ECONOMIC JUSTICE

For too long, as a society, we’ve built the economic success of a few on the backs of the poor and disenfranchised. Consider these statistics from before the current crisis:  

  • 43% of the US workforce made less than $15/hour.

  • 53% had no emergency savings.

  • 70 million Americans did not even have a bank account.

  • 33.6 million workers were without paid sick leave.

Lack of Consumer Protection in Utility Charges to Consumers

After successful work over the years in holding public utilities to reasonable amounts in rate cases, VOICE is again involved in pressing for answers on how and why an additional $4.5 billion is being charged to Oklahoma consumers following the February 2021 artic freeze. Oklahomans are going to be left with substantial bills many utilities were forced to pay when the commodity markets broke down and the price of natural gas was 1000x its normal price.

Oklahomans will have to pay for years of poor planning and the greed of people who benefited during a crisis from a broken commodity market. Poor planning can and should be addressed, but so too should the greed in question. “We were on this call today to make sure the commissioners understand they work for ratepayers and that they are the ones who need to be protected,” said Steve Goldman of First Unitarian Church. “While the electric grid and fuel markets are complicated, many people are paid well to be responsible for provide safe, reliable power. The concern is paying undo profits and saddling ratepayers with the bill for corporations who nearly failed in their primary duty. That simply isn’t fair.”

VOICE will continue to monitor the situation at the OCC and asks concerned citizens to reach out to the Commissioners and Attorney General’s office and ask them to use all available resources to protect ratepayers.

Predatory Lending in Oklahoma

Oklahoma families struggle with debt, from crushing interest rates charged by predatory lenders, to medical and court-related debt, student loan debt, and more. Specifically, the statistics on payday loans in Oklahoma are grim:

    • We take out more payday loans per capita than any other state.

    • The average loan is for $394, with an average interest rate of 391%.

    • The average borrower in Oklahoma takes out 9 payday loans per year, with 87% getting a new loan in the same period as a previous loan.

    • A 2012 study by the Pew Charitable Trust found that more Oklahomans had 17 loans in a year than had just one loan in a year.

Dr. Lee Cooper, pastor of Prospect Baptist Church, has fought against the payday lending trap for years, instituting budget and money management classes in his congregation and preaching against these types of loans. “Just as Jesus drove out the moneychangers so should payday loans be outlawed,” he says. “According to Jesus, the moneychangers were a ‘den of robbers’ who undoubtedly charged exorbitant rates, thus taking advantage of those who seemingly had no other options. This is the exact same reasoning of the payday loan industry: they argue that they make loans to people who otherwise would not be able to obtain loans through conventional means.”

“Black Americans earn 70 cents per dollar that whites earn, making Black Americans more vulnerable,” he says. “Payday lenders are notorious for targeting communities of color. At a time when wealth building has never been more urgent – particularly in our community – payday lenders are just draining it away.”

In fact, payday lenders charged Oklahoma families $52 million in fees in 2015 alone. That’s $52 million that didn’t get spent in the local economy, at grocery stores, auto dealers, and other retailers.

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