Jeff Duncan: “today the Committee on Resources passed a bill to purchase the Baca Ranch in New Mexico. This is a very bad deal for the…”

“today the Committee on Resources passed a bill to purchase the Baca Ranch in New Mexico. This is a very bad deal for the taxpayers. The family that owns this ranch bought it in 1961 for $2.1 million. Now, under the bill passed out of committee today, the Federal Government is going to pay $101 million for this property, almost 50 times the original purchase price. I would bet almost everyone in this Nation would like to sell their property for 50 times what they paid for it. This is a colossal rip-off of the taxpayers. My office yesterday asked the Congressional Research Service to run the numbers for us. According to CRS, there has been a 452 percent inflation since 1961. Adjusted for inflation, this property should be worth $11.7 million, or about 5 times the original purchase price. We definitely should not be paying $101 million for property that was bought for $2.1 million, and today adjusted for inflation should be worth $11.7 million. This is welfare for the rich, a windfall for the wealthy.”