28 Aug 2021
You may have heard Republicans in Congress complain that the Democrats’ agenda is filled with frightening “socialist” policies.
We have socialism in this country, but these are not the policies of the Democrats. True socialism is well-being of companies.
Thousands of large U.S. corporations rake in billions each year in government grants, bailouts, and tax loopholes – all taxpayer-funded, and all of them contribute to the rise in stock prices for the richest 1% who own half the money. stock market, as well as CEOs and other senior executives who are paid largely in stocks.
Big Tech, Big Oil, Big Pharma, defense contractors, and big banks are the biggest beneficiaries of corporate welfare.
How? ‘Or’ What? Follow the money. These companies and their business groups spend hundreds of millions each year on lobbying and campaign contributions. Their influence peddling is paying. The return on these political investments is enormous. It is institutionalized corruption.
An even more insidious example is that of companies failing to pay their employees a living wage. As a result, their workers must rely on programs like Medicaid, social housing, food stamps and other safety nets. Which means you, me, and other taxpayers are indirectly subsidizing these companies, allowing them to enjoy even higher earnings and stock prices for their wealthy investors and executives.
Not only does corporate welfare take money away from us as taxpayers. It also hurts small businesses, which have a harder time competing with the larger businesses that get these grants. Everyone loses except those at the top.
It’s more socialism for the rich, hard capitalism for others.
It should be finished.
Republished with permission from Robert Reich’s blog.