I’m writing in response to the May 27 letter by David T. Jack (“A Public Bank Makes No Sense”). Mr. Jack was responding to the May 25 Forum piece “Create a Pittsburgh Public Bank.”
Publicly created credit from a community-integrated institution to invest in public infrastructure, education and public services does not sound like a dumb idea. Lowering interest rates on bonds and loans for public institutions that are not and should not be designed for profit will make paying back debts easier and end all these absurd government austerity measures.
Sure North Dakota has received royalties from the oil and gas industry, and sure the industry there has created jobs, but who has been supporting the infrastructure to get people to those jobs? Who is going to fund the schools to prepare people for those jobs? Moreover, with a boom- and - bust industry, the jobs will leave once the oil runs out, and you will need a community-directed institution like a public bank to provide affordable credit to invest in and build upon other industries.
Also $94 million returned to a population of over 600,000 is far better than having to invest billions of taxpayer dollars in bailing out the “too big to fail” banks.
Public credit for public projects — sounds like a perfectly good idea to me.
DANIEL J. LITTLE