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
- Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins
- County-owned bank prospect stirs debate at council meeting
- County-owned bank could ease money issues
- The truth is out: money is just an IOU, and the banks are rolling in it
- How USPS Could Save the Economy, Change Your Life
- What North Dakota’s Public Bank Does for Small Businesses
- 15 Vermont Towns Say Yes To Creating A Public State Bank
- Vermont Votes for Public Banking
- In Show of DIRECT Democracy, Vermont Pushes for Public Bank
- Post Office Banking Could Be the Start of Something Big