“The RI Cheat Sheet”—Start Your Monday with the Latest Numbers, Data, and Factoids - Feb 25, 2019
GoLocalProv Business Team
“The RI Cheat Sheet”—Start Your Monday with the Latest Numbers, Data, and Factoids - Feb 25, 2019
The weekly feature focuses on important and interesting numbers, data, and high-value factoids that impact Rhode Island and the economy.
1) The right spending priorities
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAccording to a report published in the Daily Mail, Rhode Islan ranks 5th for states spending more on inmates than on students.
Based on the most recent data from the U.S. Department of Education, Rhode Island spent on average $15,531 per pupil, but $58,564 per inmate.
A difference of $43,033.
2) Unhappy Men in America
In an article titled, "Why are out-of-work men so unhappy in the US?" by the Brookings Institute, concerning issues emerge.
“In the U.S., one of the wealthiest countries, we see booming stock markets and record low levels of unemployment alongside stories of profoundly unequal hopes, lives, and lifespans….Relatedly, we have seen an increase in prime-age males (ages 25-54)—and, to a lesser extent, women—simply dropping out of the labor force: Fifteen percent have already dropped out and this number will likely increase to over 20 percent in the next few years.
“Meanwhile, U.S. life expectancy is falling due to suicides and drug and alcohol overdose (“deaths of despair”), primarily among less-than-college-educated whites in their middle-aged years. Out of the labor force (OLF) males are more likely than the average to be opioid users and on the disability rolls, as well as victim to deaths of despair.”
Bloomberg is the latest of the financial press to question the performance of CVS’ stock post the company’s merger with Aetna.
Bloomberg writes, “Just as it works to integrate one of the most ambitious deals in the health-care industry, CVS is being beset by bad news from all sides. A struggling nursing-home industry has created fewer customers for Omnicare, leading to $6.1 billion in writedowns. Higher wages and employee benefits cut into the gains from the 2017 corporate tax overhaul. And one of CVS’s main businesses, pharmacy-benefit management services for insurers and employers, is under attack in Washington.”
CVS stock closed Friday at $61.95 a share — its 52-week high was $82.15.
4) Wind Power and Fishing Industry
Vineyard Wind -- one of the big offshore wind projects -- lauded the recent decision by the Fisheries Advisory Board.
“After more than a year of meetings and discussions, we are pleased that the Fisheries Advisory Board (FAB) has voted to approve a $16.7 million comprehensive funding proposal that will allow Rhode Island’s fishing industry to grow side-by-side with our project and future offshore wind developments,” said the company tin a statement on Saturday.
“The package agreed to today by the FAB includes $12.5 million in funding to a trust fund that would be managed by Rhode Island fishermen for the purpose of ensuring safe and effective fishing in and around Vineyard Wind’s project area and future wind farms generally. Vineyard Wind will pay $2.5 million per year for 5-years into this fund. In addition to this fishermen-directed fund of $12.5 million, a separate fund totaling $4.2 million would be established to compensate for any direct impacts to Rhode Island fishermen or other sectors of the Rhode Island fishing industry.”
New data shows that police in Rhode Island are not as busy as their peers around the country. According to Safewise, Rhode Island law enforcement ranks as the 7th "least overworked" in the U.S.
Crimes per police officer are just 8.39 in RI.
In comparison, in New Mexico, it is over 33 crimes per officer.
6) Who are the happiest cellphone users?
According to J.D. Power, those that use T-Mobile for cellphone service are "the most satisfied." Verizon and Sprint bring up the rear.