SchwartzReport: $1.2 Trillion in USG Corporate Welfare

01 Poverty, 03 Economy, 07 Other Atrocities, 10 Transnational Crime, 11 Society, Commerce, Corruption, Government
Stephan A. Schwartz
Stephan A. Schwartz

This kind of report should engender outrage. We can not feed little children nor care properly for the poor and disabled. But welfare for corporations knows no bounds. It is absolutely mad, and it is destroying us. Most of us are aware that the government gives mountains of cash to powerful corporations in the form of tax breaks, grants, loans and subsidies–what some have called “corporate welfare.” However, little has been revealed about exactly how much money Washington is forking over to mega businesses. Until now.

New Report: Fortune 100 Companies Have Received a Whopping $1.2 Trillion in Corporate Welfare Recently
AARON CANTÚ – AlterNet (U.S.)

A new venture called Open the Books, based in Illinois, was founded with a mission to bring transparency to how the federal budget is spent. And what they found is shocking: between 2000 and 2012, the top Fortune 100 companies received $1.2 trillion from the government. That doesn’t include all the billions of dollars doled out to housing, auto and banking enterprises in 2008-2009, nor does it include ethanol subsidies to agribusiness or tax breaks for wind turbine makers.

What Open the Book’s forthcoming report [3] does reveal is that the most valuable contracts between the government and private firms were for military procrument deals, including Lockheed Martin ($392 billion), General Dynamics ($170 billion), and United Technologies ($73 billion).