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News & Politics News & Politics

Want to cut the debt? Try cutting off the corporate welfare queens

Posted by on Mar. 15, 2013 at 7:06 PM
  • 21 Replies
1 mom liked this

Want to cut the debt? Try cutting off the corporate welfare queens



Click to enlarge

In previous installments, we’ve noted that we could more than offset the need for the “sequestration” budget cuts by doing any one or combination of the following:

Ending massive subsidies to the giant banks
Reducing fraud and waste
Ending the failed drug war
Ending subsidies to the nuclear industry
Stopping the counter-productive quantitative easing by the Fed
Here’s another way to offset the need for budget cuts: cut off the welfare queens. (Jamie Dimon – shown above- and the other Wall Street queens are the largest recipients of welfare.)

Liberals and conservatives agree that we should stop subsidizing the fatcats. For example, the conservative Cato Institute points out that corporate welfare amounts to almost $100 billion per year. Cato notes:

Corporate welfare often subsidizes failing and mismanaged businesses and induces firms to spend more time on lobbying rather than on making better products. Instead of correcting market failures, federal subsidies misallocate resources and introduce government failures into the marketplace.

While corporate welfare may be popular with policymakers who want to aid home-state businesses, it undermines the broader economy and transfers wealth from average taxpaying households to favored firms. Corporate welfare also creates strong ties between politicians and business leaders, and these ties are often the source of corruption scandals in Washington.Americans are sick and tired of “crony capitalism,” and the way to solve the problem is to eliminate business subsidy programs.

Cato also notes:

The federal government continues to subsidize some of the biggest companies in America. Boeing, Xerox, IBM, Motorola, Dow Chemical, General Electric, and others have received millions in taxpayer-funded benefits …. In addition, the federal crop subsidy programs continue to fund the wealthiest farmers.

RTFA for sufficient detail about federal subsidies to country club crony capitalists to melt your brain. If anyone in Congress had a conscience or something even vaguely approaching ethical standards – this would have been resolved long ago. Some of this crap results from “temporary” measures put in place 20 years ago and never rescinded.

by on Mar. 15, 2013 at 7:06 PM
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Replies (1-10):
Sisteract
by Socialist Hippie on Mar. 15, 2013 at 10:02 PM
Absolutely.
Posted on the NEW CafeMom Mobile
grandmab125
by Platinum Member on Mar. 15, 2013 at 10:33 PM
5 moms liked this

 Gee, did you not understand the Dodd-Frank Bill?  You know the one written, passed and signed by dems.  They invented the "too big to fail" mentality about banks.

Where is your indignity that the Obama admin did absolutely nothing to the execs of the Wall Street banks that encouraged the housing crisis?  And while all of that was happening, Barney Frank was on Bill O'Reilly's show saying that everything was fine with the banks, and that they were a good investment for people to put their money in.

But then again, you can't completely blame them, it all goes back to Carter and his Fair Housing Act.  Then Billy boy killed the Glass/Segal act, and signed the bill allowing bundling.....

And, by the way, Obama is the biggest capitalist chronie out there.  He pays off his corporate donors big time.

Friday
by Platinum Member on Mar. 15, 2013 at 10:36 PM
4 moms liked this

Don't be ridiculous, they are 'job creators' the govt has to support them.

Seriously, I agree. I see so many talking about how great Capitalism is but we don't have much of it. Many big corps are Capitalist on profits and Socialist on losses and they pay our govt to keep it that way.

 


Thank God......it's Friday!!!

DianeRyd
by Member on Mar. 15, 2013 at 11:33 PM

I say we cut the debt by stopping the welfare we give to farmers.  Getting rid of farm subsidies will help reduce debt

Sisteract
by Socialist Hippie on Mar. 15, 2013 at 11:38 PM

Yep

Quoting Friday:

Don't be ridiculous, they are 'job creators' the govt has to support them.

Seriously, I agree. I see so many talking about how great Capitalism is but we don't have much of it. Many big corps are Capitalist on profits and Socialist on losses and they pay our govt to keep it that way.


Friday
by Platinum Member on Mar. 15, 2013 at 11:41 PM
1 mom liked this


Quoting DianeRyd:

I say we cut the debt by stopping the welfare we give to farmers.  Getting rid of farm subsidies will help reduce debt

Large corporate farms, yes. I'm not so sure about smaller size operations. I have family who are farmers and they don't have the wiggle room that corp farms have. One bad season or need to lie fallow can destroy them.

 


Thank God......it's Friday!!!

nanaofsix531
by Platinum Member on Mar. 16, 2013 at 2:29 PM

Yes I understand all of what you wrote and that was why I posted this.Is there a reason why you find fault with everything I post even when it is in line with your thinking?

Quoting grandmab125:

 Gee, did you not understand the Dodd-Frank Bill?  You know the one written, passed and signed by dems.  They invented the "too big to fail" mentality about banks.

Where is your indignity that the Obama admin did absolutely nothing to the execs of the Wall Street banks that encouraged the housing crisis?  And while all of that was happening, Barney Frank was on Bill O'Reilly's show saying that everything was fine with the banks, and that they were a good investment for people to put their money in.

But then again, you can't completely blame them, it all goes back to Carter and his Fair Housing Act.  Then Billy boy killed the Glass/Segal act, and signed the bill allowing bundling.....

And, by the way, Obama is the biggest capitalist chronie out there.  He pays off his corporate donors big time.


NWP
by Guerilla Girl on Mar. 16, 2013 at 5:55 PM
3 moms liked this

I am always curious as why some so fixated on a divided argument instead of facing the reality of our failing system?

I am on the left when it comes to social issues like women's rights and gay marriage, but beyond that I have a very clear vision of the reality of the corporate control of our government system. Arguments like these below, created for the sheer intention of pointing fingers to the "other side" do absolutely NOTHING to move the conversation forward.

Did you ever stop to think there may be a reason that POV's like yours are encouraged by the powers that be?

Quoting grandmab125:

 Gee, did you not understand the Dodd-Frank Bill?  You know the one written, passed and signed by dems.  They invented the "too big to fail" mentality about banks.

Where is your indignity that the Obama admin did absolutely nothing to the execs of the Wall Street banks that encouraged the housing crisis?  And while all of that was happening, Barney Frank was on Bill O'Reilly's show saying that everything was fine with the banks, and that they were a good investment for people to put their money in.

But then again, you can't completely blame them, it all goes back to Carter and his Fair Housing Act.  Then Billy boy killed the Glass/Segal act, and signed the bill allowing bundling.....

And, by the way, Obama is the biggest capitalist chronie out there.  He pays off his corporate donors big time.


Neon Washable Paint

NWP
by Guerilla Girl on Mar. 16, 2013 at 5:57 PM

Double yep.

Quoting Sisteract:

Yep

Quoting Friday:

Don't be ridiculous, they are 'job creators' the govt has to support them.

Seriously, I agree. I see so many talking about how great Capitalism is but we don't have much of it. Many big corps are Capitalist on profits and Socialist on losses and they pay our govt to keep it that way.



Neon Washable Paint

SallyMJ
by Ruby Member on Mar. 16, 2013 at 6:27 PM
5 moms liked this

Should have cut this off a long time ago.

1) Cut corporate welfare already.

2) Add back welfare work requirement initiated by Clinton, continued by GWB, but discontinued by O - which had resulted in 50% of welfare recipients in jobs and off welfare, and 65% of kids coming out of poverty - the highest percentage since LBJ's Great Society. 

3) And STOP giving TAXPAYER money to unproven "green energy" companies that don't even know how to run a business. Typically, they go bankrupt within a year of receiving stimulus money, and presumably, the owners walk away with millions. 

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