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Cutting Corporate Welfare Queens Off from the Dole Would be the Best Way to Cut the Debt

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TOO BIG TO JAIL DOUCHE BAG
Welfare Queen by
William Banzai

 

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:

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:

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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.

(Indeed, the Federal Reserve threw money at hedge funds, McDonald's, Harley-Davidson, "several billionaires and tens of multi-millionaires", including  Christy Mack, the wife of Morgan Stanley's John Mack, billionaire businessman H. Wayne Huizenga, and Michael Dell, co-founder of Dell Computer, hedge fund manager John Paulson and private equity honcho J. Christopher Flowers.)

The liberal Huffington Post reports that corporate welfare dwarfs individual welfare:

 

Welfare Spending Nearly Half What U.S. Forked Out In Corporate Subsidies In 2006: Study

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Welfare queens may actually look more like giant corporations.

***

Charles Koch, the CEO of Koch Industries, argued in a Wall Street Journal op-ed earlier this month that crony capitalism is a "destructive force" for business and government. [Both conservatives and liberals hate crony capitalism.]

Conservative Senator Tom Coburn has documented that many wealthy and famous people receive huge tax and other subsidies.

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http://www.WashingtonsBlog.com

G. Washington is the publisher of Washington's Blog.

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For this great article, this great compilation of ... by Don Caldarazzo on Thursday, Mar 14, 2013 at 8:08:03 AM