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Thu Mar 27, 2014, 12:02 AM

NYT's Kristof: 5 wasteful public welfare programs that should be stopped

Source: New York Times

In the debate about poverty, critics argue that government assistance saps initiative and is unaffordable. After exploring the issue, I must concede that the critics have a point. Here are five public welfare programs that are wasteful and turning us into a nation of “takers.”

First, welfare subsidies for private planes. The United States offers three kinds of subsidies to tycoons with private jets: accelerated tax write-offs, avoidance of personal taxes on the benefit by claiming that private aircraft are for security, and use of air traffic control paid for by chumps flying commercial.

... Second, welfare subsidies for yachts. The mortgage-interest deduction was meant to encourage a home-owning middle class. But it has been extended to provide subsidies for beach homes and even yachts.

... Third, welfare subsidies for hedge funds and private equity. The single most outrageous tax loophole in America is for “carried interest,” allowing people with the highest earnings to pay paltry taxes. They can magically reclassify their earned income as capital gains, because that carries a lower tax rate (a maximum of 23.8 percent this year, compared with a maximum of 39.6 percent for earned income).

... Fourth, welfare subsidies for America’s biggest banks. The too-big-to-fail banks in the United States borrow money unusually cheaply because of an implicit government promise to rescue them. Bloomberg View calculated last year that this amounts to a taxpayer subsidy of $83 billion to our 10 biggest banks annually.

... Fifth, large welfare subsidies for American corporations from cities, counties and states. A bit more than a year ago, Louise Story of The New York Times tallied more than $80 billion a year in subsidies to companies, mostly as incentives to operate locally.

Read more: http://www.nytimes.com/2014/03/27/opinion/kristof-a-nation-of-takers.html

55 replies, 9391 views

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Reply NYT's Kristof: 5 wasteful public welfare programs that should be stopped (Original post)
Newsjock Mar 2014 OP
2pooped2pop Mar 2014 #1
calimary Mar 2014 #50
NYC_SKP Mar 2014 #2
Cha Mar 2014 #3
steve2470 Mar 2014 #4
MindMover Mar 2014 #5
SoapBox Mar 2014 #6
LuckyLib Mar 2014 #7
Scuba Mar 2014 #21
Iliyah Mar 2014 #8
mindwalker_i Mar 2014 #9
blkmusclmachine Mar 2014 #10
allinthegame Mar 2014 #11
Aerows Mar 2014 #43
stage left Mar 2014 #12
ErikJ Mar 2014 #13
LakeVermilion Mar 2014 #49
world wide wally Mar 2014 #14
sakabatou Mar 2014 #15
TexasTowelie Mar 2014 #16
2banon Mar 2014 #52
cui bono Mar 2014 #17
CFLDem Mar 2014 #18
The Magistrate Mar 2014 #19
fasttense Mar 2014 #40
Enthusiast Mar 2014 #20
IronLionZion Mar 2014 #23
Enthusiast Mar 2014 #24
IronLionZion Mar 2014 #25
MrScorpio Mar 2014 #22
DebJ Mar 2014 #26
Ratty Mar 2014 #37
DebJ Mar 2014 #38
bullwinkle428 Mar 2014 #27
JimDandy Mar 2014 #28
KansDem Mar 2014 #29
mountain grammy Mar 2014 #30
niyad Mar 2014 #31
Jakes Progress Mar 2014 #32
SHRED Mar 2014 #33
BlueNAlabama Mar 2014 #34
Glassunion Mar 2014 #35
rwsanders Mar 2014 #46
BlancheSplanchnik Mar 2014 #36
drynberg Mar 2014 #39
dilby Mar 2014 #41
Gin Mar 2014 #42
Blue Owl Mar 2014 #44
hootinholler Mar 2014 #45
allan01 Mar 2014 #47
RoccoR5955 Mar 2014 #48
Blue_In_AK Mar 2014 #51
senseandsensibility Mar 2014 #53
alfredo Mar 2014 #54
Omaha Steve Apr 2014 #55

Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:07 AM

1. sorry I can only rec once

 

I clicked on the post expecting to get mad and rant. lol Nice surprise

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Response to 2pooped2pop (Reply #1)

Fri Mar 28, 2014, 03:59 PM

50. Me, too!

Corporate welfare is the worst of all.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:14 AM

2. K/R. (nt)

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:16 AM

3. KICK!

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:18 AM

4. good points !! nt

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:38 AM

5. kr....nt

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:39 AM

6. Gee...I've known about all of these...

But...Pukes and DINOs alike, won't even talk about them.

The rich get richer!

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:45 AM

7. These need to be named each and every time a Republican or DINO trots out that old phrase

public welfare programs together with the word "reform". I want to see some real reform where breaks for the true "takers" are.

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Response to LuckyLib (Reply #7)

Thu Mar 27, 2014, 06:37 AM

21. Yeah, just wait until the Democrats hear about this! And the liberal media! Whoooooooo!!

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:46 AM

8. K & R

But the well to do want to take away subsides for people who need help in healthcare coverage.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:46 AM

9. Damn, that was REALLY unexpected

I dunno what to say...

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:02 AM

10. DC is a racket.

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:06 AM

11. be aware

the biggest backer of carried interest subsidies is Senator Schumer whose last name ends in (D). It's all well and good to blame the R's but attention must be paid to those in our own houses.

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Response to allinthegame (Reply #11)

Thu Mar 27, 2014, 04:29 PM

43. Yep

 

Welcome to DU

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:19 AM

12. K&R

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:40 AM

13. more than $12 billion annually in tax subsidies for corporate meals and entertainment.

 

From article;
"We’re cutting one kind of subsidized food — food stamps — at a time when Gallup finds that almost one-fifth of American families struggled in 2013 to afford food. Meanwhile, we ignore more than $12 billion annually in tax subsidies for corporate meals and entertainment.
Sure, food stamps are occasionally misused, but anyone familiar with business knows that the abuse of food subsidies is far greater in the corporate suite. Every time an executive wines and dines a hot date on the corporate dime, the average taxpayer helps foot the bill.

So let’s get real. To stem abuses, the first target shouldn’t be those avaricious infants in nutrition programs but tycoons in their subsidized Gulfstreams."

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Response to ErikJ (Reply #13)

Fri Mar 28, 2014, 10:14 AM

49. And they "have" the money to pay for their own food.

I've always been amazed at golf tournaments. The 99%ers buy hamburgers @ $10.00 each, while the corporate types watch the event from their private boxes next to the greens with catered gourmet food. Tell me why the wealthy get freebies, while the workers have to spend their cash at this kind of event?

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:43 AM

14. How about the oil company subsidies to the tune of about $4 billion a year?

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 01:56 AM

15. +1

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 02:59 AM

16. I'll be posting this on Facebook and a few other places.

Thanks newsjock.

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Response to TexasTowelie (Reply #16)

Fri Mar 28, 2014, 07:57 PM

52. Great idea! Post to FB and make this go viral!

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 03:02 AM

17. k n r

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 03:11 AM

18. K&R

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 03:15 AM

19. They certainly Should, Sir

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Response to The Magistrate (Reply #19)

Thu Mar 27, 2014, 03:46 PM

40. Great photo

 

Wish I could rec a reply to a post.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 05:22 AM

20. But but, this would affect the job creators!

What if the job creators would pull up roots and leave the country? What would we do then? Woe is me, the poor abused corporations.

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Response to Enthusiast (Reply #20)

Thu Mar 27, 2014, 07:23 AM

23. Job creators get all that assistance, so where are the jobs?

Shall we give them more money and see?

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Response to IronLionZion (Reply #23)

Thu Mar 27, 2014, 07:42 AM

24. Yes. If we would just cut their taxes again maybe this time they wouldn't outsource

our jobs.

They claimed if we cut capital gains taxes it would result in an explosion of domestic jobs. They lied.

How long are we going to allow them to dictate tax policy?

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Response to Enthusiast (Reply #24)

Thu Mar 27, 2014, 07:49 AM

25. As long as we keep doing the same things, we can expect a different outcome. nt

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 06:40 AM

22. Sounds like the best list ever nt

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 08:11 AM

26. Kristof - I'm in love with that guy.

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Response to DebJ (Reply #26)

Thu Mar 27, 2014, 03:02 PM

37. I saw "Kristol" in the post headline

Kept reading and re-reading the list wondering what I was missing. Finally noticed it was an "f" not an "l". Whew. My world is no longer upside down.

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Response to Ratty (Reply #37)

Thu Mar 27, 2014, 03:08 PM

38. Yin and yang. n/t

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 08:56 AM

27. "TIF districts" (tax-incremented financing) are a GREAT example of #5 :

communities here in Iowa have used them for years and years to "bribe" Wal-Mart and other mega-stores to locate their businesses there, like they wouldn't have anyway.

Huge K&R.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 08:59 AM

28. TIFs from cities to corporations are damaging

our infrastructure and public schools.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 10:46 AM

29. Agreed!

If the wealthy want more money to buy another private plane or yacht, they'll just have to get a second job! At least that's the way it's done here in the "heartland."

But no more welfare...

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 10:47 AM

30. K & R a million times!

trying to get this on a bumper sticker!

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 11:01 AM

31. k and r + a gazllion.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 11:03 AM

32. Yeah. That's gonna happen.

I don't even see a single congressman suggesting any of these.

They've not only been bought. They want more. Democracy has nothing to do with what goes on in US government.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 11:33 AM

33. k&r

 

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 11:41 AM

34. We Deserve it

 

I cannot imagine anyone in either house of Congress or, for that matter, the White House having the nerve to suggest touching these subsidies. What do we expect when bribery (a.k.a. Lobbying, limitless corporate/PAC campaign contributions, etc...) is now the accepted practice.

Until we take the money out of politics, we have the "Government" we deserve.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:18 PM

35. The "yacht" subsidy is actually a "second home" deduction.

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Response to Glassunion (Reply #35)

Thu Mar 27, 2014, 05:53 PM

46. And some of us not in the 1% are using it.

We bought an american made boat, keep it in a marina in a rural area that hires local kids during the summers, and we support craftsmen who make parts and accessories. We even went green and insisted on an electric motor from a small start up that sadly went under.
I think those who are commenting negatively about this deduction don't realize that smaller boats qualify as long as they have area to sleep, cook and a bathroom. It isn't just megayachts.
Taking away this deduction would hurt a lot of small businesses.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 12:23 PM

36. would love to stick this in every Ayn Rand fan's face. n/t

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 03:46 PM

39. I just copied and pasted this article into my FB, I'm just sayin'

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 03:51 PM

41. But if welfare for private planes and yachts ended...

How would the wealthy ever get to Washington to ask their political friends for welfare for their hedge funds, banks and corporations? Sucks that we live in country where he with the most money has the most political influence.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 04:08 PM

42. Kick

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 04:47 PM

44. Huge K&R

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 04:47 PM

45. On air traffic control

"air traffic control paid for by chumps flying commercial."

To be fair the entire NAS is designed around those chumps flying commercial, special attention is given to getting them from point A to B as efficiently as possible. General Aviation pays some via fuel taxes, but has no need for the hub-airway system.

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 07:43 PM

47. Pic Of The Moment: It's Time To End Wasteful Welfare!

end of the WEALThcare system as we know it .

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Response to Newsjock (Original post)

Thu Mar 27, 2014, 08:29 PM

48. I'm all for it! n/t

 

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Response to Newsjock (Original post)

Fri Mar 28, 2014, 04:04 PM

51. Hey, look, something we can all agree upon!

A miracle.

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Response to Newsjock (Original post)

Fri Mar 28, 2014, 08:40 PM

53. Yes!

Love it!!!!

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Response to Newsjock (Original post)

Sun Mar 30, 2014, 06:31 PM

54. knr

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Response to Newsjock (Original post)

Sun Apr 13, 2014, 06:30 PM

55. K & R!

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