There appears to be a mistaken belief on the Left that any government action is either done in the interest of ‘the people’ or in the interest of corporations and rich oligarchs. So the naked corporate welfare to Archer Daniels Midlands is called out, as are the sports stadiums being paid for by taxpayers and of course the banker bailouts as well. (Although, it should be noted that congressional Democrats voted in support of TARP by a rate of three to one whereas a slight majority of Republicans opposed it.)
In general, however, the Left seems to see tax cuts as corporate welfare while ignoring or outright supporting corporate welfare in many of its guises. The reason is because corporate welfare is rarely sold to the public as a way to help millionaires become billionaires at the taxpayer’s expense. It’s much more insidious than that. Usually this cronyism comes wrapped in a bill of goods that makes it much easier to swallow.
Obamacare While the Right yells about how the so-called Obamacare is socialized medicine, it would actually best be described as a corporatist scheme. Or in other words, it’s corporate welfare.
This post was published at Ludwig von Mises Institute on OCTOBER 13, 2015.
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