NY Times: Film subsidies are money losers

Sometimes even the New York Times figures out that government wastes big bucks on “economic development” schemes. A recent story from the Times a few paragraphs of which are highlighted below makes the point:

“(Film subsidy) programs are actually huge money losers for states. Studies show that these efforts typically return a quarter or even a dime on every dollar given to studios.” New Mexico is not mentioned in the story, but is among the US states with the very most generous subsidy programs. The Rio Grande Foundation has often criticized New Mexico’s largesse to the millionaires and billionaires that primarily benefit from film subsidies, but with plenty of oil and gas money to throw around and little accountability from the populace in terms of bringing actual economic growth and prosperity to the state, the program has expanded dramatically since the days of Bill Richardson.