• About Us
  • Activity
  • Advertising
  • Books
  • Business
  • Contact
  • Dashboard
  • EB5
  • Entertainment
  • feedback
  • Forgot Your Password?
  • Government
  • Home
  • Home 20723
  • Interviews
  • Login
  • Members
  • Meme generator
  • National
  • Nevada
  • Nevada News and Views
  • Newsmax
  • NN&V Ads
  • Opinion
  • Pick a New Password
  • Politics
  • Polls
  • Privacy Policy
  • Profile
  • Recent comments by me
  • Recent comments on my posts
  • Register
  • Submit post
  • Subscribe
  • Subscription Confirmation
  • Survey
  • Survey
  • Terms of Service
  • Today’s Top 10
  • Travel
  • Travel
  • Travel
  • Welcome!
  • Yop Poll Archive
Nevada News and Views
  • About Us
  • Contact
  • More
    • Opinion
  • Facebook

  • Twitter

  • Pinterest

  • RSS

Opinion

Public-Private Partnership Burns the Public

Public-Private Partnership Burns the Public
Chuck Muth
February 7, 2011

(Victor Joecks) – There are many reasons why Nevada’s state government should avoid public-private partnerships.

Two philosophical reasons stand out. One, the government has a unique and important, but limited, role. Government’s job is to provide a few core services, including (for state government) public safety, K-12 education and a basic safety net. Government’s job isn’t to create jobs or build things like sports stadiums. Two, the government shouldn’t be picking the winners and losers in the economy. Its role is to referee, not participate in the business world.

If the philosophical arguments don’t convince you, consider what happens when government oversteps its bounds — the government (read: the public) gets burned.

The Legislative Interim Finance Committee agreed Thursday to shift $176,000 out of a reserve account to pay a national law firm to protect the state in the bankruptcy proceedings of the Las Vegas Monorail.

Bonds for $650 million were issued through the state Department of Business and Industry to build the 3.9 mile system that runs between casinos on the Strip and the Las Vegas Convention Authority.

Lon DeWeese, chief financial officer for the state housing division, told the committee that the state was only the conduit for the issuance of the bonds. But hundreds of millions of dollars are owed the bond holders who invested in the project. …

Horsey said Guinn also insisted that a highly rated insurance company be hired to make sure the bonds were covered. He said Ambac Financial Group, a triple “A” company, was employed. But now Ambac is also in bankruptcy.

Read the whole thing to get a complete sense of how taxpayers are getting soaked (and could be on the hook for hundreds of millions). All this happened despite the best-laid plans of those in charge at the time.

And this happens because all business ventures contain an element of risk. There is no sure thing in the business world, which is why no one should be forced (through the government using your tax dollars) to invest in something.

This is why principles are so important. No one knows the future, but sticking to the time-tested principles of limited government protects taxpayers from paying for the mistakes of yesterday.

(Victor Joecks is deputy communications director nd is in charge of new media at NPRI.)

Prev postNext post

Related Items
Opinion
February 7, 2011
Chuck Muth

Related Items

More in Opinion

Governors ask Biden for ‘honest, accurate’ information on illegal immigration

The Center SquareOctober 4, 2023
Read More

Amodei Statement on Debt Ceiling Bill

Chuck MuthJune 1, 2023
Read More

Tark: Trans “Rights” … and Wrongs

Chuck MuthMay 26, 2023
Read More

Stone: The Truth About AB 250: Will Patients Really Benefit?

NN&V StaffMay 26, 2023
Read More

“Ungrateful Miscreants”: Miller, Segerblom Insult Local Small Business Owners

NN&V StaffMay 24, 2023
Read More

Quarter-Million Dollar Ad Campaign Targets Nevada Legislators for Trapping Hispanic Families in Unsafe Schools

NN&V StaffMay 22, 2023
Read More
Scroll for more
Tap

Subscribe Free By Email

Looking for the best in breaking news and conservative views? Let Chuck do all the work for you! Subscribe to his FREE "Muth's Truths" e-newsletter.

* indicates required
Nevada News and Views
Nevada News & Views is an educational project of Citizen Outreach Foundation, a non-partisan IRS-approved 501(c)(3) organization. It is not associated or affiliated with any political party or group. Nevada News & Views is accessible by the public at no cost. It funds its operations through tax-deductible contributions from donors and supporters and does not accept government money or grants.

TAGS

Featured Article Muths truth

Copyright © 2023 Citizen Outreach | Maintained by VirtualAlly

Average Guy Reagan Is Remembered as Great Communicator
Setting Priorities for the 2011 Nevada Legislative Session