Opinion: Vote ‘yes’ on Measure 118 for economic justice

Editor’s note: Today’s Oregonian includes op-eds from supporters and opponents of Measure 118. Readers can find the op-ed urging a “no” vote by clicking here.

Antonio Gisbert

Gisbert is chief petitioner for Measure 118.

We are living in an economy of the haves and the have-nots. And it’s a tale of two very different realities. Working families are struggling to afford basic necessities like rent and groceries. In fact, 44% of Oregonians cannot cover their monthly costs.

On the other hand, many corporations are making record profits. They take advantage of loopholes in a tax code designed in their favor to pay a lower tax rate than minimum-wage workers. And despite that, they keep raising prices on everything from baby formula to high-speed internet.

For so many, the American Dream is dead, and corporate greed dealt the fatal blow.

But this November, we have the opportunity to level the playing field. Measure 118, or the Oregon Rebate, is a direct payment of $1,600 to every Oregonian every year, or $6,400 a year for a household of four.

The ripple effects are profound. The rebate would cut childhood poverty by a third and pump $7 billion a year into the state economy. And it would break generational poverty and an endless debt cycle for millions of Oregonians.

The rebate is paid for by increasing the corporate revenue tax rate to 3% on every dollar over $25 million – meaning that companies making $25 million or less will not be subject to this new rate. For every dollar over $25 million, corporations will have to pay three more pennies.

The corporate-backed opposition to Measure 118 is going to tell you that business will grind to a halt if multibillion-dollar corporations pay a single cent more. But they are gaslighting you.

Measure 118 will impact just 1.9% of corporations operating in Oregon. These are mostly out-of-state corporations, like Comcast and Kroger, that have had a hand in driving up costs.

Kroger, for example, recently admitted to raising prices above inflation – price gouging its customers – during the pandemic. They have reported earnings of $1.4 billion year-to-date, nearly double the amount from last year. The CEO makes $15.5 million a year, which is 502 times its average worker.

This same company is currently nickel and diming Portland Fred Meyer workers who went on strike this summer citing unfair labor practices and unlivable wages amid ongoing contract negotiations.

This is the tale of the modern mega-corporation. They are fueling their cash empires at the expense of everyone else. It’s time to ask: when is enough enough?

Opponents will present their argument as either-or. Either massive corporations continue to operate with impunity or the economy tanks. This is a false choice and a scare tactic.

For too long, we’ve been conditioned to believe the strength of our economy is determined by quarterly earnings and Wall Street share prices. We’ve watched TV talking heads celebrate high GDPs and low unemployment rates all while Oregonians choose between diapers or dinner.

In a strong economy, a single mother can afford a roof over her head and dinner for herself and her baby.

In a strong economy, you only need one job to afford the down payment on a house or to retire in peace.

In a strong economy, everyone’s prosperity is valued.

Our current system is the result of corporate greed unchecked. And the gap between the haves and the have-nots will continue to grow unless we stand up for our own economic interests. We are the workers, consumers, and small business creators that fuel the success of industry and the economy – not the other way around.

It is entirely possible to live in a society where everyone thrives; where big business invests in its customers instead of squeezing them; where we trust our fellow Oregonians to steer their own livelihoods; and where corporations chip in to fund state programs and services as much as residents.

Let’s be clear: there’s no other proposal on the table to address economic disparities. Our elected leaders do not have a plan. So, a vote against Measure 118 is a vote to do nothing – to allow the status quo to continue.

But voting “yes” on Measure 118 is a vote to restack the deck in favor of economic justice, fairness and accountability. This election, take back your power at the ballot box and vote “yes” on Measure 118.