As Texas grapples with a gaping budget deficit, the state is moving forward with a plan to subsidize Formula One racing to the tune of $250 million over the next decade.The money would be better used if you ran it through a wood chipper. Formula One is follow-the-leader in very expensive cars - the most boring racing I've ever seen. The last race they ran at Indianapolis turned into a complete disaster.
An agreement was struck last year to bring Formula One to Austin starting in 2012, but the public financing component is drawing fresh criticism as lawmakers try to figure out how to close a budget shortfall estimated to be as high as $27 billion over the next two years. They've proposed steep cuts, including to education, and some question whether the racing money could be put to better use preventing teacher layoffs.
Don't do it, Texas.
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1 comment:
I'm an F1 fan, and it's much better this year.
Still, the cost of the "privilege" of hosting a race is horrendous, such that the idea of breaking even is pretty much a fantasy--or a sign of a delusional personality.
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