KICKING OFF NATIONAL SUNSHINE WEEK
"Welfare Reform Starts With The Fortune 100"
By Stephen Moore, March 17, 2014
Read Front Page Column- Investors Business Daily
"Corporate welfare is so well hidden from public view in the budget that no one has really measured how big this mountain of giveaway cash to the Fortune 100 is... It's like trying to break into the CIA... Until now. Open The Books has been scrupulously monitoring"...
FORTUNE 100 COMPANIES
Fiscal Years 2000-2012: Quantifying Federal Contracts, Grants, Loans, Direct Payments, Insurance, & Farm Subsidies into the Fortune 100
Graphic: Federal Contract Explosion Fortune 100
$1.2 Trillion flows to Fortune 100 (2000-2012)
For the first time, we quantify the Federal Transfer into the wealthiest corporations in the world.
Examples from our report:
- The Top Five Fortune 100 in Contracts: 1. Lockheed Martin ($392.039 billion), 2. Boeing ($269.623 billion) 3. General Dynamics ($170.469 billion), 4. United Technologies ($73.248 billion), 5. General Electric ($35.875 billion).
- Plains All American Pipeline was the only company in Fortune 100 receiving ZERO federal monies: searches for its subsidiaries and acquisitions also zeroed.
- General Electric received $35.8 billion- an amount equal to 7X more than the $5 billion GE 2010 profit.
- Legacy construction contractors at Walmart received $13 million in Small Business Administration "surety bond" subsidies.
- Ten Fortune 100 corporations rolled out their national distribution networks by subdividing their businesses to glean $250 million in Small Business Association taxpayer subsidized loans.
Read our Federal Transfer Report- Fortune 100 Companies, here.
Among our findings:
- $1.22838 trillion in The Federal Transfer™ spending (FY2000-2012) flowed to Fortune 100 companies - an average of $12.2 billion per corporation.
- 1.73%, or $21.277 billion, flowed to the Fortune 100 in the form of grants, direct payments, loans, farm susidies or insurance payments. The Fortune 100 each collected an average total of $212.77 million of federal dollars outside of contracts and should not be underestimated.
- The Federal Transfer™ into the Fortune 100 doubled during the eight years of the Bush Administration (FY2000- $59.820 billion; FY2008- $118.511 billion), but has been roughly flat during the first four years under the Obama administration (FY2009- $123.46 billion; FY2012- $124.055 billion).
Founder, OpenTheBooks.com
American Transparency | Chairman
P.S. Together, let's post online "every dime" taxed & spent across America. Please make a tax deductible gift of $25, $50, $100, $250 or $500 today.
Matthew Carlucci, Research Fellow at Let Freedom Ring, Washington, D.C. for his significant research contribution; Matthew Tyrmand, Director of Public Relations at American Transparency, New York City for creating the Fortune 100 Spending Graphic.