Texas Taxpayers Finance Formula One Auto Races as Schools Dismiss Teachers

http://www.bloomberg.com/news/2011-05-11/texas-taxpayers-finance-formula-one-auto-races-as-schools-dismiss-teachers.html

By Darrell Preston and Aaron Kuriloff -

Formula One Racing

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Texas, which may balance its budget by firing thousands of teachers, plans to commit $25 million in state funds to Formula One auto racing each year for a decade.

Four years after motorsports’ most popular series left the U.S., Texas investors including Clear Channel Communications Inc. co-founder B.J. “Red” McCombs are building a 3.4-mile (5.5-kilometer) track to bring the event to Austin. Comptroller Susan Combs has agreed to pay $25 million for races through 2022, a subsidy questioned by critics and lawmakers as the state cuts costs to close an estimated $15 billion two-year deficit. “I don’t understand why 25 people in Austin could not put up $1 million each if they thought this was a good opportunity instead of the state making a $25 million commitment,” said Senator Dan Patrick, a Houston Republican. “The developers should find the money through private sources.”

As many as 100,000 teachers in Texas may be fired because of spending cuts to cope with the state’s budget crisis, according to Moak Casey & Associates, an Austin-based education consultant. For $25 million a year, the state could pay more than 500 teachers an average salary of $48,000. “I have to wonder why the state of Texas is all over funding for this racetrack and not the school-funding crisis,” said Ewa Siwak, 44, who teaches German in the Austin Independent School District and whose job at Bowie High School is being cut. “Tax dollars for education should be a higher priority.”
No Traction

Formula One races have failed to gain traction previously in the U.S. Since the 1970s, the series has been hosted by Long Beach, California, as well as Las Vegas, Detroit, Dallas, Phoenix and, most recently, Indianapolis. The races there ended in 2007 on declining attendance. With 20 million Texans within 250 miles of Austin and a growing Formula One fan base in Mexico, the city’s annual race will be successful, Steve Sexton, president of track developer Circuit of the Americas LLC, said in a telephone interview.


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I am a member of the oldest Anglo family in what is now known as Texas,

We spent tons of money trying to make F1 work in Texas.

Crashed and burned.

It ain't gonna work and all of that money will burn.

And all of those Teachers will stay home.

This sucks, and I love F1.

Sonoman

The MI GOPer run state has placed incredible paperwork burdens on stem cell researchers in spite of a voter approved Stem cell referendum.

More here in LBN ...
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4848021

SO SAD

health insurance for the poor, public school teachers, infrastructure, etc.

How about this: NO MORE PUBLIC FUNDING FOR GAMES UNTIL WE FIX SOME OF OUR REAL PROBLEMS????