Monday, August 13, 2012

Cut big business’s corporate welfare

With the federal government closing in on its fourth consecutive budget deficit in excess of $1 trillion, the national debt is hurtling toward dangerous levels. If the nation is to avert a debt crisis, federal policymakers need to aggressively balance revenues. Business subsidies, or “corporate welfare,” are a good place to start.
A new study from the Cato Institute estimates that the federal government will spend almost $100 billion on corporate welfare this year. That includes direct and indirect subsidies to small businesses, large corporations and industry organizations. These subsidies are handed out from programs in many departments, including the departments of Agriculture, Commerce, Energy, and Housing and Urban Development.
Americans are sick and tired of crony capitalism, which should make business subsidies ripe for cutting. Indeed, the federal government’s bailout of the financial industry has galvanized the public’s perception that business interests enjoy disproportionate political favor. A 2010 Pew Research Center/National Journal poll found that only 13 percent would be more likely to vote for a candidate who supported federal loans to banks, while 46 percent said they would be less likely.

Read more: http://www.washingtontimes.com/news/2012/aug/9/cut-big-businesss-corporate-welfare/

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