Government can't create wealth

Posted: Tuesday, June 20, 2006

Sen. Elton asks if "it makes sense to give up the taxing authorities," with reference to the yet-to-be-determined gas line construction agreements. This is a disingenuous comment at best.

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The major oil companies have proposed to invest $20 billion to $30 billion to build a natural gas pipeline. Their shareholders will not see the return on that capital for 12 to 15 years, minimum. What they are asking for is a "period-certain" playing field, including future taxation levels, before risking their shareholders capital. These are simply sound risk-management decisions.

Given our Legislature's ability to make informed, concise, prudent decisions in a timely manner, can you really blame them?

Remember the bumper sticker back in the 1980s: "Please God, give us another oil boom, we promise not to p*** this one away"? Well folks, here we are. When you point a finger at those evil oil companies and yell "greedy," there are three other fingers on that hand pointing back at you carrying the same connotation.

Government cannot create wealth, it can only redistribute wealth once it has been created, with very little risk involved in the process.

Robert Tonkin


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