Illinois Citizens for Public Banking co-founder, Tom Tresser, has Big idea #5 in the August issue of “Chicago Magazine” on how to make Chicago even better. It’s about establishing a public bank for Illinois.
“THE RATIONALE: A state bank could help Illinois reduce its budget deficit and make more credit available, thereby boosting the economy.
THE PROPONENT: Tom Tresser, cofounder of Illinois Citizens for Public Banking and a former teacher who coorganized the opposition to the 2016 Olympics
HE SAYS: “Illinois has more red ink than any state but California. It owes $34 billion in principal on its bonds; pension debt stands at $76 billion, the highest in the nation; and it pays a ton in bond interest and fees, not just because it has a poor credit rating but also because it also uses big out-of-state banks and investment firms to do the deals.
“Contrast that with North Dakota. Since the economic downturn began in 2008, North Dakota has had a budget surplus every year. It has no state debt, excellent credit, and the country’s lowest unemployment rate [3 percent]. While student loans in Illinois carry interest of 8 to 12 percent, in North Dakota it’s 4 percent.” Read the full story.
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Table of Contents
- In Show of DIRECT Democracy, Vermont Pushes for Public Bank
- Post Office Banking Could Be the Start of Something Big
- A whole new pot of money for entrepreneurs? Time for a state-owned bank!
- Montana Group says state-owned bank could help students, farmers
- Enough Is Enough: Fraud-Ridden Banks Are Not L.A.’s Only Option
- Is Postal Banking Already Legal? Yes.
- Prosperity For Main Street, Not Wall Street
- The Post Office Should Just Become a Bank: How Obama can save USPS and ding check-cashing joints
- Elizabeth Warren: Coming to a Post Office Near You: Loans You Can Trust?
- Vermonters for a New Economy, Final State Bank Study