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.
No comments yet.
Leave a comment
Get Our Newsletter
Sign Our Petition – Support The Bill for a State Bank
Connect With Us!
Table of Contents
- Join us! June 2-4, San Rafael, CA! Two evening events plus the PBI 2013 Public Banking Conference!
- Bail-out Is Out, Bail-in Is In: Time for Some Publicly-Owned Banks
- PBI Newsletter, April 2013: Artificial Scarcity and Public Banking
- The People’s Bank
- PBI’s Annual Public Banking Conference 2013, June 2-4, 2013, San Rafael, CA. Please join us!
- Creating a Finance System That Serves the People, Part II: Remaking the Federal Reserve, Building Public Banks and Opting Out of Wall Street
- Before Next Crash, Create Finance System That Serves Public, Part I: Shrink, Regulate Banks, and Enforce Law
- Britain’s Post Office to offer current (bank) accounts
- It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors
- School districts pay dearly for bonds…ANOTHER reason for publicly-owned banks!