A Venue for Citizen Journalists
Thanks to generous donations from readers, this site is renovated and improved.
Affordability has been a ruse for creating market rate housing.
Represent Us and Our Interests. Please!
Local action in support of a proposal to rebuild nationwide infrastructure
Who’s Superman when you need him? We are.
From Musk’s big investment all the way to local campaigns, political “contributions” will be re-paid. Here’s how.
Private banks are fighting hard to keep us from starting our own state bank. There’s a reason.
To be so manifestly unqualified and yet not be deeply aware of that speaks exactly to the very point of not being qualified.
Chaos likely to ensue. Catastrophe cannot be ruled out.
There is no escape from the deep-throated roar and the clouds of filth produced by these machines.
A perspective from a very old liberal political junkie.
Deeds, not talk, count on Veterans Day
Several days ago, I received the following from Veterans Service Officer (VSO), Liz Witowski, of the Whatcom County Veterans Program (items below in bold are mine). On this Veterans Day, the
An off-budget $5 Trillion National Infrastructure Bank (NIB), along the lines of the Reconstruction Finance Corporation (RFC) that operated between 1932-1957, means low-cost loans and no additions to the deficit.
Medicare Advantage is NOT Medicare. Medicare is there to provide health care. Medicare Advantage is a business, there to make money.
David Swanson verifies what Jon Humphrey has said for years: good internet access benefits people, cities, counties, and states.
Or perhaps tragic farce or farcical tragedy might be more apt descriptors. Pick one, or both.
After nearly 30 years online, and literally being one of the oldest blogs on the internet, Northwest Citizen needs a major programming overhaul. To do so, we need your help.
The top 20% of commercial banks in the United States control 95% of our total banking assets. Remember “Too-Big-to-Fail”?
The City has created another useless document ensuring nothing changes and mediocre communication services are protected.
Why a vote for Jason Call for Congress is a good vote for conservatives, liberals, Democrats and Republicans. Yes, an unusual idea.
Heaven forbid our reps should attack the main problem, Medicare Advantage, head on. But no. They must nibble around the edges to give the appearance of doing something.
Morally significant double binds force doctors and combat soldiers into identical life and death quandaries, damaging their moral centers. To these two groups we can also add law enforcement officers.
Eric Hirst gives us a brief and clear explanation of the water adjudication process that is beginning now in Whatcom County
“Citing the nonpartisan Medicare Payment Advisory Commission, the paper  [Less Care at Higher Cost—The Medicare Advantage Paradox] notes that Medicare Advantage (MA) plans have overcharged the
Aggressive citizen involvement carried the day.
Build-for-profit, incarceration-inspired housing is destroying our souls.
A 54-photo tour of the ruptured pipe area of the Whatcom Creek explosion taken in July 1999.
The last of the scrap metal is loaded on the ship and it will be gone from our town.
Below is an audio tape of 911 calls, emergency responders’ radio communications, and local radio coverage from June 10, 1999 when Whatcom Creek exploded in Bellingham
Whatcom County’s confusing water rights will be defined by court proceedings beginning now
The foam of secrecy hides all.
If not killed-in-action, they are still dying from the effects of their service in Vietnam.
Local presentations scheduled on a reasonable use framework for water resource management
Broadband-Washing: Greenwashing the Internet
Pacific Northwest organizers join a global campaign to abolish all nukes and push for a city council resolution to start
If the hospitals are smelling a rat, so should Medicare (Dis)Advantage victims (AKA enrollees).
With such a bank in place, we would likely not be scrambling around and asking Congress for rebuild monies, as we are now with the catastrophic event involving the Francis Scott Key bridge on March 26, 2024.
Port of Bellingham commissioners terminate last 13 years of ABC Recycling lease
No public fiber means we can’t compete with big telecom. EVER.

State Budget Crisis? Stop Paying Private Banks!

State Budget Crisis? Stop Paying Private Banks!

Private banks are fighting hard to keep us from starting our own state bank. There’s a reason.

Guest Writer, Marco Rosaire Rossi, is the executive director of Washingtonians for Public Banking and an adjunct professor in political science in Washington state.

Editor note:  A superb 2 minute video that compliments this article is posted here.  

With the budgetary crisis looming, the top priority of Washington’s legislators during this upcoming session—and perhaps all other sessions in the near future—will be closing the state’s critical revenue shortfall. Despite three years of consistent, and quite robust, economic growth, the state is facing a $14 billion deficit over the next four years. 

The deficit could not come at a worse time. Washington remains mired in its housing crisis. Since 2020, the state has averaged building 46,400 new units per year, which is only slightly above the annual need. Nonetheless, more than one-third of households in the state are considered “cost-burdened,” meaning that they pay more than one-third of their income in rent. The lack of affordable units means that homelessness continues to be a significant problem for the state. Currently, Washington has the 6th highest homelessness rate in the country

 Additionally, the state’s schools are hurting. Districts throughout Washington have grappled with budgetary realities and have considered closing schools to manage the shortfalls. Seattle Public Schools (SPS) is currently considering closing four elementary schools, while Marysville School District is considering shutting down two of its elementary schools and a middle school. For Marysville, closing the three schools will potentially save the district $2 million, but it would still need to find another $1.2 million to ensure solvency. 

On top of all that, Washington also must manage a difficult transition off of fossil fuels. Under the state’s 2019 Clean Energy Transformation Act, utilities are required to transition away from fossil fuels by 2050. The target is important for combatting climate change, but the state has not matched the lofty goals with equally ambitious investments in new clean energy sources. Without new, cleaner energy coming online, the state will need to import 43% of its energy, and will be at greater risk of rolling blackouts

Incoming Governor Bob Ferguson has not yet indicated his plan for solving the state’s budget crisis, and has been equivocal on raising taxes. Regardless, outgoing Governor Jay Inslee has proposed a personal wealth tax on residents whose wealth is greater than $100 million. The plan would impact around 3,400 people and raise approximately $10.3 billion over the next four years. 

Inslee’s proposal would shrink the shortfall, but it would not close it completely, nor would it necessarily position the state to make the needed investments for the future. Rather, it would essentially maintain the status quo. Trying to move beyond Inslee’s proposal also comes with its pitfalls. A progressive income tax is still considered unconstitutional, and raising regressive sales and property taxes will likely alienate voters, if not slowdown the economy. 

Fortunately, there is another option. Washington could use its budgetary crisis to become the first state in a century in the United States to charter a public bank.

Annually, Washington takes in around $35 billion in tax revenue and fees. To keep track of that money, the state currently deposits those funds in 78 various commercial banks and credit unions, with the majority of the funds—approximately 63%--deposited in financial institutions that are headquartered or chartered outside the state. Instead of having this large sum of money distributed among various financial institutions, the state would place the entirety of it into a single state-owned and operated public bank. The bank would then be able to make loans based on the state’s deposits. Since banks operate through fractional reserve lending, meaning the deposit only needs to equal a fraction of the amount that is lent—usually equating to a 10:1 ratio—the state’s public bank would be able to make an approximately $300 billion annual investment into Washington’s economy in the form of credit. Additionally, because the bank would be a nonprofit institution, it would be well positioned to offer loans at a more competitive rate than the private market, thus helping drive down interest rates and create a fairer financial market for everyone. 

 The state would not need to go far to find successful examples of public banks. In the United States, North Dakota has had a state-owned public bank since 1919; it remains a backbone of the North Dakota economy, providing critical credit during economic downturns and natural disasters, and supporting the state’s many small community banks and credit unions. Similarly, after the Bank of Hawaii decided to leave the area, the Territory of American Samoa established its own public bank to provide financial services to residents of the island. 

Washington’s budgetary shortfall is a sign that the state’s present economic model is failing. Despite years of robust growth, the state is still not able to get capital to the areas where it is most needed. If the state is going to move forward with an economy that can meet the challenges of the 21st century, then it needs to embrace new public institutions—specifically public banking. Doing so ensures that Washington will have a truly progressive economy, one that will guarantee a future that is both prosperous and just for all Washingtonians.  



- Commenting is closed -

State Budget Crisis? Stop Paying Private Banks!

State Budget Crisis? Stop Paying Private Banks!

Private banks are fighting hard to keep us from starting our own state bank. There’s a reason.

Guest Writer, Marco Rosaire Rossi, is the executive director of Washingtonians for Public Banking and an adjunct professor in political science in Washington state.

Editor note:  A superb 2 minute video that compliments this article is posted here.  

With the budgetary crisis looming, the top priority of Washington’s legislators during this upcoming session—and perhaps all other sessions in the near future—will be closing the state’s critical revenue shortfall. Despite three years of consistent, and quite robust, economic growth, the state is facing a $14 billion deficit over the next four years. 

The deficit could not come at a worse time. Washington remains mired in its housing crisis. Since 2020, the state has averaged building 46,400 new units per year, which is only slightly above the annual need. Nonetheless, more than one-third of households in the state are considered “cost-burdened,” meaning that they pay more than one-third of their income in rent. The lack of affordable units means that homelessness continues to be a significant problem for the state. Currently, Washington has the 6th highest homelessness rate in the country

 Additionally, the state’s schools are hurting. Districts throughout Washington have grappled with budgetary realities and have considered closing schools to manage the shortfalls. Seattle Public Schools (SPS) is currently considering closing four elementary schools, while Marysville School District is considering shutting down two of its elementary schools and a middle school. For Marysville, closing the three schools will potentially save the district $2 million, but it would still need to find another $1.2 million to ensure solvency. 

On top of all that, Washington also must manage a difficult transition off of fossil fuels. Under the state’s 2019 Clean Energy Transformation Act, utilities are required to transition away from fossil fuels by 2050. The target is important for combatting climate change, but the state has not matched the lofty goals with equally ambitious investments in new clean energy sources. Without new, cleaner energy coming online, the state will need to import 43% of its energy, and will be at greater risk of rolling blackouts

Incoming Governor Bob Ferguson has not yet indicated his plan for solving the state’s budget crisis, and has been equivocal on raising taxes. Regardless, outgoing Governor Jay Inslee has proposed a personal wealth tax on residents whose wealth is greater than $100 million. The plan would impact around 3,400 people and raise approximately $10.3 billion over the next four years. 

Inslee’s proposal would shrink the shortfall, but it would not close it completely, nor would it necessarily position the state to make the needed investments for the future. Rather, it would essentially maintain the status quo. Trying to move beyond Inslee’s proposal also comes with its pitfalls. A progressive income tax is still considered unconstitutional, and raising regressive sales and property taxes will likely alienate voters, if not slowdown the economy. 

Fortunately, there is another option. Washington could use its budgetary crisis to become the first state in a century in the United States to charter a public bank.

Annually, Washington takes in around $35 billion in tax revenue and fees. To keep track of that money, the state currently deposits those funds in 78 various commercial banks and credit unions, with the majority of the funds—approximately 63%--deposited in financial institutions that are headquartered or chartered outside the state. Instead of having this large sum of money distributed among various financial institutions, the state would place the entirety of it into a single state-owned and operated public bank. The bank would then be able to make loans based on the state’s deposits. Since banks operate through fractional reserve lending, meaning the deposit only needs to equal a fraction of the amount that is lent—usually equating to a 10:1 ratio—the state’s public bank would be able to make an approximately $300 billion annual investment into Washington’s economy in the form of credit. Additionally, because the bank would be a nonprofit institution, it would be well positioned to offer loans at a more competitive rate than the private market, thus helping drive down interest rates and create a fairer financial market for everyone. 

 The state would not need to go far to find successful examples of public banks. In the United States, North Dakota has had a state-owned public bank since 1919; it remains a backbone of the North Dakota economy, providing critical credit during economic downturns and natural disasters, and supporting the state’s many small community banks and credit unions. Similarly, after the Bank of Hawaii decided to leave the area, the Territory of American Samoa established its own public bank to provide financial services to residents of the island. 

Washington’s budgetary shortfall is a sign that the state’s present economic model is failing. Despite years of robust growth, the state is still not able to get capital to the areas where it is most needed. If the state is going to move forward with an economy that can meet the challenges of the 21st century, then it needs to embrace new public institutions—specifically public banking. Doing so ensures that Washington will have a truly progressive economy, one that will guarantee a future that is both prosperous and just for all Washingtonians.  



- Commenting is closed -
A Venue for Citizen Journalists
Thanks to generous donations from readers, this site is renovated and improved.
Affordability has been a ruse for creating market rate housing.
Represent Us and Our Interests. Please!
Local action in support of a proposal to rebuild nationwide infrastructure
Who’s Superman when you need him? We are.
From Musk’s big investment all the way to local campaigns, political “contributions” will be re-paid. Here’s how.
Private banks are fighting hard to keep us from starting our own state bank. There’s a reason.
To be so manifestly unqualified and yet not be deeply aware of that speaks exactly to the very point of not being qualified.
Chaos likely to ensue. Catastrophe cannot be ruled out.
There is no escape from the deep-throated roar and the clouds of filth produced by these machines.
A perspective from a very old liberal political junkie.
Deeds, not talk, count on Veterans Day
Several days ago, I received the following from Veterans Service Officer (VSO), Liz Witowski, of the Whatcom County Veterans Program (items below in bold are mine). On this Veterans Day, the
An off-budget $5 Trillion National Infrastructure Bank (NIB), along the lines of the Reconstruction Finance Corporation (RFC) that operated between 1932-1957, means low-cost loans and no additions to the deficit.
Medicare Advantage is NOT Medicare. Medicare is there to provide health care. Medicare Advantage is a business, there to make money.
David Swanson verifies what Jon Humphrey has said for years: good internet access benefits people, cities, counties, and states.
Or perhaps tragic farce or farcical tragedy might be more apt descriptors. Pick one, or both.
After nearly 30 years online, and literally being one of the oldest blogs on the internet, Northwest Citizen needs a major programming overhaul. To do so, we need your help.
The top 20% of commercial banks in the United States control 95% of our total banking assets. Remember “Too-Big-to-Fail”?
The City has created another useless document ensuring nothing changes and mediocre communication services are protected.
Why a vote for Jason Call for Congress is a good vote for conservatives, liberals, Democrats and Republicans. Yes, an unusual idea.
Heaven forbid our reps should attack the main problem, Medicare Advantage, head on. But no. They must nibble around the edges to give the appearance of doing something.
Morally significant double binds force doctors and combat soldiers into identical life and death quandaries, damaging their moral centers. To these two groups we can also add law enforcement officers.
Eric Hirst gives us a brief and clear explanation of the water adjudication process that is beginning now in Whatcom County
“Citing the nonpartisan Medicare Payment Advisory Commission, the paper  [Less Care at Higher Cost—The Medicare Advantage Paradox] notes that Medicare Advantage (MA) plans have overcharged the
Aggressive citizen involvement carried the day.
Build-for-profit, incarceration-inspired housing is destroying our souls.
A 54-photo tour of the ruptured pipe area of the Whatcom Creek explosion taken in July 1999.
The last of the scrap metal is loaded on the ship and it will be gone from our town.
Below is an audio tape of 911 calls, emergency responders’ radio communications, and local radio coverage from June 10, 1999 when Whatcom Creek exploded in Bellingham
Whatcom County’s confusing water rights will be defined by court proceedings beginning now
The foam of secrecy hides all.
If not killed-in-action, they are still dying from the effects of their service in Vietnam.
Local presentations scheduled on a reasonable use framework for water resource management
Broadband-Washing: Greenwashing the Internet
Pacific Northwest organizers join a global campaign to abolish all nukes and push for a city council resolution to start
If the hospitals are smelling a rat, so should Medicare (Dis)Advantage victims (AKA enrollees).
With such a bank in place, we would likely not be scrambling around and asking Congress for rebuild monies, as we are now with the catastrophic event involving the Francis Scott Key bridge on March 26, 2024.
Port of Bellingham commissioners terminate last 13 years of ABC Recycling lease
No public fiber means we can’t compete with big telecom. EVER.