A report from the taxpayer watchdog group, Good Jobs First, shows that socialism for the rich is alive and well.
According to the report, some of the wealthiest corporations in the world are propped up by billions of dollars of corporate welfare payments from state and local governments.
The study says that “three-quarters of all the economic development dollars awarded and disclosed by state and local governments have gone to just 965 large corporations,” not to the small businesses that conservatives claim to be in support of.
Entitled “Subsidizing the Corporate One Percent,” the study claims that thanks to its “Subsidy Tracker database,” is it now possible to “estimate the share of total state and local economic development awards going to the largest corporations.”
“We can also for the first time identify which companies have received the most cumulative awards, both in dollar terms and number of awards,” the studies authors write.
[box type=”shadow”]“In dollar terms, the biggest recipient by far is Boeing, with a total of more than $13 billion, reflecting the giant deals it has gotten in Washington and South Carolina as well as more than130 smaller deals around the country. The others at the top of the cumulative subsidy dollar list are: Alcoa ($5.6 billion), Intel ($3.9 billion), General Motors ($3.5 billion) and Ford Motor ($2.5 billion). A total of 17 companies have received cumulative subsidy awards worth more than $1 billion; 182 have received awards of $100 million or more.”[/box]
Of course, if these subsidies were going to poor Americans, they’d be slammed by conservative voices. But since they’re being funneled to the one percent, they’re praised as job-creating incentives.
The Good Jobs First report is yet another light which exposes GOP hypocrisy when it comes to their definition of “dependency.” The infamous Koch Brothers bill themselves as free-market libertarians, championing the self-made ideals that supposedly guided them to their present-day success. But they themselves have benefitted from more than $88 million in government handouts.
The study concludes that “large corporations account for an overwhelming share of the tax breaks and cash grants state and local governments have given out in the name of job creation.”
Read the entire report here.
h/t: In These Times