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I hear so many people use the term "Corporate Welfare" and imply how terrible it is....but no one ever elaborates or explains WHY it's so terrible. I know adding the word "corporate" to anything makes it sound sinister (since Clinton and Obama have done an excellent job of vilifying corporations). But what are some specific examples of why corporate welfare is bad? Thanks.
to the Cato Institute, the U.S. federal government spent $92 billion on corporate welfare during fiscal year 2006. Recipients included Boeing, Xerox, IBM, Motorola, Dow Chemical, and General Electric. In a shorter version, corporate welfare consists of several things. here are the big 4: Tax breaks Tax Incentives Grants (loans that do not have to be paid back) and Bailouts Our government uses all of those things as incentives to create new businesses and encourage existing business to expand. Sometimes they loan or grant them money so they can stay in business. One of the main arguments against them is that businesses should succeed or fail on their own. And the govt should stop propping them up when they fall.
Corporate welfare is a term describing a government's bestowal of money grants, tax breaks, or other special favorable treatment on corporations. "Corporate welfare" creates an almost comical association between corporate subsidies and welfare payments to the poor, and implies that corporations are much less needy of such treatment than the poor. If I were to draw a cartoon to explain Corporate Welfare, it would be George Bush dressed as Robin Hood, stealing money from middle-income families & giving it to the mega-rich people who's company is having money trouble.... Because those are the ones that are recipients of Corporate Welfare; people that would rather bankrupt their company (or take a gov grant) than use their own riches to restore said company.
Well in some sense it's a subjective standard. So if you are not offended by giving a billionaire free money, while we have these huge budget deficits, then we are just in different moral universes... You asked for specifics of corporate welfare....How about farm subsidies which pay farmers NOT to plant crops? How about the notorious oil depletion allowance where companies, making 10 of billions of dollars of profits, are allowed to deduct some variable percentage of their gross income? Those are just two of the "smaller" examples of corporate welfare... The bottom line is, at a time when the government is bringing us into deficits 'as far as the eye can see' , to give money to people who don't need it, when, according to the UN Developmental program 2.4 billion people worldwide subsist on 2 dollars or less per day and 48 million people here in the US are uninsured...well to some of us that is simply obscene IF you are not offended by this, then explain to me your moral standard?
Tax dollars are given to private business some controlled by foreign governments. This expenditure is greater than welfare for American citizens. There's nothing in the Constitution about giving tax dollars to corporations.
Corporations who do the bulk of business with government , charge very high fees but use the connection gained through contributions to campaigns to get politicians to give them the contracts...it is previlant in the Military and other government ( tax payers billed ) industry. It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes… Everyman is equally entitled to protection under by the law; but when the laws undertake to add… artificial distinctions, grant titles, gratuities and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society- the farmers, mechanics and laborers-who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government. Andrew Jackson ( 7/10/1832) "The $150 billion for corporate subsidies and tax benefits eclipses the annual budget deficit of $130 billion. It's more than the $145 billion paid out annually for the core programs of the social welfare state: Aid to Families with Dependent Children (AFDC), student aid, housing, food and nutrition, and all direct public assistance (excluding Social Security and medical care)." --------------------------------------... "After World War II, the nation's tax bill was roughly split between corporations and individuals. But after years of changes in the federal tax code and international economy, the corporate share of taxes has declined to a fourth the amount individuals pay, according to the US Office of Management and Budget." --Boston Globe series on Corporate Welfare
The only thing bad with it, is the government has NO business subsidizing companies in a free market. They use this term loosley, but will never tell their followers that without companies, they could not fund their programs, so they instead would be for more "corporate welfare"
It returns money to certain companies . If you are not picked then you have not made your investors as much money as they have . The market is based on supply and demand and labor costs by favoring some companies over others you can control pricing on those items you collect the most tax from in the first place . You say I know people are going to hate you for raising prices but do it anyhow and we will make you richer .
It works like this. You pay taxes. The lobbyists get your government officials to give billions in profits to corporations. The corporations launder your tax dollars into Privatized dollars and contribute a substantial amount back to their cronies in new-york to get them re elected. Halliburton gave Cheney $20,000,000 of your tax money. He said it was great since it was a private company. Ike said Beware of the Military industrial complex. He should have also included Beware of the Government industrial complex. Sadly you get virtually nothing for the taxes you pay.
Corporate welfare is basically when the government gives corporations money to help their business. Corporate welfare by itself isn't bad, but when it's given by the government that is reluctant to give poor individuals welfare it becomes hypocritical. Republicans are guilty of this hypocrisy.
It is politicians giving special favors to selected industries or corporations, usually as a quid pro quo for campaign donations and votes. It is politicians meddling in the free market, trying to select winners and losers. They need to butt out.