Wyoming Liberty Group
Maureen Bader and Glenn Woods discuss the use of the Permanent Wyoming Mineral Trust Fund to pay for subsidized loans to private business. During a time when we have legislative committees talking about new taxes, the last thing the people of Wyoming should be forced fund are handouts to private businesses.
Everybody wants the one percent
Did you know the State of Wyoming has more than one fund with handy cash ready for the taking? While most people think of the Legislative Stabilization Reserve Account (LSRA) as the rainy day fund, the state has hundreds of spend-ready funds. One of those, the Strategic Investment and Project Account (SIPA), could act as the source of funds for some of the capital construction projects legislators still want to fund, even as state revenue plummets.
Wyoming’s Legislative Service Office (LSO) released a report evaluating Public Purpose Investments (PPI), the use of the Permanent Wyoming Mineral Trust Fund (PWMTF) to subsidize loans in the state. The report found that PPIs returned less financially than the Treasurer’s regular portfolio. This is important because no matter how politicians try to spin the benefits, our state funds should not sacrifice returns to show favoritism to favorites. It twists the conveniently foggy notion of “public benefit” into a pretzel.