With its first monthly newsletter, RIPEC is providing you with a digestible update on important public policy issues affecting Rhode Island
RIPEC on the COVID-19 Pandemic
- In the first of a series of reports on how COVID-19 impacts the State of Rhode Island’s fiscal stability and economic security, RIPEC found that unless more federal assistance is provided, the state will likely have severe budget challenges as a result of the economic fallout connected with the public health emergency. The report, “The COVID-19 Economic Crisis: Federal Assistance and Rhode Island’s Budget,” analyzes the federal funding provided to Rhode Island under recent legislation.
Inside Insights
- In an analysis of the pandemic’s “grim economic consequences,” the Federal Reserve Bank of Boston found that Rhode Island had higher unemployment insurance claims as a share of its workforce than any other state in the nation for the four weeks ending April 11.
- Economic forecasting firm IHS Markit delivered sobering testimony to state budget leaders on the economic outlook in Rhode Island and the United States.
- The Center on Budget and Policy Priorities recently used new Congressional Budget Office and Goldman Sachs’ projections to estimate that the states will collectively see approximately $650 billion in budget shortfalls over the next three years, the largest shortfall on record.
What to Look for in May
- The Governor’s current stay at home order is set to expire on May 8. Earlier this week, she laid out a three-phase plan for reopening Rhode Island.
- Held in the first week of November and May every year, the Revenue and Caseload Estimating Conference brings together the State Budget Office, the House Fiscal Advisor, and the Senate Fiscal Advisor to prepare economic forecasts and reach consensus budget projections.
RIPEC has moved its office. Our new address is: 225 Dyer Street, 2nd Floor, Providence, RI 02903. Our phone number has not changed: (401) 521-6320.
