Invest in People or Profits for a Few
Ona Porter joined Environment New Mexico and local activists to call for an end to $44 billion in subsidies to Big Oil. Ona Porter, President and CEO of Prosperity Works comments on the recent Environment New Mexico Press Conference…
We hear about the deficit problem, the deficit problem. But isn’t it really a revenue and allocation problem? With tax rates and loopholes for the wealthiest Americans and for corporations at an all time high, our revenues from those sources are at an all time low. And then, what little there is, is not spent on the the infrastructure, education, and health systems that are essential to a thriving economy but on give away things like the subsidies to big oil that Congressman Heinrich has voted to stop.
Big oil is recording record profits year after year while American families, small businesses and communities are struggling to make it from one day to the next. Why should their cost of business be moved from the oil companies’ bottom line to ours? Why should our tax dollars allow big oil to make even bigger profits for their already wealthy owners and operators even in the best of times? This is not necessary and not fair.
From Intangible Drilling Costs to the Percentage Depletion Allowance to the Domestic Manufacturing Tax Deduction, the subsidies for big oil amount to over $45 Billion over a ten year period.
With that amount we could fully fund Headstart for our nation’s poorest children for more than six years! Headstart is slated to be cut by twenty-two percent. This cut would eliminate services to 218,000 children and 55,000 jobs.
When subsidies to business are proposed by those who would profit, they are justified with a job creation and return on investment analysis that has not been demonstrated to any degree. On the other hand, both the Federal Reserve Bank Of Minneapolis, and a Nobel Laureate have demonstrated. that Headstart programs return 10% per anum on our investment. You tell me. Shall we give children the opportunity to be successful students and citizens or use tax payer money to underwrite the cost of doing business for an industry that is making record profits year after year?
It is not and never has been an American value to support public investment for private gain. It is however the intention of the democracy of this great nation to create the opportunities needed for all citizens to thrive.
Click here for Environment New Mexico’s Press Release: Environmentalists, Local Constituents Call for End to Wasteful Subsidies to Big Oil