public banking

PDA Meeting, Jan 23: Should Arizona Move Its Money? (video)

by

PBI-logo-without-tagline (2)by Pamela Powers Hannley

Following the Wall Street crash and the housing market collapse a few years ago, the Move Your Money campaign encouraged millions of Americans to take their money out of big commercial banks and hold the funds locally in credit unions and community banks.

Is it time for state governments to move their money?

Across the US, millions of dollars of taxpayer funds are held in big commercial banks and invested on Wall Street. If Arizona had a public bank, the state’s rainy day funds would be held and invested in Arizona.

Local investment of state funds translates into jobs and a stronger economy. An Arizona public bank could create jobs by investing in public works projects, can boost entrepreneurship by backing small business loans through community banks, can build our state’s future by helping finance college loans—and much more. Isn’t it time that Arizona invested in Arizona—instead of Wall Street?

Why does Arizona need a public bank?

  • Maybe it's because Arizona has a crumbling infrastructure and "no money" to fix roads, bridges, and public buildings?
  • Maybe it's because Arizona's entrepreneurs can't get the capital they need to grow and innovate?
  • Maybe it's because cities and towns are strapped for cash and have have to sell bonds and pay high fees in order to get credit?
  • Maybe it's because Arizona has the 3rd lowest credit rating in the US, making borrowing extremely expensive?
  • Maybe it's because Arizona is among the 10 worst states in the country for home foreclosures?
  • Maybe it's because 10 Arizona banks have failed in the last few years?
  • Maybe it's because university tuition continues to increase, pricing young Arizonans out of the market for higher education?

The answer is, of course, all of the above and more. 

Come to the January 23, 2014 meeting of Progressive Democrats of America (PDA) Tucson Chapter to learn how public banking can build Arizona’s economy and benefit Arizona’s citizens. [Event details and video after the jump.]

Can Public Banking Spur Economic Growth in Southern Arizona?

by

Flag-99-862-sig-sm72by Pamela Powers Hannley

Tucson is one of the most impoverished cities in the country—for many reasons. The Arizona Legislature—driven by the American Legislative Exchange Council (ALEC) and short-sighted, “small government” ideology—has routinely swept funds earmarked for counties and cities to "balance" the state’s budget or fund pet projects like lower corporate taxes.

Beyond the Legislature’s negative impact on Baja Arizona, the Tucson economy is not diversified enough. Manufacturing is nearly non-existent in Southern Arizona. There is an over-reliance on defense spending, University of Arizona spin-offs, tourism, low-wage service jobs, and growth/development. During the Great Recession, multiple income streams for our local economy were dramatically reduced or eliminated—resulting in the loss of hundreds, if not thousands of good-paying jobs due to budget cuts, business closures, and the housing market crash. People and jobs left the area.

In August, the Arizona Daily Star ran a week-long series on multiple aspects of poverty in Southern Arizona and just this week, the Star ran a story that stated Tucson was second only to Detroit in the proliferation of crappy, low-wage jobs. In a survey of 52 metro areas with over 1 million residents, Tucson was in the top 10 for job creation; the problem is that more than half of the projected 28,000 new jobs will pay less than $13.84/hour. (If you really want to be depressed, check out the list of Tucson's fastest growing occupations here. None of these jobs requires a college education. Thanks to TREO's efforts, telemarketer is #1. Thanks to Tucson's ample supply of old folks, the next four most popular jobs are low-wage health/caregiver positions. We won't break the cycle of poverty in this city with a jobs picture like this.)

So, we know that our city has big economic challenges. Now what? As I wrote back in August, it's time for some creative economic solutions. It's time to STOP our addiction to military spending. It's time to STOP relying on temporary construction jobs and low-wage hospitality industry jobs. It's time to defund TREO and STOP chasing rainbows by competing with other metro areas for "the next IBM" or the next spring training team. It's time to STOP sending our money to Wall Street for investment. It's time to START investing in Tucson. It's time for public banking. [Read why after the jump.]

UPDATED with New Events: Progressives, Mark Your Calendars for April Events!

by

RonstadtApril3 Update: New events have been added for April 6 and 9.

It’s only April 1, but already there is an impressive line-up of progressive events taking shape this month. In addition to these educational events, there are multiple fund-raisers for candidates, parties, and causes in April.  The list below is not meant to be all-inclusive. (Check out Facebook and the Pima County Democratic Party calendar or the calendar on Blog for Arizona for other events– including multiple opportunities to donate.) The Tucson events included here are all free and are related to one or more Progressive Democrats of America (PDA) core policy issues: economic and social justice, universal healthcare, clean elections, ending corporate personhood, clean environment, or ending the wars.

April 2: Community Vision for the Ronstadt Bus Center

The Tucson Bus Riders Union and the Primavera Foundation are sponsoring a community forum to gather Tucsonans’ ideas on what should be done with the Ronstadt Transit Center on Congress Street. For several years, developers have been eyeing the Ronstadt Center for demolition and relocation out of downtown. If you believe that it is important for a sustainable city to have a bus terminal downtown—near restaurants, retail shops, major employers, and the new street car line—come to this meeting at the Rialto Theater, beginning at 5:30. For more information, call 624-0312 or email busriders@tucsonbusridersunion.com or go to the event’s Facebook page http://www.facebook.com/events/496939023698809/.

April 3: Solar Energy Efficiency vs the Status Quo

The Tucson Chapter of Drinking Liberally is sponsoring a joint presentation by Bruce Plenk, City of Tucson Solar Energy Coordinator, and Russell Lowes, Sierra Club Rincon Group Energy Chair and Research Director forwww.SafeEnergyAnalyst.org. The DL social hour begins at 6 p.m., with the speakers beginning around 7 p.m. on the patio of The Shanty. For more information, check out DL’s Facebook event http://www.facebook.com/events/104680899727634/.

More events after the jump.

Building a Sustainable Economy in Tucson: Public Forum Tonight

by

6a00d8341bf80c53ef017ee86ad563970d-800wi

Tonight— February 11– Sustainable Tucson will host a panel discussion and public forum focusing on creative ideas for building a sustainable economy in Tucson.

Tucson is one of the poorest cities in the southwest, has a fragile desert ecosystem, and relies far too heavily on defense, the University of Arizona, and tourism for its vitality. We need diversification and creativity in our economic development efforts.

Tonight’s speakers represent wide-ranging ideas from public banking and time trading to TREO’s efforts in building Tucson’s economy. The meeting will be held in the downtown library’s lower level meeting room. Doors open at 5:30 p.m.; program begins at 6 p.m. Details after the jump.

Read more