As you read this keep in mind that the Government has yet to fund continuing unemployment compensation, has cut Food Stamps and is looking for a way to limit Social Security but seems to have no constraint in dishing out BILLIONS for Corporate Welfare recipients —
No matter what else he achieves or where he falls short, Barack Obama can lay claim to the title of King of Corporate Subsidies.
Using any of a variety of measures, the Obama administration has broken all records in the distribution of taxpayer dollars to American businesses, primarily banks, automobile manufacturers and insurance companies.
The tidal wave of dollar bills has stunned folks on all sides of the political spectrum.
David Arkush, director of Ralph Nader’s Public Citizen’s Congress Watch, told the Huffington Post, “In the form they have taken to date, the bailouts appear to be classic corporate welfare: As best we can tell, the government is giving astonishing amounts of money to private corporations and demanding far too little in return.”
“Forget corporate welfare,” said Leslie Paige, media director of Citizens Against Government Waste, in an email to the Huffington Post: “We are now seeing full-scale corporate adoption.”
While conservative critics of traditional welfare payments to single mothers have bitterly complained about the flow of federal money to the “undeserving poor,” the checks, loan guarantees and other subsidies flying out the door of the Treasury, Federal Reserve and Federal Deposit Insurance Corporation dwarf the Temporary Assistance for Needy Families (TANF) program — a.k.a welfare for poor people — which, by the standards of AIG and Citicorp, get chump change: $23.2 billion this year.
The new Corporate Welfare – including the Troubled Asset Relief Program (TARP); the Public-Private Investment Program (PPIP); FDIC Temporary Liquidity Guarantees (TLG); the Targeted
Investment Program (TIP); the Term Asset-Backed Securities Lending Facility (TALF) etc., etc. — goes to corporations that are principal players in the financial practices that contributed to the worst economic downturn since the Great Depression. These corporations include — but are by no means limited to — Bank of America, Citigroup, Wells Fargo, AIG, Morgan Stanley, J.P. Morgan, Sun Trust, State Street, U.S. Bancorp, PNC Financial Services, Capital One Financial Corp, American Express, Chase Home Finance, Countrywide, and GMAC Mortgage.
LET’S END CORPORATE WELFARE AS THEY KNOW IT