The Wall Street Journal reports the spending bill approved by the Senate includes $450 billion in loans for corporations and $30 billion in grants to U.S. airlines.
The 15 wealthiest U.S. citizens have a cumulative net worth of over $800 billion. Some large corporations, such as Apple, have cash reserves (Apple has more than $200 billion). There is plenty of private, ready cash. These tycoons and corporations can rescue, or buy, any corporation that has good future prospects.
U.S. taxpayer money should not be used to bail out large corporations. The corporate socialism programs in this bill are bad for the future of our nation. Instead, taxpayer money should be limited to assisting people and local businesses.
There is a claim that these large corporations are necessary for a well-functioning nation, so must be rescued by the federal government. That is wrong.
Consider the case of the airlines. If an airline goes bankrupt it is disruptive. However the pilots, flight attendants, ground crews and aircraft do not vanish. Some other group can organize those assets to provide flight service, perhaps with a different logo.
Without a bailout, however, the MBAs and the corporate attorneys who can find loopholes in the government restrictions in order to enrich themselves and shareholders may need new vocations.
The reason for the government to bail out the corporations is because our representatives are beholden to corrupt corporations rather than the people.
Robert FerrellDurango
