The Real Welfare in America I 10 Economic Myths Debunked #7
Here's a lie you'll hear on conservative talk radio:“Taxing the rich is socialism.”
Bunk.
Far from being a socialist country, the United States provides corporate welfare for the rich, while subjecting everyone else to the harshest form of capitalism in the world.
Most Americans who lose their jobs are not eligible for unemployment benefits. Less than 30% of working Americans have access to paid family leave. Only 36% of Americans have government-subsidized health insurance.
And while people in most other countries get 3-5 weeks of paid vacation, Americans on average only get 11 days.
Executives who run their companies into the ground are getting gold-plated exit packages while their workers get pink slips.
After a security breach at Equifax that exposed the personal information of 145 million customers to hackers, Richard Smith retired with an $18 million pension.
The Wells Fargo CEO in charge of the unit that opened more than 2 million unauthorized consumer accounts departed with $125 million exit package. Meanwhile, thousands of big American corporations are raking in billions each year in government subsidies, bailouts, and tax loopholes, all funded on the taxpayer’s dime.
When their workers have to rely on programs like food stamps and Medicaid, corporations that don't pay their workers a living wage, in effect get fat government subsidies.
This government largesse raises stock prices for the richest 1%, who own half of the stock market, as well as CEOs and other top executives who are paid largely in shares of stock.
The money is there – money that could instead be used for more generous social safety nets.
But we’re using it to pad the pockets of the wealthy.