Angry! (But grateful to be back on line, worried for the 239,000 who aren’t and the thousands who have lost so much)

4 Comments

But since there are still a few days until Election Day, I’d like to re-post a comment that I made earlier this week on Facebook, thanks to the generator at the local community center.

Let us take a moment to IMAGINE a world in which instead of giving $115 million in taxpayer funds to hedge fund criminals, or tens of millions to UBS who then lay-off 10,000 people or giving scarce public funds to the carrion-birds called “ticket-re-sellers,” all the while postponing vital transportation projects so the money could be shifted to the transportation fund to cover up the deficit in the General Fund, we actually invested in real infrastructure upgrades like burying key electric lines or creating these so-called micro-grids.

Yes, there would still be many people who would have lost power.  There might even be many still without power, but we’d have created thousands of jobs for the workers and crews and suppliers burying those lines or creating those grids and tens of thousands of people would have been able to have spent their week at their jobs, making money and paying taxes.

Instead, we have a $3.9 billion dollar hedge fund CEO and insurance and corporate CEOs collecting extra bonuses, for their ability to make even more money, thanks to our corporate welfare.

And I’m pretty sure none of those CEOs sat in dark houses and lamented the few hundred dollars of food that was rotting in their refrigerators.

If you come across a candidate in the next few days – ask them, tell them, order them – that if they win, they need to place a moratorium on the distribution of corporate welfare and, instead, demand that public funds to be used to create and enhance public benefits.

That is not to say that government should never play a role in helping leverage capital, but Malloy’s list of corporate welfare is monstrous and growing, and in many cases will lead to little or no longer-term public benefit.   Malloy’s list includes;

Alexion: $51 million

Bridgewater Associates: $115 million

CareCentrix:  $24 million

Cigna: $71 million

ESPN: $25 million

Jackson Labs $291 million

NBC Sports: $20 million

Sustainable Building Systems/Steel Buildings Systems International:  $19 million

TicketMaster: ($ 6 million, removed itself after CEO arrested)

UBS AG $20 million

Blue Sky Studios $3 million

 

Created a variety of smaller corporate grant programs totaling over $150 million and expanded the Urban and Industrial Site Reinvestment Tax Credit program from $500 million to $750 million.

** More than $800 million of these “investments” are being financed by borrowing the money, meaning taxpayers will be on the hook for about $400 million more in interest payments.

  • msavage

    Agree with you 100% on this. Stop spending our tax dollars to further enrich corporate vultures! If we must be taxed as highly as we are, at least spend the money where it will help the majority of us–on infrastructure. On agencies which are in a position to help people when we experience these mega-storms that, let’s face it, are going to become more and more frequent. Malloy’s record thus far is truly disgraceful.

  • perturbed

    Honestly, it’s difficult for me to understand how this crap is even legal. Privatized profits, socialized costs. All under the guise of some wildly optimistic hope of an extremely indirect and marginal benefit to those footing the bill.

    Seriously, how is it legal?

    Would we stand by and watch Malloy take a few spare million from the General Fund to play craps at the Mohegan Sun? Oops, bad analogy. At least in that case we’d be assured of getting a cut of the house’s profits in the form of taxes. With this corporate welfare, there’s absolutely no guarantee of any return on the investment. It’s pure speculation. Scarce public funds being put at high risk.

    To make it a little more palatable — though don’t get me wrong, it would still be blatantly risky (and therefore wrong) — there should be an airtight contract with each of these corporate welfare beneficiaries that entitles the public to share in whatever profits they are able to make. It’s only fair. And it’s a basic economic principle: assuming risk must be accompanied by the expectation of reward — or else it’s just idiotic. Why should public funds be put at risk with no expectation of any reward? And no, the indirect and incidental creation of some jobs doesn’t count.

    There needs to be the expectation of a direct monetary public profit for putting public funds at risk in private ventures. Unless we’re all idiots.

    –perturbed

  • http://www.facebook.com/people/Rich-White/100000066062155 Rich White

    Maybe this makes more sense for you Perturbed. Many of us work in these private sector companies and want them nurtured. In return we want public sector unions (PSUs) gutted. We are as far to the ‘Right’ in that respect as you are to the ‘Left’.

    See. It’s easy when its your paycheck. Nice union spin though. Taxpayers money somehow becomes public money with the narrow definition of public means SEBAC and NEA and AFT and AFSCME and SIEU money.

    Nice conviction this week for the feds with David Moffa. It”s always nce to see PSU officers getting their just due and getting caught doing what they do best.

    http://tinyurl.com/cc2vboh

    • perturbed

      Sorry Rich, I don’t understand your point. Has Malloy been doling out millions to public sector unions too? Did I miss something that big? What was his excuse for that?

      Or are you referring to public sector *employees*, and your opinion is that public sector employees provide no services for their pay?

      –perturbed

      PS: I despise the huge national/international unions that we rank-and-file members are forced into. So you’re way off if you construe anything I’ve said as “union spin.” Going further, aren’t corporate welfare critics found on both the left and the right?