It’s Good to be a Billionaire: You Get the Poor’s Farm Subsidies
|December 3, 2013||Posted by Staff under Subsidies & Waste & Public Debt|
This 2013 excerpt of the New York Times, Nov 7, is by Ron Nixon.
The federal government paid $11.3 million in taxpayer-funded farm subsidies from 1995 to 2012 to 50 billionaires or businesses in which they have some form of ownership.
The billionaires who received the subsidies or owned companies that did include the Microsoft co-founder Paul G. Allen; the investment titan Charles Schwab; and S. Truett Cathy, owner of Chick-fil-A. The billionaires who got the subsidies have a collective net worth of $316 billion.
The findings likely underestimate the total farm subsidies that went to the billionaires on the Forbes 400 list because many of them also received crop insurance subsidies. Federal law prohibits the disclosure of the names of individuals who get crop insurance subsidies.
Congress is debating a House proposal that would cut nearly $40 billion over 10 years from the food stamp program, which helps provide food for nearly 47 million people. A Senate provision would cut $4.5 billion over the same period.
Food stamps kept about five million people above the poverty line last year. The food stamp program was cut by about $5 billion on Nov. 1.
Proposed bills would allow billionaires to get even more in subsidies, all without taxpayers knowing who they are, while imposing draconian requirements on low-income people.
Ed. Notes: Hungry people outnumber billionaires by millions yet exercise nearly no power in America’s so-called democracy. But that’s not unusual. Everywhere, forever, in all times and places, the role of government has not been to serve the people in its entirety but to serve the ruling elite, whether an owning class in a capitalist country or a ruling party in a “communist” country. The only thing that can change the situation is not demanding a bandaid fix but demanding an end to politicians getting to spend all our public revenue and a beginning of every citizen getting a fair share of the common wealth. That’s how to put an end to such vile injustice. And it’s called geonomics.