As the governments of the world have been implementing austerity measures slashing public assistance and firing public employees, a think tank in the U.K., the Overseas Development Institute, has calculated the subsidies these very same governments give to the coal and oil industries.
Worldwide “Welfare” for Coal Barons and Oily Corporateers totals about $ 500 BILLION a year. This is money taken from taxpayers, and unsubsidized businesses, and given to industries which are already exorbitantly profitable. This isn’t being cut, indeed the Seniors and working families who are losing food and housing assistance will still be tapped to pony up to support the SuperRich who own oil and coal stocks.
Besides the effect of busting national budgets, the subsidy of fossil fuel companies also screws over the holy marketplace and aggravates the continued burning of excess carbon into an ecosystem which is perilously close to tipping over into a climate apocalypse.
The report can be found at http://www.odi.org.uk/sites/odi.org.uk/files/odi-assets/publications-opinion-files/8668.pdf