Forty-eight states currently have budget shortfalls. The common strategy being dictated in many of these states and in Washington is to call for budget cuts, eliminating important safety nets for the middle-class and those below the poverty line, as well as to repeal legislation guaranteeing collective bargain rights for unions. It’s as if the states and the federal government were corporations with no responsibility to their real stockholders, the citizens of the U.S.
However, 17 states have decided enough is enough; they have introduced legislation for publicly owned banks or derivations, or for studies or task forces to determine how a publicly owned bank would operate in their jurisdiction. Three of these states have bills that were submitted in 2012 -- eleven states had bills submitted in 2011.