Time to end the welfare.
Since Ronald Regan it has been a policy of this nation and government to provide welfare to the big businesses and wealthy of our society. This is known as trickle down where it has been believed that if you make the rich richer then it benefits society as a whole. Tax benefits and direct subsidies have been steered towards those who needed it the least because of their ability to lobby and donate to the politicians on the national stage. Now we have big banks and the auto industry getting their share of welfare and groveling for more since, after all, if another business can have it then why can't we?
It's time to end the corporate welfare.
While taking billions from the public in welfare, these corporations just keep on doing business in the same old way which brought on their downfall. Billions in bonuses to be divvied up by those who make multi hundred thousand dollar basic salaries. Golf trips for salesmen of bankrupt companies because it is the normal way of doing business. Now we have most of Detroit groveling at the public trough because they refused to make the decisions necessary in good times to see them through the tough. These companies just don't get it.
I read that a bailout of these companies is necessary to prevent a total collapse of our economy and the 2nd great depression. Maybe so, but it isn't necessary to allow those whose basic incompetence brought us into this to retain the lines of command. The CEO's and most of the boards of directors should be fired to begin with and then the US government should take control of a majority of the stock of these companies through a special issue that gives the public the major value of these companies. The original stock holders should only retain secondary stock ownership that doesn't pay any dividends and is not allowed to be sold until the public stock has been repurchased with interest.
I know that there are those who will cry socialism over this but the bottom line is that these companies can simply opt out of this by running their businesses in a responsible manner and not taking billions from the public dole. They want to have their cake and eat it too.
If the bailout is for the public good then let it actually benefit the public. Let these companies know that the days of corporate welfare are over.
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Time for a reality check I agree, regarding the bailout of the big three. Ford,Gm and Chrysler besides high paying executive salaries and expenditures, anther common thread that binds them together in this mess is union shops, unaffordable wages and benefits adding thousands of dollars to the price of their products forcing them out of the competition. New direction from the top to manufacture high quality,fuel effecient autos for the future and less money invested in high priced,low mpg vehicles such as the Hummer. They need to tackle these issues first before receiving another penny from the taxpayers.
Posted by
OtisNovember 12, 2008 10:19 AM
I heard on the news this morning that General Motors is on the verge of bankruptcy and that could mean the loss of 2.5 million jobs. Can the nation afford the addition of that many people out of work?
I agree that poor business practices should not be rewarded. Perhaps any company applying for a "bailout" should be required to meet certain criteria such as no huge bonuses or severance packages for those leaders who have steered the organization into its current financial problems? Also, if public funding is provided, then the receiving company should be placed in a supervised receivership with the goal of improving productivity and financial stability.
"Corporate welfare" is a handy populist catchphrase, but let's be realistic; the poor do not provide jobs and help grow the economy. Jobs are the result of successful business management that results in growth of the enterprise and it is the people who have money (the "rich", if that label pleases you) who will provide the most money.
There are, of course, many instances of small business owners who started with very little money and have become personally successful and providers of income for those they employ. The trick is to not tax these folks to the point where they no longer see the incentive to increase their business growth.
Posted by Peter Cutler
November 15, 2008 10:18 AM
Why not replace welfare with workfare for those persons who are physically capable to perform tasks. The Somalian community was attracted to Portland largely due to welfare conditions that are more generous than what is found in other parts of the country. So much so, that Somalians communicated within their society of of higher welfare payments existing in Maine.
Posted by
frederick fischerNovember 18, 2008 04:32 PM
Excellent article Mr. Finn-I could not agree with you more- Corporate welfare must end. Rabid Right Wingers have no idea what socialism is. I have relatives and friends in Europe-there is where you will see REAL welfare-folks. If we are the "christian" nation we say we are with a social conscience then some welfare for the truly needy is justified because a strong society is also a secure society and a positive benefit to us all.
Posted by
DavidNovember 19, 2008 09:28 AM
Excellent article Mr. Finn-I could not agree with you more- Corporate welfare must end. Rabid Right Wingers have no idea what socialism is. I have relatives and friends in Europe-there is where you will see REAL welfare-folks. If we are the "christian" nation we say we are with a social conscience then some welfare for the truly needy is justified because a strong society is also a secure society and a positive benefit to us all.
Posted by
David BartholomewNovember 19, 2008 09:29 AM
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