The state of Texas prides itself as a bastion of independence and free enterprise. Business thrives without government regulation and fiercely opposes government interference in capitalistic enterprises. Except when it does want the government to interject itself into business. In a state with abhorrence for tax money subsidizing health insurance and the highest percentage of citizens without coverage, but where the Oil Depletion tax giveaway is sacred, Texas is now seeking a new federal subsidy for its favorite industry. The state wants government funding for oil and gas installations and it wants all U.S. taxpayers, not just Texans, to pay.
After more than a century-and-a-half of contributing CO2 to the world, the fossil fuel industry wants taxpayer-funded protection for the increasingly powerful storms and higher tides, effects of the changing climate. Climate-change deniers and fiscal conservatives – except when the money flows to their state – Senators John Cornyn and Ted Cruz are pushing a scheme for $12 billion of federal money to build sixty-miles of concrete seawalls, earthen barriers, floating gates and steel levees on the Texas Gulf Coast. Petrochemical plants, including most of Texas’s thirty refineries, want us all to pay for protecting their facilities. (And if you believe $12 billion will be enough, well, you know…)
Texas has an $11 billion dollar “rainy day” fund, but the Republican controlled legislature opposes spending its own money to protect infrastructure in its own state.
From Talking Points Memo. Read all about it here.