Corporate welfare queens
President Ronald Reagan coined the phrase “welfare queen.” Know what that means? Ask black folks, they will tell you. It’s a coded racist term for poor blacks in the United States.
Ronald Reagan certainly was able to demonize Black America, point his finger at them, and say they are the source of America’s problems. They were all living high on the hog with WIC programs, Medicare/Medicaid, school lunch programs and other programs to promote social welfare. How dare they have so much!
At the same time, President Ronald Reagan wanted to empower a segment of the population that was totally enslaved by government much like African-Americans were for over 500 years: corporations. Yes, corporations. Read a history books, and you will see the Rothschild and Rockefeller families in total bondage. You can also read about how AT&T, Ford Motor Company, Kodak and Microsoft were in complete servitude and bondage.
When Reagan coined the phrase “turn the bulls loose,” he actually meant turn the bullshit loose on the American public. He actually thought that corporations were in fact in bondage via regulations, taxation and laws that protected labor’s ability to democratize and be present at the bargaining table. If he can only do something to finally emancipate corporations so they can be free! Liberate those corporations, Gipper!
He certainly did free the corporations, I mean slaves, along with the help of the United States Congress. They were able to deregulate the financial sector so they can entrench themselves into every part of the economy. They were able to beat up unions so workers basically had no say in labor practices. Pensions were privatized via the 401k. Lastly, they were able to cut taxes for corporations across the board. They took tax money from regular working people and gave it to very wealthy corporations — corporate welfare.
Let me restate Reagan’s neoliberal mantra with a little Ayn Rand flavor. Government went into your pockets, stole your money, and simply gave it to Fortune 500 companies and cried “freedom and liberty.” Meanwhile, they went to the government and demanded their welfare or they will take their business overseas.
There is a striking difference between social welfare versus corporate welfare. Social welfare is created for people who actually need because of their financial circumstances. Corporate welfare is created for people who desire it despite their financial circumstances.
Everywhere around the United States, there is a race to give the deepest tax break to large corporations (tax cuts for corporations is corporate welfare).
In my state of Rhode Island, there is an ongoing news report in the Providence Journal about CVS Pharmacy threatening to move their world headquarters out of Woonsocket, Rhode Island. CVS feels that Governor Lincoln Chaffee is being absolutely unfair in the tax credits he wishes to reduce them to in order to balance Rhode Island’s state budget. Currently, the tax credit (welfare) the state of Rhode Island hands CVS is around $14 millions. Outgoing CEO Larry Merlo’s annual salary jumped to a very modest and meager amount of $18 million. One might ask how CVS might survive given the fact that the retail pharmacy chain’s sales last year were around $100 billion dollars. CVS is ahead of Goldman Sachs in Fortune 500 magazine.
But then again, CVS is entitled to their entitlement right?