Tag Archives: corporate welfare

Trump approves construction of big-government "Keystone XL" corporate welfare boondoggle

Source: CNBC

"President Donald Trump on Friday approved the construction of the Keystone XL pipeline linking Canadian oil sands to U.S. refiners, a project blocked by former President Barack Obama. TransCanada said earlier in the day the U.S. Department of State had issued a presidential permit for the project." (03/24/17)

http://www.cnbc.com/2017/03/24/transcanada-gets-presidential-permit-to-construct-the-keystone-xl-pipeline.html

Keystone corporate welfare boondoggle won't use US steel despite Trump pledge

Source: Raleigh News & Observer

"The Keystone XL oil pipeline won't use American steel in its construction, despite what President Donald Trump says. White House spokeswoman Sarah Huckabee Sanders said Friday that's due to language in a presidential directive Trump issued in January. The directive applies to new pipelines or those under repair. Sanders said it would be hard to do an about-face on Keystone because it's already under construction and the steel has been acquired. Trump said as recently as last week that Keystone and the Dakota Access pipeline must use American steel 'or we're not building one.'" (03/04/17)

http://www.newsobserver.com/news/business/article136334423.html

 

Small Target, big subsidy

Source: Common Sense
by Paul Jacob

"Something has gone wrong when, to get a tenant to move into an empty space in your prime-location building, you need a $4 million subsidy. And when I say 'prime location,' I’m not engaging in Trumpian over-statement. The downtown Denver, Colorado, property location sees over 35,000 pedestrians per day … and that's with the primo slot empty. But to get that slot filled, the owners have negotiated with the city government to nab a $2 million 'incentive' to fix the place up for Target …. Oh, and another $2 million for 'operational' costs, which seems to be some kind of a loan to be paid back from taxes to be collected — and shared by the city for 20 years with the owners." (03/01/17)

http://thisiscommonsense.com/2017/03/01/small-target-big-subsidy/

The great hypocrisy of libertarians and conservatives

Craig Cantoni

Source: Libertarian Institute
by Craig Cantoni

"It's nearly impossible in the modern social-welfare state for a believer in limited government (aka limited coercion and theft) not to be a hypocrite. Take Social Security and Medicare. After being forced to pay into the programs over a working life, most people can't afford to walk away from program benefits upon retirement, even if they disagree with the entitlement programs on principle. Besides, walking away would not result in the demise of the programs. Or take taxes. Even if taxes are used for immoral or nefarious purposes, sticking to principles by not paying taxes would only result in imprisonment. But there is one arena of big government where it is easy to stick to principles and not be a hypocrite: the arena of government-subsidized sports arenas. … Yet most libertarians and conservatives patronize pro sports, by either attending games or watching on TV." (02/16/17)

https://www.libertarianinstitute.org/2017/02/great-hypocrisy-libertarians-conservatives/

Cut corporate taxes and corporate welfare

Source: Cato Institute
by Chris Edwards, Romina Boccia & Tom Schatz

"President Donald Trump is prioritizing major tax reforms, including a large corporate tax rate cut. The cut has broad support and promises to spur growth, but it will face political opposition if it widens the already rising budget deficit. As such, President Trump would do well to pair his corporate tax cut with a cut in 'corporate welfare' spending." (02/03/17)

https://www.cato.org/publications/commentary/cut-corporate-taxes-corporate-welfare

Congress takes steps to renew Farm Bill boondoggle

Source: Reason
by Baylen Linnekin

"Perhaps wary of the fact that it took years to pass the most recent Farm Bill in 2014, Congress has already moved to begin deliberations over the next five-year bill, which would likely become law in 2018. The U.S. Senate Agriculture Committee will hold its first hearing on the upcoming Farm Bill in Kansas later this month. The Farm Bill is perhaps best known for handing billions of dollars of taxpayer money to a small number of the shrinking percentage of Americans who farm. Pres. Franklin Roosevelt's agriculture [secretary] Henry Wallace pitched payments to farmers during the Great Depression as 'a temporary solution to deal with an emergency.' The emergency — the Depression — ended around the same year that my grandparents went to prom. But the subsidies remain. In fact, they've only mushroomed in the decades since their adoption." (02/04/17)

http://reason.com/archives/2017/02/04/congress-takes-steps-to-renew-farm-bill

FCC reverses addition of nine companies to Internet access welfare program

Source: Washington Post

"Regulators are telling nine companies they won't be allowed to participate in a federal program meant to help them provide affordable Internet access to low-income consumers — weeks after those companies had been given the green light. The move, announced Friday by FCC Chairman Ajit Pai, reverses a decision by his Democratic predecessor, Tom Wheeler …. The program, known as Lifeline, provides registered households with a $9.25-a-month credit, which can then be used to buy home Internet service. As many as 13 million Americans may be eligible for Lifeline that do not have broadband service at home, the FCC has found. Roughly 900 service providers participate in the Lifeline program." [editor's note: Is the purpose of this program REALLY to "provide Internet access to the poor," or is it just to find a way to give — as of 2014 — $1.6 billion per year to politicians' corporate cronies? And does the purpose matter? – TLK] (02/03/17)

https://www.washingtonpost.com/news/the-switch/wp/2017/02/03/the-fcc-is-stopping-9-companies-from-providing-subsidized-broadband-to-the-poor/

A developer's market

Source: Show-Me Institute
by Graham Renz

"The Delmar Loop is one of the most vibrant areas in the Saint Louis region. It's even been listed as 'one of 10 Great Streets in America.' On any given day or evening, sidewalks and storefronts bustle with activity in the popular University City neighborhood. Yet policymakers seem convinced that development won't happen in the Loop without taxpayer subsidies. As the St. Louis Post-Dispatch reports, a $26 million multi-use development planned for a busy intersection in the Loop was recently awarded some $4.4 million in tax increment financing (TIF). This means the developers will pay $4.4 million less in taxes over the next few decades because, apparently, the project isn't financially feasible without tax breaks." [editor's note: I love the Loop. Unfortunately the politicians have been trying to destroy it with this kind of crap for as long as I can remember – TLK] (01/25/17)

http://showmeinstitute.org/blog/subsidies/developers-market

Trump signs executive orders to advance Keystone, Dakota Access corporate welfare boondoggles

Source: Politico

"President Donald Trump signed executive actions on Tuesday to advance the Keystone XL and Dakota Access oil pipelines, reversing decisions made by the Obama administration and setting off a clash with Democrats and environmental activists [and opponents of eminent domain thievery and crony capitalism] who vehemently oppose the projects. Trump said that approving the cross-border oil line would be 'subject to a renegotiation of terms by us,' comments that suggest that he plans to revive his campaign-trail bid to claim 'a piece of the profits' from the pipeline for U.S. taxpayers — a legally and politically risky proposal." (01/24/17)

http://www.politico.com/story/2017/01/trump-expected-to-sign-executive-actions-to-advance-keystone-dakota-access-pipelines-234095

Developer welfare: Trump's infrastructure plan

Source: CounterPunch
by Sharmini Peries

Interview with economics professor Michael Hudson. Hudson: "The whole idea of the Republican Party in the 19th century was for the government to finance infrastructure, and especially transportation, to lower the cost of living and doing business. But I don’t think that's what Trump is going to do, because he wants to cut back government spending and he wants to cut back taxation. So what I worry about is when he says, 'I'm going to build infrastructure' is that it means that he's going to create a huge trillion-dollar market for Wall Street's high finance. They're going to fund infrastructure by bondholders, and through private-public partnership, rail lines and transportation lines. Who are going to be the beneficiaries of this, and who's going to pay for it all?" (01/24/17)

http://www.counterpunch.org/2017/01/24/developer-welfare-trumps-infrastructure-plan/