BabaRa
10th March 2014, 19:24
The height of hypocrisy. Those who holler the loudest about individual welfare, have their hands deep in the cookie jar.
Koch Brothers likes to champion themselves as crusaders against the welfare state. But a new report shows that they took $88 million of your taxpayer dollars while demanding that governments stop wasting taxpayer dollars. In total, $110 billion goes out to corporate welfare projects from state and local authorities. This does not even include money coming from federal sources.
Entitled “Subsidizing the Corporate One Percent,” the report from the taxpayer watchdog group Good Jobs First shows that the world’s largest companies aren’t models of self-sufficiency and unbridled capitalism. To the contrary, they’re propped up by billions of dollars in welfare payments from state and local governments.
Such subsidies might be a bit more defensible if they were being doled out in a way that promoted upstart entrepreneurialism. But as the study also shows, a full “three-quarters of all the economic development dollars awarded and disclosed by state and local governments have gone to just 965 large corporations”—not to the small businesses and startups that politicians so often pretend to care about.
In dollar figures, that’s a whopping $110 billion going to big companies. Fortune 500 firms alone receive more than 16,000 subsidies at a total cost of $63 billion.
Both in dollar terms and number of awards. In dollar terms, the biggest recipient by far is
Boeing, with a total of more than $13 billion, reflecting the giant deals it has gotten in Washington and South Carolina as well as more than 130 smaller deals around the country.
The others at the top of the cumulative subsidy dollar list are:
Alcoa ($5.6 billion), Intel ($3.9 billion), General Motors ($3.5 billion) and Ford Motor ($2.5 billion).
And Dow Chemical has the highest number of awards.
The company with the largest number of awards is Dow Chemical, with 416. Following it are Berkshire Hathaway (310), General Motors (307), Wal-Mart Stores (261), General Electric (255), Walgreen (225) and FedEx (222). Fortyeight companies have received more than 100 individual awards.
Koch Brothers likes to champion themselves as crusaders against the welfare state. But a new report shows that they took $88 million of your taxpayer dollars while demanding that governments stop wasting taxpayer dollars. In total, $110 billion goes out to corporate welfare projects from state and local authorities. This does not even include money coming from federal sources.
Entitled “Subsidizing the Corporate One Percent,” the report from the taxpayer watchdog group Good Jobs First shows that the world’s largest companies aren’t models of self-sufficiency and unbridled capitalism. To the contrary, they’re propped up by billions of dollars in welfare payments from state and local governments.
Such subsidies might be a bit more defensible if they were being doled out in a way that promoted upstart entrepreneurialism. But as the study also shows, a full “three-quarters of all the economic development dollars awarded and disclosed by state and local governments have gone to just 965 large corporations”—not to the small businesses and startups that politicians so often pretend to care about.
In dollar figures, that’s a whopping $110 billion going to big companies. Fortune 500 firms alone receive more than 16,000 subsidies at a total cost of $63 billion.
Both in dollar terms and number of awards. In dollar terms, the biggest recipient by far is
Boeing, with a total of more than $13 billion, reflecting the giant deals it has gotten in Washington and South Carolina as well as more than 130 smaller deals around the country.
The others at the top of the cumulative subsidy dollar list are:
Alcoa ($5.6 billion), Intel ($3.9 billion), General Motors ($3.5 billion) and Ford Motor ($2.5 billion).
And Dow Chemical has the highest number of awards.
The company with the largest number of awards is Dow Chemical, with 416. Following it are Berkshire Hathaway (310), General Motors (307), Wal-Mart Stores (261), General Electric (255), Walgreen (225) and FedEx (222). Fortyeight companies have received more than 100 individual awards.