Thats a load of bull. the democrats AND the establishment republicans gave the biggest corporate welfare handout we've ever seen as a country in the TARP finance bill.
Originally Posted by danielpalos
They're not loopholes. They're supposed to be subsidies that lower the price of energy (ethanol and gasoline). However, the way they are structured (and with how energy inefficient ethanol is) its no longer necessary.
entitlement spending is different from subsidies because subsidies are discretionary spending. Congress can change spending levels any year it wants.
Meanwhile, welfare programs for the poor and the elderly are based on long-term entitlement formulas that result in sky-high costs (due to baby-boomer retirees). These true entitlement programs have long term negative effects on our government finances ($10-30 trillion unfunded benefits in the next several decades). Meanwhile, since our establishment politicians (BOTH DEMOCRATS AND REPUBLICANS) have taken money from social security surplus every year, the trust fund is basically close to empty. As the program reaches permanent deficits in the next decade, it will only add to the growing list of welfare obligations as well as our pension crisis for federal workers (another $3-10 trillion).
I personally oppose corporate subsidies, but turning this into a class war is exactly what the democrats want. If they get their way, we'll increase spending on entitlements (the more we spend, the more addicted many in our society to supporting them), cut a few corporate subsidies, and still continue to increase spending.
The answer ultimately lies away from the suggestions of both the Democrat and Republican establishments. Eliminating subsidies are good because its not really a tax raise, its ending federal funding for those programs. However, we do need to cut entitlement spending, especially reform it (maybe look to the privatization proposals by Clinton and the Republicans in the 90s?)
"Every man has a property in his own person. This nobody has a right to, but himself."