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April 16, 2016
Public Banking Institute wrote -
The vast amount of money paid to Wall Street by America’s cities, counties, and states has profound impacts on our lives and local economies. Most citizens don’t know about it – they just pay it. It’s a staggering amount: over $1 trillion moves from taxpayer pockets into private Wall Street hands each year in the form of interest payments on bonds, loans, fees, and financial product costs which have caused:
- School closures
- Lost jobs
- Life-long student debt
- Reduced public services and infrastructure
- Privatized public assets, and
- Stymied local businesses who can’t get affordable funding to grow.
Wall Street extractions from the public purse seriously hurt America’s strength and in just a few years will consume one-third of our economy’s production in interest payments.
WE MUST PUSH BACK. In an exclusive initiative by the Public Banking Institute, What Wall Street Costs America begins a national conversation about the urgent need to break free of our reliance on the costly private financing of public investment. The debt load is squashing local economies, ruining our school systems, letting our infrastructure crumble, and so much more. Once people learn these facts and discover the alternatives, we can move toward public finance of our public needs without Wall Street usury.
What Wall Street Costs America will provide the ONLY aggregated look at our local and national debt costs through an interactive map with data figures and human stories of what Wall Street has really cost America. This project lays out the facts so that citizens can act. Breaking our dependence on Wall Street usury means reclaiming control of our money through publicly-owned, public-interest banks. Join us in taking a stand together.