Solving Washington State’s Economic Woes: Why We Need A State Bank
Do you know where your tax dollars go?
When you go to the drugstore to buy some aspirin for the headache you got watching too many negative campaign ads on TV, the store adds 9.5% of the price to your bill. That money is collected and used by the State of Washington to pay for schools and social services. But before the state uses the funds for their intended purpose, did you know that the money goes into an account with Bank of America?
Yes, that Bank of America, the same institution that’s now considered “Too Big to Fail†that you and I paid billions to bail out when they recklessly gambled with depositors’ money and lost it on speculation in overly-complex financial schemes such as collateralized debt obligations and mortgage-backed securities. Yes, the same Bank of America that is now foreclosing on Washington State residents at an unprecedented rate, all the while skirting its obligation to re-negotiate underwater home loans in good faith.
For no other reason than this, you should join me in supporting the formation of the Washington Investment Trust: a State Bank would allow us to keep our state tax dollars out of the hands of lawless, greedy Wall Street bankers. But let me give you some other good reasons for having a State Bank.
- Don’t Bank on Wall Street, Bank on Main Street – A Public Bank would leverage (multiply) the deposits of tax dollars and partner with local banks and credit unions to make loans to start up small farms and businesses and help our cities and counties restore our infrastructure. This will create jobs and generate additional tax revenue for the state to fund education and health care.
- No Speculation with Our Tax Dollars – A Public Bank would be required to use its funds here in the State of Washington in low-risk loans to customers with good credit history. We would have transparency into how the money is invested. Currently there is no accountability for how our money is being used by the out-of-state banks.
- Help Put Our Kids Through College – A Public Bank could make low-interest student loans and help to ease the crushing burden of debt that young people face when they are just starting out.
- Put Our Tax Dollars to Work for Us – Interest earned from investments made by a Public Bank would be returned to the State’s general fund and put to work right here in Washington. The North Dakota State Bank returned over $300 million dollars to the State in the last decade. With our larger population, a Washington State Bank could generate even more revenue, stabilize our economy, and avoid tax increases.
Please join with me in supporting the Washington Investment Trust. Go to http://www.wapublicbankproject.org/ and sign their petition. Visit my website and leave me a message to let me know what you think.
Brian L. Gunn
Candidate for State Representative, 31st District, Position 1
http://peopleforbriangunn.com/