Libs, are you embarrassed by the amount of corporate welfare by Democrats?

From Thomas Edsall of the Huffington Post.

No matter what else he achieves or where he falls short, Barack Obama can lay claim to the title of King of Corporate Subsidies.

Using any of a variety of measures, the Obama administration has broken all records in the distribution of taxpayer dollars to American businesses, primarily banks, automobile manufacturers and insurance companies.

The tidal wave of dollar bills has stunned folks on all sides of the political spectrum.

David Arkush, director of Ralph Nader's Public Citizen's Congress Watch, told the Huffington Post, "In the form they have taken to date, the bailouts appear to be classic corporate welfare: As best we can tell, the government is giving astonishing amounts of money to private corporations and demanding far too little in return."

"Forget corporate welfare," said Leslie Paige, media director of Citizens Against Government Waste, in an email to the Huffington Post: "We are now seeing full-scale corporate adoption."

While conservative critics of traditional welfare payments to single mothers have bitterly complained about the flow of federal money to the "undeserving poor," the checks, loan guarantees and other subsidies flying out the door of the Treasury, Federal Reserve and Federal Deposit Insurance Corporation dwarf the Temporary Assistance for Needy Families (TANF) program -- a.k.a welfare for poor people -- which, by the standards of AIG and Citicorp, get chump change: $23.2 billion this year.

The new Corporate Welfare - including the Troubled Asset Relief Program (TARP); the Public-Private Investment Program (PPIP); FDIC Temporary Liquidity Guarantees (TLG); the Targeted

Investment Program (TIP); the Term Asset-Backed Securities Lending Facility (TALF) etc., etc. -- goes to corporations that are principal players in the financial practices that contributed to the worst economic downturn since the Great Depression. These corporations include -- but are by no means limited to -- Bank of America, Citigroup, Wells Fargo, AIG, Morgan Stanley, J.P. Morgan, Sun Trust, State Street, U.S. Bancorp, PNC Financial Services, Capital One Financial Corp, American Express, Chase Home Finance, Countrywide, and GMAC Mortgage.

5 Answers

  • 1 decade ago
    Favorite Answer

    More angry than embarrassed, and by Republicans too. Even as a liberal, it begins to look like I have more in common with some libertarians than with Republicans or Democrats when it comes to corporate welfare.

  • 4 years ago

    C. None of the above!!! Corporate Welfare tells businesses that they can do whatever dumb crap they want, and their status as "too large to fail" gets them a bailout, consequence-free. You want to see some cutting? Start with Social Security and Medicare. The duffers on the dole nowadays KNEW that the system wasn't gonna be viable if left to the funding model of pay-as-you-go back in the eighties or before, but they kept quiet and elected more of the same idiots. (Like Reagan!!! The supreme deity of the GOP wrought untold damage. Savings and Loan bailout? You think that that comes without the deregulation that led to a market failure due to the speculative nature of how they ran things?? Bush Jr., same thing. Housing boom/bust happened on his watch. He's just as much to blame as the Dems who pushed for relaxed standards that led to the housing boom/bust.) Then, add to the good with taxes that get back to sane. If the whiny CEOs want bigger bonuses, be BETTER AT BUSINESS!!!! Any businesses try and pack up and run to some tax-shelter banana republic? There's a tariff for that.

  • 1 decade ago

    Yes. Although I do believe that in the current climate some of these bailouts are necessary - I just hope they can be administered effectively and efficiently on a short term basis.

  • 1 decade ago

    So called "conservative' republican bush is the one that signed the corporate welfare "bailout" last year.

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  • 1 decade ago

    It saddens me, yes, but it does not embarass me.

    I am a Liberal, not necessarily a Democrat, so that I don't feel embarassed by what any politician does.

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