Tom Sgouros, Democrat for Treasurer

RSVP for the March 18th Campaign KickOff Event by selecting the event from the drop down menu on the donation page here or mail a check to the address down to the right.

Suggested Contribution:$100
Students, Low-income: $25

Featuring performances by the What Cheer? Brigade and Aaron Wade of Santa Mamba.

Host Committee:

Craig O'Connor and Lauren Goddard - Melody Drnach - Dave Heckman - Matt Jerzyk - Karen McAninch and Steve Markovitz -Rachel Miller - Jane Murphy and Jim Dean - Marvin Ronning - Marti Rosenberg - Roxie and Tom Sgouros Sr. - Jim Tull - Councilman Seth Yurdin - Representative Frank Ferri - John Roney - Senator Rhoda Perry - Ray Rickman - John and Letitia Carter - Robert Walsh, Jr. - Harry and Alice Beckwith - Marc B. Gertsacov, Esq. - K. Nicholas Tsiongas - Jim Harris - Lawrence Purtill - Ric McIntyre - Paul McNeil, Jr. - David Julio Ortiz - Representative David Segal - Henry and Peggy Sharpe - Bruce Vild and Faith Lamprey - Jay Walsh - Rick Brooks - Bert Crenca - Brian Hull - Representative Scott Guthrie - Representative Art Handy - Ed and Cathy Hardie - Meg Kerr and Bob Vanderslice - Nancy Evans Lloyd - Lynne McCormack and Al Chin - Garry Bliss - Patrick Crowley - Representative Bob DaSilva - Representative Rod Driver - Johnny Dollar - Scott Duhamel - Representative Jay Edwards - Alisa Gallo - Roberta Hazen Aaronson and Michael Aaronson - Representative Edie Ajello - Michael Alper - Representative Chris Fierro - Representative Amy Rice and Dan Bass

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Much has been made nationally of the Obama administration's stimulus package and efforts to turn around one of the weakest economies we have seen in decades. But in Rhode Island, our leaders have enacted counterproductive measures that have only harmed Rhode Island families and small businesses and continue to hold us back. It is not too late to turn around these policy decisions and take decisive action to put working Rhode Islanders first, but it will require stronger voices than we have seen at the Statehouse in recent years.

The problem is that state leaders have seen only one path to economic development: increase investment. This has led them to promote tax cuts for the rich, among them the "flat" tax. In order to pay for those tax cuts, the state government has absorbed some of the Obama stimulus money that should have gone to cities and towns, and to schools. Property taxes have been increased, leaving thousands of working families with even less money to spend. We've laid off municipal workers and teachers, and made cuts in education, Medicaid, and other services used by ordinary Rhode Islanders.

These policies send a clear signal that our leaders in the statehouse, notwithstanding rhetoric to the contrary, have not really been helping working families in Rhode Island. Rather, they've used the stimulus money to make up for foolhardy tax cuts for the wealthy -- tax cuts that will not in any way help our economy but will certainly help the corporate and monied interests who unduly influence too many elected officials.

But won't investment help? The idea that a lack of investment is limiting our state's economy is just not supportable. If anything, our state suffers from too much investment. We are still feeling the effects of a collapse of a speculative bubble in housing. How do you have a speculative bubble without investment? Rhode Island's problem is not a lack of funds to invest, but a shortage of productive places to invest them in.

What's more, a strategy of investment is inadequate given the scale of the problem. In its most recent annual report, the Economic Development Corporation boasts their $1.6 million loan fund has created 63 jobs and protected 396. That's great, but there are over 70,000 unemployed people in our state. What do we tell the rest?

It is disappointing that the most effective ways to use the stimulus money to help working Rhode Islanders and our small business community seem to get no attention. For example, winter is almost over and the funds for weatherization of people's houses have barely been tapped. The state reported that just nine houses were weatherized in January with this program. That's money that should have employed contractors, and saved money for the very people who need it most.

To get our economy moving again we need more money in the pockets of people who will spend it. This will increase business at local grocery stores, restaurants, and shops. The activity there will create those missing investment opportunities as business people decide to hire, expand or open new small businesses.

Who are those people? There are over 300,000 tax returns filed every year in Rhode Island for people and families with less than $50,000 of income. With their dependents, this is almost half the state. If we want to get the economy moving again, we need policies to improve their lives and put money in their pockets. This should include, at minimum, meeting living wage standards in contracting, changing the laws to put teeth into utility and health care rate regulation, improving public transit, getting that weatherization program going, or just making sure there are enough computers in our libraries for people who need to use them to look for work. Yes, money is tight, but we must not balance the budget on the backs of working families yet again.

Want to help small businesses? Let's not fool ourselves with nice, but inadequate, loan programs and talk of investment. Let's find ways to give them more customers instead.

The treasurer's office can play a role in this by redirecting into our state's economy the money we currently pay to distant creditors, by using local financial expertise where possible, by reforming the way we do our financial business to avoid borrowing through the big investment banks on Wall Street, and through consumer protection reforms and financial literacy education to help people save money that might otherwise go to banks and credit card fees.

The economy and jobs in Rhode Island should be the focus of debate for all candidates who are asking the voters to put their trust in them -- whether they are running for Governor, General Treasurer, or state legislative seats. My opponent for General Treasurer has suggested that local investment of a few percent of the pension fund would be a "shot in the arm" for the local economy. But it would be a pinprick at best for the vast majority. I look forward to debating this over the course of the next six months on the campaign trail.

There is much that can be done before the elections in the fall. New leadership in the Assembly is a reason for hope, but Rhode Islanders should be clear with their elected leaders that easing the way for increased investment in the state's economy is only important after people have enough money to buy stuff. End the flat tax so we can restore funding to cities and towns, get the stimulus funds out the door and into the economy, and concentrate state policy on helping the vast majority of our citizens, rather than just those few at the very top.

Until we take these steps, state policy will remain the opposite of stimulus -- a drag on the economy and a guarantee that, once again, Rhode Island will be the last state to recover from an economic downturn.

Congress right now is deciding between real regulation of the financial industry and sham regulation.  Senator Jack Reed, who has an important role on the Senate Banking Committee, can use support to do the right thing, which means insisting that real reform means a strong and independent consumer protection agency, as well as transparency in trading derivatives.  Write him a letter.   Like mine. 30.89 Kb

Good article, December 12, 2009

Statistician, writer, and public policy researcher, Tom Sgouros, Jr., announced today he will seek the Democratic nomination for Rhode Island Office of the General Treasurer in the September 2010 primary on a platform of enhancing the fiscal management of Rhode Island's resources and revitalizing the state’s economy through innovation and fostering local investment.

 

“Rhode Islanders deserve a government that achieves the highest standards for management of our finances and guarantees the health of the state's economy.  There is much we can do to promote both,” Sgouros said.  “Innovation informed by good old-fashioned practicality can show us valuable new ways to accomplish the people's business at the State House.  I am running for General Treasurer because I know I can make a difference in the policies, practices, and governance of our state at this challenging moment in our history.”

 

“Everyone I know is concerned about their own finances.  We rely on our elected leaders to be good stewards of our collective financial health -- responsible expenditures as well as careful investment and strict management of our debt.  That we don't always get that is a shame,” said Sgouros.  “I have researched and written about the state's finances for more than two decades and I know voters are concerned about building a better future for their children and grandchildren.  I bring new ideas that are unconstrained by the day-to-day politics and tradeoffs we so often see in our government.”

 

“My decision to run for Treasurer is a natural step considering my history of studying economics, statistics, and public policy, and my love for the state I grew up in,” said Sgouros.  “I look forward to traveling throughout our state and sharing my ideas for strengthening our financial management practices and implementing policies that keep more of Rhode Island residents' money here in Rhode Island.”

 

“I am announcing my campaign for Treasurer and I am ready for the challenges of the next ten months.  I look forward to discussion and debate steeped in detail and sharing with the voters my ideas for achieving the reform I promise,” said Sgouros.

 

Sgouros, 48, is the author of the recently published, “Ten Things You Don't Know About Rhode Island: A Skeptical Look at Government, Economics, and Recent History in One Lively Little State” and also is the editor of the Rhode Island Policy Reporter. Founded in 2003, it specializes in the important -- but all too frequently ignored -- details of tax policy, housing policy, pension funding, fiscal and other technical issues that play a significant role in the health and well-being of our state.

 

Sgouros credits his parents Joan Sgouros and painter Thomas Sgouros for his approach to the big problems.  “My parents instilled in me a dedication to integrity and encouraged me to question the status quo, try out new ideas, and to never fear the truth -- or hard work.  My father is the soul of dedication and my mother was never afraid to take on daunting challenges when the stakes were important.”

 

“My goal is making the reality of financial management reform part of our state government,” Sgouros said. “From creating new investment opportunities for families to save for retirement to saving our governments' money in financing costs to job creation and economic stability and growth, now is the time to look beyond the traditional ways we manage our money toward innovative thinking that will usher in new approaches to solving our problems.”

 

Sgouros cited his experience analyzing decades of state budgets and years of research including interviews with some of the nation's most innovative financial experts, and surveys of finance and economic development innovation in states around the country.   “Rhode Island doesn't have to fly blind.  There are states out there doing interesting work in finance that we can learn from.  We would be foolish not to learn from the examples available to us.”  He said he will roll out specific proposals in coming weeks for making the Treasurer’s office a more responsive, collaborative and important part of Rhode Island government.

 

Sgouros and his wife and two daughters make their home in Wickford.

Find more about The Rhode Island Policy Reporter and "Ten Things You Don't Know About Rhode Island" at whatcheer.net.

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