One of Texas most prominent left-leaning economists knows exactly why its power grid failed msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
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The economist James K. Galbraith said policymakers failed Texas during the 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 or with skyrocketing electrical bills. The crisis was totally preventable, according to a left-leaning economist who teaches at the University of Texas at Austin, and the reason has to do with the state s deregulated electricity system.
The Texas winter storm left at least 22 people dead in the Houston area and dozens more across the state. Lawsuits against ERCOT, the state's power grid, have emerged over negligence, but it claims sovereign immunity.
The claim: Joe Biden handed the grid to China through his Keystone Pipeline executive order
Some social media users are linking the Texas power outages to one of President Joe Biden s recent executive orders regarding a policy put in place by his predecessor.
A lengthy Feb. 18 Facebook text post claims Biden handed the grid to China through his Keystone Pipeline executive order and that one of Biden s purported engineers who is supposed to be working on the power situation in Texas worked as an engineer in China for five years. Millions of Texas families are pulling Biden’s EO’s this morning and found something buried in the Keystone Piepline (SIC) EO, the post reads, claiming that the president lifted the security on the U.S. power grid for 90 days the same day he shut down the Keystone Pipeline.