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The Real Welfare Problem: Government Giveaways to the Corporate 1%

by John Atcheson


While Romney and Ryan lie about welfare (and just about everything else), and Obama and the Democrats demurely mumble objections, there is a real welfare horror story going on in America.
But it’s not about welfare queens vs hard working whites; its not about race or ethnic divisions; it’s not about any of the standard Republican bait and switch, divide and conquer BS.
It’s about handouts to the uber-rich and the corporations.
Bottom line: if you’re a Fortune 500 company or a member of the wealthiest 1%, you’re getting welfare, and a hell of a lot of it.
If you’re one of the dreaded entitlement crowd – which, if you include social security and Medicare, is the vast majority of the remaining 99% — you’re getting chicken feed, and the Republicans want to take even this meager sustenance away.
Let’s run the numbers.
Corporate Subsidies: We spend $59 billion on social welfare programs, but more than $92 billion on corporate subsidies.  According to the Environmental Law Institute, fossil fuel industries alone get more than $70 billion in subsidies, with most going to the oil and gas sector.  Yeah, we certainly can’t afford to deprive Exxon of its record profits just to give money to needy kids.
Sheltering Off-Shore Profits: Corporations are given $58 billion a year in tax breaks for “deferred” taxes for off shore profits.  Yep.  Sure want to encourage US companies to hide profits off-shore. Can you say “job creators?”
(click through for more)

The Real Welfare Problem: Government Giveaways to the Corporate 1%

While Romney and Ryan lie about welfare (and just about everything else), and Obama and the Democrats demurely mumble objections, there is a real welfare horror story going on in America.

But it’s not about welfare queens vs hard working whites; its not about race or ethnic divisions; it’s not about any of the standard Republican bait and switch, divide and conquer BS.

It’s about handouts to the uber-rich and the corporations.

Bottom line: if you’re a Fortune 500 company or a member of the wealthiest 1%, you’re getting welfare, and a hell of a lot of it.

If you’re one of the dreaded entitlement crowd – which, if you include social security and Medicare, is the vast majority of the remaining 99% — you’re getting chicken feed, and the Republicans want to take even this meager sustenance away.

Let’s run the numbers.

Corporate Subsidies: We spend $59 billion on social welfare programs, but more than $92 billion on corporate subsidies.  According to the Environmental Law Institute, fossil fuel industries alone get more than $70 billion in subsidies, with most going to the oil and gas sector.  Yeah, we certainly can’t afford to deprive Exxon of its record profits just to give money to needy kids.

Sheltering Off-Shore Profits: Corporations are given $58 billion a year in tax breaks for “deferred” taxes for off shore profits.  Yep.  Sure want to encourage US companies to hide profits off-shore. Can you say “job creators?”

(click through for more)

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