SEATTLE -- During the pandemic, Washington's billionaires have made enough money to cover the state's 2021 budget shortfall -- with $85 billion to spare.
According to a new analysis, Washington's 12 billionaires added nearly $90 billion to their wealth between mid-March and mid-June -- the second-highest amount in the country, behind California. Meanwhile, the state predicts a $4.5 billion hole in next year's budget.
Frank Clemente, executive director of the group Americans for Tax Fairness, which co-wrote the report, said the shortfall means slashing budgets for education, housing, and food and nutrition programs.
"The inequities, the inequality that's happening in this era in America is astonishing, and it needs a remedy," he said.
The report was co-authored by the Economic Opportunity Institute and Health Care for America Now. Nationwide, it said, billionaires' wealth increased $584 billion between mid-March and mid-June. During this period, 1.3 million Washingtonians lost their jobs. Health Care for America Now executive director Margarida Jorge said that's bad news for their health insurance.
"We will expect that a lot of those people are going to lose their employer-sponsored coverage," she said. "Even people who are laid off, their job isn't permanently terminated; during the time that they're laid off, if they're going to retain their health care, they're going to have to pay the full cost of it."
Clemente said the CARES Act, passed in March to provide coronavirus relief, included a tax break for the country's millionaires. He said he wants the Senate to approve the HEROES Act, which would repeal that tax break.
"If we repeal that giveaway, we raise $250 billion. That's a quarter of a trillion dollars we would raise," he said. "That's money that could go directly into more services for folks at the community level, family level. It'd pay for extended unemployment benefits, things like that."
Clemente said he hopes Congress can pass the HEROES Act before its next recess begins on Aug. 7.
The analysis on growth in billionaires' wealth is online at opportunityinstitute.org, and the study on wealth growth vs. state budget shortfalls is at americansfortaxfairness.org.
Disclosure: Economic Opportunity Institute contributes to our fund for reporting on Budget Policy & Priorities, Early Childhood Education, Livable Wages/Working Families, Senior Issues. If you would like to help support news in the public interest,
click here.
get more stories like this via email
South Dakota lawmakers will soon resume debate on a budget-cutting plan targeting library services within the state.
Legislative committees are likely to take another look at Gov. Kristi Noem's proposal to reduce the State Library's main budget by more than $1 million, along with federal funding requiring a state match. A companion bill would repeal the agency's responsibilities.
Elizabeth Fox, president of the South Dakota Library Association and a librarian at South Dakota State University, warned the office would barely exist under the governor's approach. She said it now secures dozens of databases, which help students in many ways, like preparing for college entrance exams. Local branches benefit, too.
"There's medical databases," Fox pointed out. "If you go to the doctor and get told that you have something and you want to learn about it, the public library can help you do so through the databases provided by the State Library."
Fox noted while policymakers embracing these moves might argue about government efficiency, the State Library has purchasing power, which keeps costs lower. She argued taking away that ability would force school and municipal libraries to buy resources on their own when they are more expensive, putting pressure on local taxpayers.
As states try to fill workforce shortages, Fox feels such moves would set students back in charting a path for their professional lives.
"If this goes through, students will not even have a print index to find a journal article that they could go look in print," Fox explained. "It does put the state at a great disadvantage."
Other potential effects include the loss of library staff training for local sites and the use of a courier system allowing patrons to request a book from a different branch. Meanwhile, the national advocacy group EveryLibrary fears South Dakota's plans could be replicated by other states with similar budget motivations.
get more stories like this via email
In an effort to make up for President Donald Trump moving his inauguration indoors to the Capitol Rotunda, leaving many ticket holders to watch from an overflow arena, Rep. Darren Soto, D-Fla., offered his constituents a unique gesture: a guided tour of the Capitol for those affected by the change in venue.
Just after leading the tour, Soto sat in his office and reacted to breaking news of Trump's sweeping pardons for more than 1,500 individuals charged in connection with the Jan. 6 Capitol riot.
"It is extremely disappointing and sets the wrong tone for his new incoming administration," Soto contended. "When you side with criminals over police officers on the first day, it sends the wrong message. I was in the chamber on January 6. The Capitol police saved my life."
The vast majority of Jan. 6 cases have already been resolved in court, resulting in guilty pleas or trial convictions. However, the final section of Trump's proclamation ordered the dismissal of approximately 300 pending cases. Among those pardoned was Robert Palmer, a Florida man who assaulted police officers with a fire extinguisher, a wooden plank and a pole.
Trump's proclamation commuted the sentences of 14 far-right extremists, including members of the Proud Boys and Oath Keepers. Among them was Kelly Meggs, leader of the Oath Keepers' Florida chapter, who had been sentenced to a decade in prison for seditious conspiracy. While Soto acknowledged leniency for nonviolent offenders who have served significant time, he emphasized others must fully serve their sentences.
"Those who violently attacked police officers should be forced to serve their whole sentence just like any other American who did such a heinous crime would expect," Soto argued.
Michael Fanone is a former D.C. police officer who was attacked by people now pardoned by Trump. He told CNN he feels deeply betrayed by the decision.
get more stories like this via email
Mississippi is embracing the future of artificial intelligence with Gov. Tate Reeves' executive order establishing a framework for its responsible use across state agencies.
The order tasks the Department of Information Technology Services with inventorying AI technologies and working with stakeholders to develop ethical policies. While seen as a step forward, it raises questions about implementation and oversight.
Kollin Napier, director of the Mississippi Artificial Intelligence Network, said his organization is helping to boost the state's role in AI education and innovation.
"We're already leading on that forefront and with involvement from the governor, with involvement from ITS and bringing even more people into the fold," Napier explained. "We're just continuing that momentum and even amplifying it on a greater scale."
Mississippi joins other states in adopting AI policies following previous failed legislative efforts, including Senate Bill 2062, which aimed to create a task force to explore AI's role in government. Attempts to regulate AI in political advertising also stalled last year, raising concerns about the pace of progress.
Napier emphasizes AI is hardly a new concept but it is now taking center stage and he encourages viewing it as an opportunity for job creation and economic growth, rather than a threat to employment.
"I like to say AI, in and of itself, will not displace you, but the people who are taking the time to learn and integrate that into their day-to-day lives -- their professional lives -- can and will take your job," Napier emphasized. "Because as we're seeing, that's where the future going."
Reeves' executive order has ignited discussions about balancing innovation with regulation, as advocates express hope the initiative will drive economic growth while mitigating potential risks.
get more stories like this via email