In the escalating wave of anti-trans legislation and administrative violence sweeping the United States over the past several years, the credo on the left has often been that political violence against trans people is mere pretense: a right wing culture war meant to distract from issues more properly political-economic, or a cynical ploy to motivate a conservative voting base. This superficial reading is as naïve as it is dismissive of trans people’s material circumstances. What we need, instead, is a materialist critique that identifies state transphobia as dedicated to the broader neoliberal goal of dismantling public goods and modes of care in the name of cost reduction.