Michael Pakko

Michael Pakko was born in Kalamazoo, Michigan. He earned a high school diploma from Portage Central High School, a bachelor's degree from Michigan State University in 1984, and a Ph.D. from the University of Rochester in 1993. His career experience includes working as an economist.[1][2]

Who are you? Tell us about yourself.

Dr. Michael Pakko has been a prominent economist in Arkansas for years, bringing information and analysis of the Arkansas economy to business and community leaders, and to the people of Arkansas. He has also been an activist and leader in the Libertarian Party. He was the Libertarian candidate for Arkansas State Treasurer in 2024, and has been the chair of the Libertarian Party of Arkansas for the past 10 years.

In his time as a leader in the Libertarian Party of Arkansas he has had a front-row seat to observe how the established political class protect their privileged positions. The result is a chronic lack of competitiveness in Arkansas’ election process. Pakko proposes election reforms to add diversity and competition of ideas to Arkansas elections.

Please list below 3 key messages of your campaign. What are the main points you want voters to remember about your goals for your time in office?

Public opinion polls consistently show that voters are dissatisfied with the two party system, and the Libertarian Party is here for voters to express that sentiment.

Arkansas has among the highest rates of voter apathy in the U.S. The percentage of voter registration is the lowest in the nation, voter turnout percentages are consistently among the lowest, and the number of uncontested elections is among the very highest. Why bother to vote when there are so few choices?

Many of our election laws have the effect of restricting competition, thereby limiting our choices and constraining our ability to select the candidates who might best represent us.

Pakko proposes election reforms to increase competition in our political process.The two party system has set up a power struggle in which the goal of both major political parties is to divide us for their own political advantage—purely in the interest of power. This process has been facilitated by the homogenization of national political parties. It is no longer the case that the two major parties represent coalitions of different interests. They have become monolithic enemies of one another. This is not healthy for democracy.

The answer is a more pluralistic system, where multiple parties compete in the marketplace of public opinion.In the interest of fostering more competition in Arkansas politics, I support some fundamental changes to our election laws.

We should eliminate partisan gerrymandering, reform the primary election process, open the process for independent and third-party candidates, and consider the adoption of alternative voting system like ranked-choice (instant-runoff) voting

What areas of public policy are you personally passionate about?

As a Libertarian, I am passionate about promoting the idea that public policy should be exclusively oriented toward protecting the rights of the individual against aggression. That includes intrusion into our lives by the government.

I am also passionate about the idea of preserving the right of the people to petition their government for the redress of grievances. Arkansas' current regime has sought to limit that right, imposing limitations on citizen initiatives and restrictions on the Freedom of Information Act (FOIA).

I stand for full government transparency and the protection of rights under the Arkansas Constitution, consistent with our state's motto: Regnat Populus (the people rule).

Who are you? Tell us about yourself.

I am running for State Treasurer because I believe I have the experience and expertise not only to take on the required tasks of the office, but also to add value by enhancing the office’s public profile.

In particular, I will use my skills as an economist, data analyst, and communicator to provide greater “fiscal transparency” to the Treasurer’s office and state government finances.

Please list below 3 key messages of your campaign. What are the main points you want voters to remember about your goals for your time in office?

I have the expertise and experience to take on the task of Treasurer:

PhD in Economics - After studying public policy and economics at Michigan State University, I went on to earn my MA and PhD from the University of Rochester.

Experience in the Federal Reserve - Including my time as an undergraduate intern, research assistant, research economist, and officer, I spent nearly 20 years in the Federal Reserve system.

Arkansas Economist - For the past 15 years, I have been engaged in providing information and analysis about the Arkansas economy.I seek not only to carry out the administrative responsibilities of State Treasurer, but also to bring a higher public profile to the office. In particular, I will use my skills as an economist, data analyst, and communicator to provide greater “fiscal transparency” to the Treasurer’s office and state government finances.

I would make it my mission to bring information and analysis of state finances to my stakeholders: the people of Arkansas.I'm not a Republican and not a Democrat.

In considering the choice of who to elect as State Treasurer--the public official responsible for overseeing the people's hard-earned tax dollars--perhaps the best person for the position is someone who is NOT part of the two-party system that has monopolized our government for over 150 years.

If you share my belief that the two-party system has led us into a dead-end of bickering, posturing, hyper-partisan politicians running our government, then express your dissatisfaction with a vote of support for a candidate representing an alternative.

What areas of public policy are you personally passionate about?

Government transparency. Fiscal transparency.

What qualities does this office possess that makes it a unique and important part of the state government and legal system?

The Treasurer of State is an independent constitutional office in Arkansas, accountable to the people. I pledge to be a diligent steward of the people's treasury and an advocate for fiscal transparency.

What do you believe are the core responsibilities for someone elected to this office?

As a specialized constitutional office of the state, the Treasurer should have the credentials and experience necessary to lead an important arm of our state government. The Treasurer of State serves as the State’s banker and is responsible for an investment portfolio of about $9 billion. my resume shows that he has the skills and knowledge to take on that task.

What is the first historical event that happened in your lifetime that you remember? How old were you at the time?

I remember two political events that happened when I was a child.

First, I remember when President Lyndon Johnson was on TV, saying that he would not run for reelection. I was aware that it was a momentous event. At the tender age of 7, I had already begun to fear a future in which I would be drafted and sent to the jungles of Vietnam.

Six years later, I was captivated by watching the Watergate scandal unfold. I was only 13 years old, but the drama of the story drew me in. I remember watching Nixon's farewell address to the White House staff and thinking what a tragic character he was. It was not until years later, after learning about Shakespearian tragedy, that I understood how true that sentiment was.

These were two examples of historic events that shaped my view of politics and public service. In both cases, the will of the people and the demand for accountability in their elected officials overwhelmed the hubris of the powerful politicians.

What responsibilities of this office do you personally consider the most important?

The Treasurer of State serves as the State’s banker and is responsible for an investment portfolio of about $9 billion. My resume shows that he has the skills and knowledge to take on that task.

Are there any little-known powers or responsibilities held by this office that you believe more people should be aware of?

The State Treasurer serves on several boards and commissions, including serving as chair of the Arkansas Financial Education Commission. As a lifelong educator and advocate for economic and financial literacy I will work to invigorate the efforts of the Commission, seeking to bring together public and private organizations to coordinate their efforts "to provide a unified effort to improve financial awareness throughout the state"

Do you believe that it's beneficial for holders of this office to have previous experience in government or politics?

The Treasurer of State is responsible for overseeing the state's finances, requiring specialized expertise. Yet the candidates seeking the office are typically career politicians. Often, their campaigns emphasize previous political experience.

But the fact of the matter is that the Treasurer's office is staffed by career professionals who maintain all the books and compile all the required reports. The State Treasurer is just the politically-elected CEO of this operation. In business, the role of a CEO includes making sure that the operating officers of the organization are doing their jobs, with the ability to step in and help when necessary. But primarily, the CEO addresses the outside environment of the organization—its stakeholders. In this case, the stakeholders are the voters.

That's why I see the role of State Treasurer as requiring a different skill-set than held by a typical career politician. Previous experience in government of politics is secondary to the qualifications required for understanding and directing policies on state finances, and for clearly communicating those policies to the public.

What kind of skills or expertise do you believe would be the most helpful for the holders of this office to possess?

Understanding of finance and economics.

Analytical and technical skills to evaluate the state's investment policies.

Ability to communicate effectively.

Tell us your favorite joke.

"An economist, a chemist, and an engineer were stranded on a desert island. And between them they had only a single can of beans, but no can opener. The engineer suggested that he climb a palm tree to a precise height, then throw the beans a precise distance at a precise angle. 'And when the can hits,' he said, 'it will split open.' 'No,' said the chemist. 'We'll leave the can in the sun until the heat causes the beans to expand so much the can will explode.' 'Nonsense,' said the economist. 'Using either method we'd lose too many beans. According to my plan, there will be no mess or fuss and not a single bean will be lost.' Well, the engineer and the chemist said, 'We're certainly willing to consider it. What's your plan?' And the economist answered, 'Well, first assume we have a can opener.'"

- Ronald Reagan's version of a classic joke about economists.

What are your views on financial transparency and government accountability?

Financial transparency and government accountability are the cornerstones of my campaign.

As Arkansas Treasurer of State, I would make it my mission to bring information and analysis of state finances to my stakeholders: the people of Arkansas. The Treasurer of State is in a unique position to explain to the taxpayers of Arkansas where ALL of their tax dollars are going. That is why I propose making the office of Treasurer of State a portal of transparency for state government finances.