{"id":30969,"date":"2015-04-11T03:00:34","date_gmt":"2015-04-11T07:00:34","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=30969"},"modified":"2015-04-09T21:43:33","modified_gmt":"2015-04-10T01:43:33","slug":"americas-biggest-welfare-queen","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2015\/04\/11\/americas-biggest-welfare-queen\/","title":{"rendered":"America\u2019s biggest welfare queen"},"content":{"rendered":"

It’s not nice to call someone a welfare queen, but this is a case where it’s hard to find a more accurate way of putting it<\/a>:<\/p>\n

America\u2019s biggest welfare queen is someone you\u2019ve probably never heard of. She\u2019s Hispanic. She\u2019s been living off other people\u2019s hard-earned tax money for years. And she\u2019s gotten rich doing it.<\/p>\n

Her name is Iberdrola. She\u2019s a Spanish energy company that has invested in U.S. power facilities. And according to the advocacy group Good Jobs First, she\u2019s raked in more than $2 billion from Uncle Sam in just the past few years.<\/p>\n

Good Jobs First maintains a subsidy tracker where you can look up which companies are getting rich from public funds. It recently issued a report on \u201cUncle Sam\u2019s Favorite Corporations \u2014 the companies that have gained the most from federal grants, special tax preferences, loans, and loan guarantees.<\/p>\n

The biggest beneficiaries (\u201cby an order of magnitude\u201d) are Bank of America, Citigroup, and other major financial institutions that were bailed out during the 2008 financial crisis. The Federal Reserve, the Troubled Asset Relief Program, and so on threw trillions of dollars at U.S. and foreign banks in a desperate effort to stabilize the financial system. It worked. In many cases (though not all), the institutions repaid the money. In some cases the federal government actually earned a profit.<\/p>\n

But hundreds of other companies have raked in billions of dollars in direct grants. Along with Iberdrola, NextEra Energy, NRG Energy, Southern Company, Summit Power, and SCS Energy all have reaped more than $1 billion in federal largess, often receiving payments through programs meant to boost renewable energy. At the same time, many coal companies have taken huge sums from Washington through grants and coal production tax credits. So, as with farm programs\u2014some of which subsidize farmers to farm more and some of which pay farmers to not farm at all\u2014Washington thwarts its own objectives by subsidizing both renewable fuel sources and the fossil fuels they\u2019re supposed to replace.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

It’s not nice to call someone a welfare queen, but this is a case where it’s hard to find a more accurate way of putting it: America\u2019s biggest welfare queen is someone you\u2019ve probably never heard of. She\u2019s Hispanic. She\u2019s been living off other people\u2019s hard-earned tax money for years. And she\u2019s gotten rich doing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[831,84,13],"tags":[645,363,727],"class_list":["post-30969","post","type-post","status-publish","format-standard","hentry","category-business","category-government","category-usa","tag-corporatewelfare","tag-corruption","tag-cronycapitalism"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-83v","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/30969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=30969"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/30969\/revisions"}],"predecessor-version":[{"id":30970,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/30969\/revisions\/30970"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=30969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=30969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=30969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}