Truthout is an indispensable resource for activists, movement leaders and workers everywhere. Please make this work possible with a quick donation.
Military contractors, oil companies and banks are the biggest ‘welfare queens’ around.
Most of us are aware that the government gives mountains of cash to powerful corporations in the form of tax breaks, grants, loans and subsidies—what some have called “corporate welfare.” However, little has been revealed about exactly how much money Washington is forking over to mega businesses.
Until now.
A new venture called Open the Books, based in Illinois, was founded with a mission to bring transparency to how the federal budget is spent. And what they found is shocking: between 2000 and 2012, the top Fortune 100 companies received $1.2 trillion from the government. That doesn’t include all the billions of dollars doled out to housing, auto and banking enterprises in 2008-2009, nor does it include ethanol subsidies to agribusiness or tax breaks for wind turbine makers.
What Open the Book’s forthcoming report does reveal is that the most valuable contracts between the government and private firms were for military procrument deals, including Lockheed Martin ($392 billion), General Dynamics ($170 billion), and United Technologies ($73 billion).
After military contractors, $21.8 billion was granted out to corporate recipients in the form of direct subsidies; literally transfers of cash from the pockets of Americans to major corporations. The biggest winners were General Electric (GE) ($380 million), followed by General Motors (GM) ($370 million), Boeing (BA) ($264 million), ADM ($174 million) and United Technologies ($160 million).
An important fundraising appeal: 10 Days to raise $50,000
Truthout is one of only a few platforms for justice-oriented, grassroots journalism. Today, as political censorship from the right intensifies, we have no choice but to ask for your help.
We are fundraising right now to cover our basic operating expenses. If you can support Truthout with a one-time or monthly donation, you will make a significant impact on our work. Anything you can do makes a difference — we appreciate your support.