Subsidies of the Rich and Famous

[abelenkpe]

Subsidies of the Rich and Famous

http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=bb1c90bc-660c-477e-91e6-91c970fbee1f

Americans are facing tough times. Millions are still out of work. Wages remain stagnant, while
health care costs, tuition, and other household cost continue to rise. Many homeowners owe
more for their houses than they are worth.
With families across the country struggling to make ends meet during these economically trying
times, many are left with few options so they are turning to the government – some very
reluctantly – for assistance. The government safety net has been cast far and wide, with almost
half of all American households now receiving some form of government assistance.1 But most
taxpayers will be asking why when they learn who is receiving what.
From tax write-offs for gambling losses, vacation homes, and luxury yachts to subsidies for their
ranches and estates, the government is subsidizing the lifestyles of the rich and famous. Multimillionaires
are even receiving government checks for not working. This welfare for the well-off
– costing billions of dollars a year – is being paid for with the taxes of the less fortunate, many
who are working two jobs just to make ends meet, and IOUs to be paid off by future
generations.

(more at link)

[nineteen50]

1. Those who have the power get their legislation passed.

Inequality of power and economics.

[abelenkpe]

2. Definitely

What kills me is this is coming from Coburn, a deficit hawk. The whole report is very interesting. Crazy that he'd show how the 1 percent is milking the system and even refer to them in that manner. OWS has changed the dialog. Hope they don't stop.

[spooky3]

3. I wonder about his "1/2 of HH now receive asst." statistic. I'll bet that includes Soc. Sec.

which I don't consider "assistance" but rather a pension to which most recipients contributed for years.