Corporate Welfare

Thoughts on a Free Market Economy…
“Corporate Welfare”
By Phyllis Hunsinger
October 1, 2016
Welfare as identified in this discussion is defined as financial support given to people in need. Often people receiving public assistance in any form are accused of taking advantage of the system, despite the fact that many people desperately need help. However, the amount of welfare funds given to individuals qualifying for public assistance pales in comparison to the amount of money given to another type of welfare: assistance to big business or corporate welfare.
Corporate welfare is the government support or subsidy of private business. According to the Cato Institute, in 2002 corporate welfare was $92 billion. The report said that corporate welfare is buried throughout the federal budget and therefore makes it difficult for taxpayers to learn which firms are receiving their hard earned taxes.
Sam Becker, in “The CheatSheet” on May 7, 2015, took the data from Good Jobs First report issued in 2014 and identified the top eight companies receiving corporate welfare and the amount of subsidies:
#1: Boeing – $13.18 Billion
#2: Alcoa – $5.64 Billion
#3: Intel – $3.87 Billion
#4: General Motors – $3.58 Billion
#5. Ford – $2.52 Billion
#6 Fiat Chrysler Automobiles – $2.06 Billion
#7.Royal Ditch Shell – $2.04 Billion
#8 Nike – $2.03 Billion

The data in the 2014 Good Jobs First report, cited by Mr. Becker, shows that roughly 75% of disclosed subsidy dollars have gone to 965 big companies with the total amount of subsidies being at least $110 Billion.

Marc Davis in Investopedia identified the top three industries that receive the bulk of the subsidized funding provided by taxpayer dollars: (1) Energy Sector; (2) Agriculture; and (3) Transportation.

A report by the Economist on February 14, 2015, noted that American farm subsidies are egregiously expensive, harvesting $20 Billion a year from taxpayers’ pockets.

Since the United States at present owes over $19 Trillion, a good place to start trimming the bloated Federal budget is the horrific amount of money spent needlessly on welfare. Welfare abuse by individuals is wrong and those guilty should be punished. Corporate welfare is a travesty being perpetrated on the American taxpayer and should be eliminated., Phyllis Hunsinger © 2013 All Rights Reserved

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