Lawmakers in Salt Lake City recently approved giving the city’s NBA team, the Utah Jazz, $22.7 million in tax revenue collected from businesses in the basketball arena’s zoning district. The subsidy will be doled out over the next 25 years. The “reimbursement,” as lawmakers on the Redevelopment Agency of Salt Lake City termed the gift, is expected to be used to help pay for the planned construction and renovation of the Vivint Arena, where the Jazz play ball.
The purpose of any economic exchange is to better one’s position, whether a person buys or sells something for money or barters for something else. This is the essence of free market capitalism, where all economic transactions are voluntary because they are of mutual benefit. They are all “win-win” situations in the minds of the participants.
“I’m sorry sir,” the polite Healthcare.gov customer-service agent said. “There’s nothing I can do. You’re either going to have to enroll in Medicaid or you’re going to have to pay the full health-insurance rate.”
“Government is the great fiction through which everyone endeavors to live at the expense of everyone else,” wrote the celebrated French legislator, economist, and political theorist Frederic Bastiat 165 years ago. With recent reports out of the Census Bureau indicating nearly half of all Americans are receiving some form of direct government subsidy – Social Security, Medicare, Medicaid, food stamps, unemployment benefits, housing assistance, veterans’ benefits, etc. – can there be any doubt he was right?
Is the Internet consumer in charge or the product sold to others? Is net neutrality about protecting consumers or Silicon Valley?
We’ll learn the answers to these critical questions in the coming months when the FCC votes on a redo of its “Open Internet” order implementing net neutrality.
The Spain-based company, Abengoa Solar, claims to be “a global leader in solar thermal energy.” Its website boasts: “Abengoa Solar is the largest solar plant operator worldwide.” Abengoa went public in October 2013, and since, its stock price has doubled. With the support the White House gives to solar energy and the mandates for renewable energy present in the majority of states, Abengoa sounds like a solid investment. And, that’s the image Abengoa has burnished with full-page ads in the Wall Street Journal to encourage investment. However, rather than a “buy,” Abengoa should be a “sell”—sell quickly—as its American run could be coming to a close.
The most recent report (reflecting up until March 31) under the $32 million grant shows that Smith delivered 421 of its vehicles, with $27,343,311 reimbursed to the company with government funds thus far. That calculates to a whopping $64,948 taxpayer subsidy per vehicle.
Tweet(SEE UPDATE BELOW) This afternoon, the Senate will vote on an amendment to the Economic Development Reauthorization Act (S. 782) sponsored by Senators Tom Coburn (R-OK) and Diane Feinstein (D-CA)[…]
TweetAs someone tasked with keeping up on research in two arenas — education policy and tech policy — my job always get a lot easier when the issues merge. Sometimes,[…]