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WELFARE PAYMENTS VS CORPORATE WELFARE/CRONY SUBSI
Last comment by PoliticsNation 1 year, 7 months ago.

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I'm tired of hearing complaints about Food stamps Social Security and TANF...A person on Welfare may receive 200.00 in food stamps or 300.00 for TANF. That's nothing compared to the welfare payments the mega companies receive.

Exhibit A appeared in Monday’s Wall Street Journal op-ed page, in which Charles Koch of Koch Brothers fame took out after crony capitalism and industrial policy.

“We are on dangerous terrain when government picks winners and losers in the economy by subsidizing favored products and industries,” Koch wrote. He further complained that government is currently “subsidizing and mandating politically favored products in the energy sector,” singling out “solar, wind and biofuels” for examples of sectors currently being helped out.

But not a word about oil and gas can be found in Koch’s litany of complaints. Could this be because Koch Industries, of which Koch is chairman and CEO, was originally and is still primarily an oil-refining and pipeline company, though it has also diversified into such fields as paper, asphalt, chemicals, cattle ranches, commodity trading, and buying elections? A study by the Environmental Law Institute has tallied the amount of U.S. subsidies to the fossil fuel industry between 2002 and 2008 at roughly $72 billion. Earlier this year, President Obama called for ending the subsidies to oil companies, but a bill by Senator Robert Menendez (D-N.J.) to do just that failed to muster the 60 votes required to surmount the cloture barrier this summer (it got 51 votes). Though Koch Industries spent more than $50 million on its lobbying efforts in Washington from 2006 and 2011, according to the Center for Responsive Politics, there’ s been no report of it lobbying for Menendez’s bill to end the government’s subsidy to the oil industry.

Koch’s hypocrisy isn’t his alone. It epitomizes the double standard of right-wing opponents of industrial policy who neglect to note all the industrial policies that benefit either their own industries (if they’re oil men, bankers, military contractors, and so on) or the industries that write them checks (if they’re politicians who are funded by oil men, bankers, military contractors, and so on). The oil depletion allowance is industrial policy, lowering the tax bills of such behemoths as Exxon-Mobil at a time when public needs and the deficit are soaring. The exclusion of derivatives from regulation, which banks insisted on over the cautionary objections of Clinton administration Commodities Futures Trading Commission chief Brooksley Born, was industrial policy, benefiting the banks while imperiling, and eventually bringing down, the entire economy. Congressional appropriations for military hardware that the Pentagon neither wants nor needs is industrial policy. The fact that 27 nations have treaties with the U.S. that enable their residents to avoid any U.S. taxation of their casino winnings is industrial policy that brings in millions, if not billions, in high-roller business to such GOP mega-donors as Sheldon Adelson and Steve Wynn. You get the picture.

http://prospect.org/article/koch-its-only-crony-capitalism-when-i-dont-benefit


Latest Activity: Mar 06, 2013 at 9:54 AM


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JimmyMack commented on Wednesday, Mar 06, 2013 at 12:04 PM

Hear, Hear!!! Where you been hidin brother man? Good stuff! Keep it comin'.

PoliticsNation commented on Wednesday, Mar 06, 2013 at 12:22 PM

Hello Jimmy Mack. I'm back and glad to see the blog family still alive and well. Healthy dialogue is good for the soul.

timeontarget commented on Thursday, Mar 07, 2013 at 06:13 AM

Welfare of corporate agriculture should also have some light put on it.

I was told just yesterday that a wealthy local tree farmer (who is on governmental disability from a job he held briefly as a young man) recently clear cut a huge tract just out of town, and it is rumored that he is applying for a federal grant to replant because of his disability.

timeontarget commented on Thursday, Mar 07, 2013 at 06:24 AM

And tree farmers enjoy a tremendous advantage on their ad valorem tax advantage.

I don't have a problem with giving owner operated tree farmers an advantage but the corporate giants get the same advantage.

International paper company until they started selling off the farms owned over a million acres in Georgia alone.

PoliticsNation commented on Thursday, Mar 07, 2013 at 07:26 AM

Good info. Is the federal grant only open to farmers with a disability?

Funkentelecky commented on Thursday, Mar 07, 2013 at 15:00 PM

Politicsnation,

Why don’t you expose the gross crony capitalism and subsidies by President Obama and his green jobs failed agenda? Here are 3 lists of failed green jobs and billions wasted headed by Solyndra and Abound Solar all back by the President.

http://blog.heritage.org/2012/10/18/p...

http://www.dividedstates.com/list-of-...

http://dailycaller.com/2012/10/30/as-...

If we are to get our country back to prosperity we have to challenge every avenue of corruption.

Giving any subsidies in general are bad and even worse when there is no profit from it; however Exxon Mobil made a record profit of 15.9B in the 2nd Qtr 2012. 7.5B were from divestments and tax related items partly from the sale of refining and chemical operations in Japan. Excluding the special credit the company made 8.4B. The total Revenue made was 127B minus 12% profits and taxes paid leaves approximately 85B the company spent on hiring for jobs, exploration, drilling which overall is giving back and creating wealth. See it here.

http://money.cnn.com/2012/07/26/news/...

Can you explain you explain how the Presidents green jobs and additional 17M on food stamps are creating wealth?

mountain commented on Thursday, Mar 07, 2013 at 15:26 PM

Don't forget the voters in Georgia voted to give the corporate land owners a tax break years ago.

That's why everyone should read before they cast their vote.

HMJC commented on Thursday, Mar 07, 2013 at 15:55 PM

The failed "green" companies is yet another expensive failure that obama seems to get a pass on. I wonder what it is going to take for our country to sober up and look at what is/is not right in front of us...

Funkentelecky commented on Thursday, Mar 07, 2013 at 20:20 PM

PoliticsNation, WRU?

PoliticsNation commented on Thursday, Mar 07, 2013 at 20:26 PM

I'm here Funkentelecky...Taking it all in....your on a roll tonight.


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