The Billionaires' Playbook: How Elon Musk and Jeff Bezos Loot Public Funds for Personal Profit

The American billionaire class has long relied on a simple playbook: Promise monumental development projects that will create jobs and stimulate the economy, then require billions in subsidies and tax breaks from state and local governments to make these projects a reality. While these projects are sold as opportunities for economic growth and prosperity, they often result in massive windfalls for the ultra-rich while neglecting to provide the promised benefits to the communities they are supposed to serve.

Recently, American oligarchs such as Elon Musk and Jeff Bezos have taken this playbook to new extremes. In the case of Musk, his pursuit of astronomical profits has led him to pledge to revolutionize space exploration and colonize Mars, all while extracting astronomical sums from the communities he touches. From extending his reach into the stratosphere, to colonizing the nearest star system, he has made incredible promises to humanity. However, these promises are often paired with a requirement that local governments sacrifice funds to the tune of tens or even hundreds of millions of dollars.

Consider Musk's pursuit of space exploration through his company SpaceX and its creation of a launch facility in Boca Chica, Texas. In order to secure this location, Musk and his lobbyists spent years courting local officials with the promise of economic revival and jobs for the local community. In the end, the deal Musk struck with the state of Texas required the local government to sacrifice billions of dollars in tax breaks and subsidies. While Musk has created some jobs in the area, the promises of a new space industry in Brownsville, Texas, have largely gone unfulfilled.

Musk is not alone in using this tactic to reap massive windfalls while avoiding responsibility for their consequences. Amazon, Foxconn, and numerous other billionaires have relied on this approach to achieve their business goals while leaving a trail of broken promises and devastated communities in their wake. It is time to recognize that our nation's priorities are skewed when the ultra-rich can use the public purse as their personal slush fund, all while ordinary Americans are left behind.