Disclosure Should Be Required for Corporate Welfare
Recent news reports are filled with corporations on welfare still spending money hand-over-fist. These companies begged the Congress and the American people for money to just stay in business. They blame the current economy for their problems and refuse to take any responsibility for their problems.
American families have always been advised by financial experts to save money and invest wisely during good times in order to survive the bad. Apparently, corporate America didn’t think that advice applied to them. They squandered their profits during good times and then beg for money during the bad times. Not only that, but they still continue their self-destructive habits, some citing tradition.
According to Good Morning America, Bank of America may have spent upwards of $10 million on Superbowl ads and related activities, citing tradition. How many American families had a tradition of taking a vacation every year and can now no longer keep that tradition alive? B of A allegedly refused to disclose any information related to their spending habits.
Well, I say enough is enough. They are on welfare. No matter how you look at it, they are no different than any family on welfare. Full disclosure should be required in order for them to receive any taxpayer funds. If they refuse full disclosure at any time, then the ‘loan’ becomes immediately due and payable and they are no longer eligible for any further assistance.
If American Families are being asked, nay, required to downsize their spending to only the essentials, so must corporate welfare recipients. American families are forfieting their summer vacations, dinners out, movies and other entertainment to the failing economy. Corporate welfare recipients and their management must be required to do the same – no more golf junkets, no more retreats to exotic destinations, and definitely no Superbowl.
It is time for Congress to wake up and require accountability from those we are bailing out. It’s time to require them to be responsible and run their businesses responsibly. It is time for corporate greed to end.