Wyoming Liberty Group
Wyoming’s Congressional Delegation Must Stand Against All Corporate Welfare Schemes
Cheyenne: Wyoming’s Congressional delegation opposed the Dept. of Energy’s $535 million loan to California solar-panel manufacturer Solyndra – a loan which Solyndra defaulted on in 2011. The delegation must take the same stand against similar loans to companies in Wyoming, said the Wyoming Liberty Group today.
“Corporate welfare is a waste of hard-earned taxpayers’ money, no matter which state the federal government throws it at,” said Maureen Bader, Wyoming Liberty Group economist. “Wyoming’s congressional delegation must take a principled stand and call for the elimination of tax-dollar handouts to business in every state.”
Sen. Mike Enzi, Sen. John Barrasso and Rep. Cynthia Lummis lent their support to a 2009 Dept. of Energy commitment to a $1.75 billion loan package for a coal-to-liquids plant near Medicine Bow to be built by DKRW Advanced Fuels. The loan package recently resurfaced as a possibility after stalling in the wake of the Solyndra disaster three years ago. No work on the project has started.
“Corporate welfare not only forces taxpayers to fund private businesses they might have otherwise chosen not to, they give some firms an unfair advantage over others, possibly keeping failed businesses afloat,” Bader said. “This makes it difficult for good businesses to survive, as they are forced to compete against taxpayer-funded operations that may spend more money and time extracting taxpayer dollars from governments than providing goods and services to consumers.”