I hope everyone is OK with this: Open the Books, a new nonprofit working for greater transparency in government spending, reports that between 2000 and 2012, Fortune magazine’s top 100 companies received $1.2 trillion from the feds. And, Aaron Cantú writes at Alternet.org, “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.” Investigative journalist David Cay Johnston reports big business hoarding money as if they were hiding cash in a mattress: “Uncle Sam spent $3.5 trillion in fiscal 2013. Corporations hold liquid assets equal to all the money the federal government spent that year plus 2012 and three months of 2011. The total corporate cash reserve… amounts to almost $25,000 per American, up from $13,000 per American in 1994 (again after adjusting for inflation). And this cash is highly concentrated, most of it held by the 2,800 biggest companies, IRS data shows.
Posted on: Tue, 25 Mar 2014 16:57:24 +0000
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