Friday, July 13, 2012
Wednesday, February 16, 2011
Dil se......
Monday, December 14, 2009
Confronting corporate welfare
How did corporate welfare endure under a Republican congress and a Democrat president? According to Cato Institute analysts Stephen Moore and Dean Stansel, it came out of the budget debate relatively unscathed. Of the $19.5 billion budgeted for the 35 least defensible programs identified by the Cato Institute, Congress cut only $2.8 billion (or 15 percent) for FY96. Moore and Stansel found that many programs were reduced nominally or not at all. Meanwhile, although President Clinton called Secretary Reich's proposal an "attractive idea," he clearly articulated that he did not endorse cutbacks in benefits to business. In fact, Moore and Stansel found that the Clinton administration actually proposed increased spending in the 35 least defensible programs. And the White House vetoed Republican budget bills because Republican reductions in corporate subsidies were deemed too large.Secretary Reich's call to action was answered the following year with corporate welfare "white papers" issued by the libertarian Cato Institute, the centrist Progressive Policy Institute, and the liberal Center for Responsive Law and Essential Information. The reports' findings and recommendations were stunning. The Cato Institute identified 125 federal programs that subsidize business to the tune of $85 billion annually. The Progressive Policy Institute found 121 spending and tax subsidies benefiting specific industries that, if eliminated or reformed, would save $265.2 million over five years. Not to be outdone, the Center for Responsive Law and Essential Information's report uncovered 153 federal business welfare programs totaling $167.2 billion in taxpayer subsidies for Fiscal Year (FY) 1995.