I was on the soapbox (again), this time at the Newberry Library’s annual Bughouse Square Debates in Washington Square Park. Prepared for hecklers, I inveighed against the privatizing crooks and back-room deals that have ripped us off and threaten to do worse. But the crowd warmed to my reminders of the Monroe Street Parking Garage, Skyway Bridge and Parking Meter rip-offs and really appreciated my blasting of Mayor Emanuel’s Infrastructure Trust. Listen to the speech (9 minutes):
The August issue of “Chicago Magazine” has a feature on how to make Chicago even better. They selected six Big Ideas. Mine was #5. 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.