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Elon Musk’s Crony Capitalism under Scrutiny


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elon-musks-crony-capitalism-under-scrutinyHuman Events:

Crony capitalism is an emerging political issue. From socialists like Sen. Bernie Sanders (I-VT) to conservatives like Sen. Mike Lee (R-Utah), there has been a bipartisan call to end crony capitalism. Both parties want to stop wealthy individuals from using the government to underwrite bad investments.


When the 2008 crash hit, voices on the right and left were outraged that the Bush administration and Congress allowed a bailout of Wall Street with no repercussions for those who got us there. Liberals called for criminal prosecutions and conservatives called for no government bailout.


Billionaires using friends in the federal and state governments to underwrite risky investments from failed green energy programs to precarious space exploration are not a new phenomenon, yet that practice seems to getting more pervasive and involving more taxpayer’s money. Rich individuals love the idea of investments where they make money if the idea or technology works, and the taxpayers pick up the tab if it fails.

The many companies run by Elon Musk are excellent case studies in cronyism. Recently, members of Congress have raised concerns about the lack of oversight into SpaceX’s, Musk’s space exploration company, regarding a launch failure it suffered in late June. However, SpaceX’s use of government funding, subsidies and tax credits is the big scandal.Scissors-32x32.png

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