$2 billion in profit! That’s what it would look like if California had owned a state public bank. Christopher Armitage ran the numbers. Using public cash the state already holds, a Bank of North Dakota-style public bank would’ve earned California $2.26 billion in 2025 alone, and $20.1 billion over 10 years. That’s without cutting essential services or raising taxes.

With budget deficits squeezing states across the country and an affordable housing crisis, this is the conversation our leaders should be having. Read the latest in The Existentialist Republic.

https://cmarmitage.substack.com/p/north-dakotas-bank-earned-the-state