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