Since 1916 we – American taxpayers — have given $470 billion to “Big Oil” for the oil depletion allowance which, in effect, has paid oil companies more than the capital cost of the asset, in this case, oil.

The oil depletion allowance in American tax law is an allowance claimable by anyone with an economic interest in an asset that wears down like a mineral deposit or standing timber. The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.

We could just as well contend that the human body is a wasting asset that wears down which we utilize for a lifetime income and thus should carry a body depletion allowance.

How we characterize any justification for an allowance is subject to different arguments, depending on your motivation. Accordingly, for conservatives, any payment to the poor is characterized as an unwarranted entitlement.

The context for the Republican Party draws on their prejudice for the interests of the rich who are their main contributors. Historically, corporations have garnered encouragement for their roll in business enterprises.

For humans, there has always been the encouragement in the form of rugged individualism, a form of justification for human engagement in exploring opportunity for self-improvement.

But government effort seems to be more centered on corporate endeavors than individual endeavors during much of American history.

Perhaps, with the reckless, even ruthless ventures of the last few decades with a succession of crises, we can undergo a new era of centering on the common good, globally not nationally. Afterall, most were caused by the overwhelming greed of the financial set and/or its control over our government and our economy.

Such greed brought the near collapse of the world economy in 2009, following the reign of a feckless Bush administration, which helped unfetter such forces.

The next was the result of malefactors not held accountable, in both the Republican Party and corporations, one supporting insurrection & the other, in effect, financing it.

Both continued to fan the flames of polarization, misinformation, also pointing to the “other” for blame for depletion of American welfare. It was variously Democrats, workers, immigrants, blacks – the “other.”

But Democrats have had their heads turned away from building people coalitions and too much toward winning national elections, in the process, letting the GOP build gerrymandered and hard-to-democratically-break power in local and state governments and letting the corporate cultural message prevail.

The viability of democracy and the people are suffering because of it. The vital blood of democracy is being depleted without the infusion of money, attention and concern among all of us.

The Biden administration now has that realization and that concern. We must all join that effort to stop the depletion of democracy.

It is not some dirty, black liquid taken out of the ground to be consumed for profit. It is our livelihood and our souls.

The capital cost of this asset has been defended with our blood, sweat and our tears.

It is worth saving.