General Electric plant in Cincinnati, Ohio
Credit: www.wcpo.com
Two-thirds of the $68 billion in business grants and tax credits awarded by the federal government since 2000 went to 528 companies. Nearly 80 percent of the hundreds of billions of dollars in federal loans, loan guarantees, and bailout assistance awarded during that period went to just 12 American and foreign banks. (emphasis added) Overall, the lion’s share of federal subsidies and other financial support meant to spur domestic job creation and investment has gone to a relatively select group of banks, energy companies, and government contractors.
Those are the key findings of the nonprofit watchdog Good Jobs First, which expanded its Subsidy Tracker database to include information on 164,000 awards from 137 federal programs over the last 15 years. Subsidy Tracker, launched in December 2010, also includes information about 277,000 awards from 567 state and local government programs. The database tracks more than 1,800 parent companies.
Of particular interest to the Project On Government Oversight are the […]
And to think that my 17 yr. old straight A student – was offered $2000.00 to attend our local University for his first year in college – literally makes me want to – let me put it this way… I’m grateful I ate breakfast before I read this article.