As California Goes, So Might Rhode Island

This new study from the Pew Center on the States says Rhode Island could be headed toward the same kind of fiscal catastrophe that has enveloped California.Here is how DailyFinance summarizes the report:

While California’s economic struggles, such as issuing IOUs to state employees and business contractors, have been well documented, many more states are facing a combination of economic, money-management and political pressures that are driving them to the brink of collapse. The Pew report cites high home foreclosure rates, increasing joblessness, declining state revenues, poor money management, legal and political obstacles to balanced budgets and the size of budget gaps as the six factors that contribute to most of the problems.

The Providence Business News also reported on this study. For a vivid look at the economic and social breakdown in California, check out this story from the Guardian.



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