Update: June 28, 2011

Governor Should Veto Subsidy of Wall Street and Wealthy Investors

The Oregon House today approved a subsidy for Wall Street and wealthy investors that will take $78 million away from schools, health care and other vital services in the years ahead.

The New Market Tax Credit (NMTC) created by SB 817 will subsidize projects that will occur anyway. Investors already collect a federal NMTC, and nothing in the bill prevents Oregonians' tax dollars from going to projects that will happen anyway under the federal program. Oregon historically has had more than its fair share of investments using the federal tax credit program, so there is no need to spend state tax dollars on the same investments.

The Governor should show the legislature how to be fiscally responsible and veto the misguided measure.

Read Governor Should Veto Subsidy of Wall Street and Wealthy Investors. Click here for a PDF copy.

Message to Congress: Reduce the Deficit Without Increasing Poverty

Any effort to address the nation's deficit should adhere to the bedrock principle that deficit reduction should not increase poverty. That's the message that leaders of prominent national religious, civil rights, charitable, economic research, and low-income advocacy organizations have delivered to Congress and the White House. They have asked lawmakers to draw a "Circle of Protection" around programs that meet the basic needs of low-income people.

Avoiding an increase in poverty would be consistent with the major bipartisan deficit-reduction packages of recent decades. That principle is all the more important now, given that the nation stands at historical levels of income inequality.

Unfortunately, as witnessed in the debate over raising the national debt ceiling, Republicans have insisted on an approach that would exacerbate poverty. That approach seeks only spending cuts, leaving off the table the option of raising revenue. The cuts-only approach would result in the gutting of programs -- Medicare, Medicaid, Social Security, food stamps, federal funding for education, just to name a few -- that protect vulnerable and middle-class Americans.

The responsible approach would put the need to raise revenue squarely on the table, would avoid arbitrary spending caps and would draw a circle of protection around the poor.

During the upcoming July 4 congressional recess, let members of Congress know that the nation's deficit ought to be addressed responsibly, without increasing poverty.

You can contact Senators Ron Wyden and Jeff Merkley and your Representative, or their staff, via the Capitol switchboard at (202) 224-3121 or via fax or email. Let them know your views directly, or ask about the time and location of their recess town halls. If you are not sure who your Representative is, you can check here.

Check Out OCPP's Newly Redesigned Website

If you haven't visited www.ocpp.org recently, we hope that you will come and take a look at our redesigned site.

And feel free to give us feedback on the website, using this online form.