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In the News
Economic Impact of COVID on Millennials
By 20/20 Vision – For the millennial generation the economic scars caused by COVID will last longer and do more material harm than for any other cohort. From distant or delayed classroom learning at tuition rates making education less of a value to a job market crippled by lack of demand, millennials now face badly and uniquely constrained economic fortunes.
Advocates say a Philly public bank could be key to addressing systemic racism
By Darryl C. Murphy, The Philadelphia Tribune – Amid the economic fallout of the COVID-19 pandemic, which has exposed systemic inequities, some say a public bank could be a key asset to Philadelphia’s financial recovery. Advocates also argue Wall Street banks have a history of discriminatory practices that contribute to Philadelphia’s disproportionate poverty rate among Black and Latino residents, and public banks offer the opportunity for divestment.
The U.S. Needs Banking-As-A-Public-Service
By Nik Milanovic, Forbes – The U.S. financial system is not adequately serving all Americans. There are 55 million unbanked and underbanked American adults, per the Federal Reserve, representing 22% of all households. Why isn’t there a national, government-owned consumer bank that offers everyone access to basic services like savings and checking?
New Mexico looks for ways to improve broadband service
By Robert Nott, Santa Fe New Mexican – “Broadband is as important as electricity and running water,” John Salazar, secretary designate of the state’s Department of Information and Technology, said during the virtual meeting. “New Mexicans need broadband.” The state faces a particularly critical need for those services now, as the COVID-19 pandemic is forcing many to stay at home and prompting public schools to conduct learning online.
After the Coronavirus Pandemic, Let Public Banks Lead the Rebuilding
By Sylvia Chi and Sushil Jacob, Nonprofit Quarterly – The pandemic has laid bare the failure of the federal government to justly deal with the economic fallout wrought by a disaster. Public banks at the state and local level could have helped our country get through the pandemic, and they could be vital in our recovery.
Planning for New Mexico’s Water Future
By Theresa Davis, Albuquerque Journal – “Smart water management and conservation must become a way of life in New Mexico,” says an October 2018 plan outlining Lujan Grisham’s positions on water issues. The Legislature denied the funding request in the 2020 regular session. Now the water planning program is operating with one staffer and a $350,000 budget for the 2021 fiscal year.
Supporters make case for public banking in Connecticut
By Sten Spinella, The Day – As Connecticut reckons with the economic impact of the COVID-19 pandemic, lawmakers and community organizers have returned to the idea of public banking as a possible saving grace. “We’re not trying to take over banks. We’re trying to give that support to our downtowns and keep the money in Connecticut.”
U.S. Chamber of Commerce warns of racial inequality for small businesses
By Dion Rabouin, Axios – A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.
Experts paint grim picture of New Mexico’s economy
By Robert Nott, Santa Fe New Mexican – A leading state economist told lawmakers Monday that New Mexico and the nation are in “a crisis like no other experience in our lifetime. It’s bleak … a debacle, if you will,” said Christopher Erickson, a professor and interim head of New Mexico State University’s College of Business. The villain? COVID-19.
Renewable Roadmap
By Kevin Robinson-Avila, Albuquerque Journal – The New Mexico-based North American Intelligent Manufacturing Initiative, is helping develop a “roadmap” that lays out the opportunities, challenges and concrete action that communities across the state can pursue to take advantage of clean energy technology and entrepreneurial initiatives.
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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