The Governor’s Economic Forum

On a rainy day in New England while stocks were falling on Wall Street, something great happened. Over one hundred politicians, union leaders, businesspeople, non-profit employees and academics gathered for one reason: to help the state in which they all live. I was lucky enough to serve as the moderator of Rhode Island Governor Donald L. Carcieri’s Economic Forum and it was truly inspiring.

The guests listened to three speakers who provided an excellent backdrop to the current RI economy. John Rhodes, the Senior Principal of Moran, Stahl and Moyer helped us understand what variables are weighed by companies that are undergoing site selection, Professor Paul Harrington of Northeastern University provided illuminating data with regard to the state’s labor force and Jim Eads, the Executive Director of the Federation of Tax Administration discussed the intersection of tax policy and economic development.

The speakers warmed up the room for the main event: an open exchange of ideas to help the state navigate the financial crisis at hand. To introduce participants to the process, I began with two quotes:

1) “You meet your destiny on the road you take to avoid it.” Psychiatrist Carl Jung was talking about the human psyche, but the application to our current financial crisis is particularly apt. How each individual, business, organization and municipality faces the current economic challenges can define future success. I urged participants not to avoid hard truths and instead to confront the situation with candor and create solutions that would help the state achieve its goals.

2) "It is not necessary to change. Survival is not mandatory." W. Edwards Deming, a statistician who is known as the father of the Japanese post-war industrial revival was a man who understood that if nothing changes…then nothing changes. The Governor, as well as all of the participants, recognized that the state and the nation face tremendous challenges. Those who are creative will not only survive, but thrive when the eventual recovery takes place.

To that end, the Governor asked participants to consider three relatively simple (but not easy) questions:
1) What can be done to stimulate the RI economy in the short term?
2) What can be done to stimulate the RI economy in the long term?
3) What are the obstacles to economic development in the state?

After one hour of thoughtful consideration, the participants delivered insightful and interesting ideas to the Governor, who will synthesize the information so that he can adjust the 2009 economic and growth plan for the state. The Forum was community at its best—no mess, no politics, just hard work. I was truly honored to be part of the day.