F1 has been a tremendous tourism draw for Travis County, attracting some of the world's wealthiest patrons of motor sports. The Elroy-based Circuit of the Americas has been a success, though attendance has (as expected) dropped some after the scent of new asphalt diminished.
So when Gov. Greg Abbott agreed to reduce the state's tax contribution from $25 million to $19.6 million, criticism -- especially from those in nations accustomed to corporate welfare and mounting public debt -- complained. F1 magnate Bernie Ecclestone even threatened the future of Austin F1 races (welcome to Texas).
Travis County activist blogger Adam Cahn sums up our thoughts nicely -- though we would like to add that there are plenty of private-sector solutions available here in the Land of the Free (e.g. more NASCAR-style sponsorships).
Formula 1 subsidies never had the consent of the governed, either locally or statewide. ... That being said, if organizers want to hold future races hostage to continued subsidies from the state of Texas, they should feel free to not let the door hit them in the rear end on the way out.Read more.
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