Posted on 09/06/2016 5:17:10 PM PDT by iowamark
Thursday’s explosion of a SpaceX rocket at Cape Canaveral is a reminder of just how easily billions of dollars in government subsidies can go up in flames.
While the media reported the event as a mere setback for billionaire SpaceX CEO Elon Musk and “a major blow” to Facebook CEO Mark Zuckerberg’s plans for expanding internet services in Africa, it is clear that the biggest looser is the American taxpayer.
Musk’s SpaceX, together with his other high-profile ventures like Tesla Motors and SolarCity are supported heavily by a litany of government subsidies, having received nearly $5 billion in taxpayer dollars.
Although Musk’s ventures are pushing the boundaries of automotive and space technology, their uncertain success or failure is hinged to a complex maze of corporate welfare and cronyism in the form of grants, subsidies and tax cuts that can be traced to backroom deals and costly regulations like the Obama administration’s carbon mandates.
As the smoke dissipates around Cape Canaveral, all that’s left behind are the ashes of hard-earned American dollars, and one demanding question; should taxpayers really be footing the bill for a billionaire’s pet projects?
How many NFL stadiums could have been built with Musk’s $5B?
He’s not getting billions in taxpayer dollars, he’s getting tax breaks made legit because he’s creating jobs & wealth.
If you’re getting the mortgage tax credit you have nothing to complain about.
I’m all for lowering taxes however we can.
The article does not specify how taxpayers are out even $1 because of the explosion.
The article does not specify how taxpayers are out even $1 because of the explosion.
...
That’s because the claim in the title is a lie.
In the good old days Lockheed and Boeing used to do this without any taxpayer funds.
They don’t want us in space.
Cute headline, but Space X gets almost no subsidies...mostly government contracts, and this launch was for a private satellite not a government payload.
The Facebook satellite payload was insured...no loss there.
Musk get most of the subsidies for SolarCity & Tesla....see:
http://www.latimes.com/business/la-fi-hy-musk-subsidies-20150531-story.html
“SpaceX, though it depends far more on government contracts than subsidies, received an incentive package in Texas for a commercial rocket launch facility. The state put up more than $15 million in subsidies and infrastructure spending to help SpaceX build a launch pad in rural Cameron County at the southern tip of Texas. Local governments contributed an additional $5 million.”
Because when a government rocket fails it’s just Uncle Sam who loses
Lockheed and Boeing never attempted commercial space ventures. NASA had a lock on space, and the space race was 100% tax dollars. All the big aerospace companies were built on government contracts. Their engineering achievements were legendary, but they were hardly known for fiduciary restraint.
Exactly the same amount was 'spent' if the launch had gone perfectly.
(Did FACEBOOK lose any money here?)
It sounds like you are against space travel. SpaceX is trying to keep the American tradition alive. Despite the fall to totalitarianism of our government. You seem a cheerleader of Anti-Americanism. At least the money didn’t go to Iran.
That hasn't been the case since around the 1920's...originally done by offering an exclusive contract to provide some service to the fedgov (carrying airmail for the Post Office, for instance).....see "defense spending" for warplanes and missiles, which certainly benefited their civilian aircraft efforts. Nothing has changed, except the companies seeking to provide the services.
Elon Musk is a con artist. His projects, electric cars and rockets, are a massive tax give-away.
He’s not getting billions in taxpayer dollars, he’s getting tax breaks made legit because he’s creating jobs & wealth.All businesses still in business "create jobs and wealth" almost none receive "tax breaks".
You can't get tax breaks unless you show you actually have taxable income/profits...his businesses don't
/facepalm
Billions and billions of dollars burned and no one has cued up Carl Sagan for a special guest appearance on FR???
Maybe because he's dead?
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