Pelosi Remarks at the Select Committee on Economic Disparity and Fairness in Growth Hearing
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One of Texas most prominent left-leaning economists knows exactly why its power grid failed
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One of Texas most prominent left-leaning economists knows exactly why its power grid failed asheffey@businessinsider.com (Ayelet Sheffey) © THOMAS SHEA/AFP via Getty Images Power lines in Texas City, Texas. THOMAS SHEA/AFP via Getty Images
Economist James K. Galbraith said policymakers failed Texas during the state s recent power outage.
Texas deregulated electrical system incentivized the cheapest production without accounting for resilient machinery.
Galbraith says the only way to fix the system is to turn it into a public utility.
Millions of Texans lost power last week and were stuck living in freezing conditions as their electrical bills skyrocketed. The crisis was totally preventable, according to a left-leaning economist who teaches at the University of Texas at Austin, and the reason why has to do with the state s deregulated electricity system.