Texas Taxpayers, Law Makers, Question F1 Costs

[cosworth151]

I could see this coming. The people of Texas are wondering why they're giving Bernie $250 million while the state is broke. They're preparing to lay off 100,000 teachers.

http://www.bloomberg.com/news/2011-05-11/texas-taxpayers-finance-formula-one-auto-races-as-schools-dismiss-teachers.html

[Jericoke]

If it's the same fund used for Super Bowls and Basketball tournaments, I don't see a fundamental problem.

Also, if it does work out to be a $25 million annual loan, then there's no reason not to.  (Of course, that assumes the people making the proposal are right.)

However, if the F1 manufacturers are so hot to have a race in the USA, why can't THEY pony up the $25 million?

[lkjohnson1950]

Don't ask about politics and money. Wisconsin's Governor has convinced them that public employees are responsible for their deficit because they make too much money, of course he didn't offer to take a pay cut. Arizona thinks it's better to give mines utility companies etc a big tax cut than educate our kids, even though those same companies say Arizona kids are not being educated well enough to get jobs with their companies. Politics is about power and re-election, cutting taxes gets you re-elected, where the little money left goes shows who has the power.

[John S]

This is nothing but a storm in the feeding bucket of the media and some 'wannabee big shot' politicians. As Jeri says the finance is from a sports trust fund and that money is not available to pay teachers salaries. It is fair to argue whether the predictions on increased taxes and/or increased economic activity prove right or wrong, that's is a different matter. If the project is a success the state money will be returned in extra taxes, if not surely that's the time to fight to get the funding withdrawn.

IMHO this all really revolves around the philosophical argument of what a soceity is all about, diversity doesn't just mean recognising ethnicity or disabilities, it also means we should not simply live by bread (or State funded education) alone.

 

[cosworth151]

This looks like a perfect shot for Texas politicians. Cutting $250 million from the budget by eliminating something almost nobody wants anyway. The only thing that might help is that Clear Channel is involved. When they say "Jump," a lot of politicians just ask, "How high?"