Often at BenSwann.com we have headlines about the abuse of social welfare programs. Make no mistake, there is much abuse of social welfare programs. But the form of welfare the receives much less discussion… corporate welfare.
According to a new report, the federal government spent $59 Billion on social welfare programs in 2006. While that number is high, it is nearly half of the taxpayer dollars given to assist corporations. That number, a staggering $92 Billion.
Huge, and likely profitable corporations, were able to get tax breaks for themselves, as well as some receive direct spending from the Federal Government.
According to the report, Think by Numbers, the definition of corporate welfare isn’t even lucrative no-bid contracts for defense contractors, but just the massive subsidies offered by the Feds to industries such as coal, wind, ethanol and oil.
For instance “…the $15 billion in subsidies contained in the Energy Policy Act of 2005, to the oil, gas, and coal industries, would be considered corporate welfare because no goods or services are directly returned to the government in exchange for these expenditures.”
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