In June, we had the honor of being in Princeton, New Jersey on the night Phil Murphy won the Democratic Party Primary for governor. Tea-Party-Tax-Cut-King Governor Chris Christie is termed out, so this is an open seat.
Many Legislators across the country– including Tucson’s LD9 Rep. Pamela Powers Hannley– have campaigned and won on a platform of establishing a public bank as an economic development engine, but Murphy is the first gubernatorial candidate to promote creation of a state-based public bank to boost the economy.
For far too long, states like Kansas, New Jersey, and Arizona have been controlled by politicians who like to give money away and cut corporate taxes in the name of economic development. Thanks to trickle down economics, these states are in an unsustainable financial mess. The Arizona Legislature has starved government to the point where the public schools are on life support, the roads are a mess, the bridges are unsafe, universities are raising tuition to keep the doors open, community banks are failing, small businesses can’t get affordable credit, and far too many people live in poverty. It’s time to turn this ship of state around.
This year, in both the Kansas and Arizona Legislatures, we saw bipartisan revolts against making more tax cuts for big business– in light of gaping public needs that are going unmet. The Kansas Legislature actually repealed some of the tax cuts in order to balance it’s budget. The Arizona House defeated several tax cut bills during the 2017 session. Democrats like LD9 State Senator and Arizona gubernatorial candidate Steve Farley and Powers Hannley have called for a review of all of the states $13 billion in tax cuts and eventual repeal of some of them. On the other hand, Arizona Governor Doug Ducey has vowed to cut taxes every year that he’s in office. (To keep his promise in 2017, considerable arm twisting was required on the last day of session to pass the “Intel Bill”.)
Who knew that the Tea Party’s deep tax cuts would pave the way for public banks? It’s time for states like Arizona to admit that trickle down economics doesn’t work for the people of this state. It’s time to take a serious look at public banking as a sustainable economic development engine.
Check out Murphy’s quick explanation of how NJ can grow by investing in itself.
Here is a 2915 video in which Farley explains why he supports public banking.
Here is Powers Hannley explaining how establishing a public bank would boost Arizona’s economy.
Here is Arizonans for a New Economy Co-Director Jim Hannley explaining the Bank of North Dakota and how the financial markets work.