Like most states, this year Arkansas faced a budget shortfall, yet
there was enough money from previous surplus years to make balancing
the budget much less painful than in most places. The majority of the noted achievements
relate to taxing and budgeting, though some important gains were made
in other areas, principally in education and health care. However, the
majority of progressive gains were incremental.
This Dispatch is a roundup of what ballot initiatives will
appear on state ballots across the country this November. Whether it's
workers rights, energy policy, education, transit, abortion or health
care, ballot initiates give voters a chance to directly vote on an
By one estimate, the federal government spent over $367 billion in 2005 aloneon subsidizing Americans' retirement savings and tax breaks to build upother assets like buying a home. Unfortunately, those subsidies gooverwhelmingly to those Americans who already have high-incomes; almostnone of it goes to the poorest Americans who need the most helpbuilding the financial assets that can lead to long-term economicopportunities and security.
Showing the frustration over abusive lending practices by even many right-leaning legislators, the Ohio legislature has taken a huge step to protect its citizens against predatory lenders by passing HB 545.
The bill slashes the payday-lending interest rate from a sky-high 391
annual percentage rate to 28 percent. In real terms, instead of having
to pay $15 interest for every $100 loaned, borrowers will now pay no
more than $1.08 per $100 borrowed. The bill also limits borrowers to
four loans per year, requires that loan terms be at least 31 days
(instead of the current average of 14 days), and bans internet payday
lending. HB 545 is now before Governor Strickland, who is expected to
sign the bill into law.