Wall Street’s power and influence often thwarts progress on a range of social policies, putting corporate greed ahead of public need. Yet, the state of New Jersey deposits billions of dollars in public money and taxpayer dollars with Wall Street banks, which have little incentive to invest in New Jersey’s families or communities. These firms often invest public funds in risky asset classes instead of local businesses or infrastructure projects. Thus, the state pays out large management fees, sacrificing billions of dollars in state revenue, and this exposes public dollars to the whims of a volatile market. This perversion allows bankers to generate private wealth, while cash strapped states cut and privatize services, facing shrinking tax bases exacerbated by Wall Street backed policy reforms and the financial strip mining of state and municipal economies.
Establish A Public Bank: Keep Wall Street Away From Our Tax Dollars!
About the Author: WEC Staff
The New Jersey Work Environment Council (WEC) is an alliance of labor, community, and environmental organizations working together for safe, secure jobs, and a healthy, sustainable environment.