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Officials in Memphis, Tenn., offered subsidies to lure Ikea to the city. Local furniture stores understandably cried foul. Pictured: Customers wearing face masks wait in line to shop at Ikea in Carson, California, on July 4, 2020. (Photo: Robyn Beck/AFP/Getty Images) John Stossel is host of “Stossel” on the Fox Business Network, and author of “No They Can’t! Why Government Fails—But Individuals Succeed.” Today’s politicians want to spend more on everything: Amtrak subsidies, sports stadium subsidies, green energy subsidies, even fossil fuel subsidies.
President Joe Biden says the handouts will “put more money in your pocket.” House Speaker Nancy Pelosi claims they will “protect the planet for the children.”
They might. But a disproportionate amount of the money will end up in the hands of big companies—the ones with the most lawyers and lobbyists.
A new documentary, “Corporate Welfare: Where’s the Outrage?” gives examples of this. This week, my new video covers two of the worst.
First, tax “breaks.”
Memphis, Tennessee, has a program called the Economic Development Growth Engine, meant to entice new businesses to move to Memphis by giving them tax breaks.
The Growth Engine gave Swedish furniture maker Ikea a $9.5 million tax break. In exchange, Ikea agreed to create 175 new jobs.
Local furniture sellers pushed back.
“What about us?” asks Ron Becker, owner of The Great American Home Store. “We pay taxes here. Where is our financial incentive?”Good question.Lower taxes would be a good incentive. But Memphis politicians can’t lower taxes when they’re giving big companies tax breaks.Such tax breaks are complex, so it’s big companies with plenty of tax accountants that generally get them.Memphis is “pitting these gigantic corporations who know the government and have tons of lobbyists against mom-and-pop shops in our community that we’re trying to save,” complains Mark Cunningham of the Beacon Center, Tennessee’s free market think tank. “You’re basically asking people to pay more tax dollars in order for their competitor to succeed over them.”“These are our tax dollars,” he adds. “We work really hard for them. They should go to things we need: essential government services, roads, schools, police, fire. … It’s just not the role […]
One Sick Day Proves We Need More Voices in Truthful Media
On October 19, I was sick. It crossed my mind that I had finally gotten the ‘rona, but my wife’s cream of chicken soup and a few extra hours of sleep into mid-afternoon had be back up and running after a sleepless night before.
When I finally stumbled over to my computer in the evening, I was met with a deluge of concern from readers. They asked what had happened as only one article had been posted that day. Generally, we post between 10-20 daily between all of the sites, not included curated and aggregated content. Seeing that we’d only posted my super-early morning article before taking the rest of the day off had readers assuming the worst.
We have a wonderful and talented group of writers who volunteer their time for the sites and their readers. Sharing their amazing perspectives has always been a blessing to us because we cannot afford to hire anyone at this time. But having great writers is meaningless if we don’t have great editors, or at least one additional. My wife helps me read and edit stories from time to time, but I’m a one-man show when it comes to getting the stories posted.
Whenever I highlight our desperate need for donations, I note that we do not receive money from Google ads even though most in conservative media are beholden. I often ambiguously note that the money donated will help us grow. Today, I’m highlighting a specific need. We must get an editor to help take some of the load and to expand on our mission of spreading the truth to the world. One sick day proved that.
The great news is that there is no shortage of people who CAN help. I am emailed variations of resumes every week by people who are much smarter than I am. As much as I’d love to hire some of them, we simply cannot. That takes money and as blessed as we’ve been to receive donations and collect ad money (though not from Google or Facebook), we have still fallen short.
Those who have the means, PLEASE consider donating. We have the standard Giving Fuel option and people can donate through PayPal. We are also diving into what we believe is extremely disruptive technology at LetsGo.finance, the world’s first major donation portal for crypto. I’ll be talking a lot more about them in the near future. Those who prefer Bitcoin can send to my address here: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
We can get the voices out there and we’re willing to shine a spotlight on new talent. We just need the resources to make it happen. If you can help, we would be extremely grateful.
Thank you and God bless!
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JD Rucker – EIC