Rich Whitney, Illinois Green Party gubernatorial candidate, provided the Green Party response to the state of the state address given by Illinois governor Pat Quinn on January 13, 2010.
As many state governments are facing their worst fiscal crisis in decades, Illinois ranks 22 in terms of deficit spending, with a budget deficit of 11.3 percent of total spending (ref).
Green Party Candidate for Governor Rich Whitney states in his response to Governor Quinn’s State of the State Address:
“…That’s why I am the only candidate in this race who proposes to fund public improvements, and promote economic health, without any further tax increases, through the establishment of a state bank, a progressive idea that North Dakota adopted years ago, and that has helped keep that state debt-free even in these troubled economic times. Instead of going into more and more debt, to further enrich private banks, we should be using our tax revenue to further invest in our own State and its people, for the enrichment of our own economy.”
Read the entire statement here.
In a recent question and answer session, in response to what distinguishes himself from the other candidates, Whitney answered:
“I am the only candidate in this race who proposes to help eliminate our structural deficit and meet government obligations through the establishment of a state bank, a progressive idea that North Dakota adopted years ago, and that has helped keep that state debt-free even in these troubled economic times.”
And, in response to how he would solve Illinois’ budget deficit, Whitney responded:
“Create a State bank as a repository of all State tax revenues and pension contributions. While almost all states are struggling to balance their budgets like Illinois, one exception to the rule is North Dakota — the only state with its own bank. Instead of using State funds as a means to further enrich private banks, a State-owned bank could earn additional revenue for the State, while at the same time help spur economic development in Illinois, using the fractional reserve system to extend and expand credit where it is needed most, while borrowing from the Federal Reserve directly at the same 1 percent rate as commercial banks.”
Read the entire Q&A here.