For the Good of Illinois

Federal Funding of Fortune 100 Companies - An OpenTheBooks Oversight Report

May 6, 2019 06:45 PM
Federal Funding of Fortune 100 Companies
 
 
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Prologue 

 
Throughout the 2016 presidential campaign, both Bernie Sanders and Donald Trump decried the federal government as "rigged" for the benefit of insiders and special interests. For many Americans, the message resonated.

Our OpenTheBooks Oversight Report: Federal Funding of Fortune 100 Companies quantifies all federal monies received between fiscal years 2014 and 2017. This is a study of the federal contracts and grants doled out to our most connected and successful corporations.

In total, the Fortune 100 received $399 billion in federal funding over this four-year period. A vast majority of the funds came through contracts. However, a substantial $3.2 billion flowed on federal grants – public giveaways and subsidies – to these top corporations.

These powerful companies helped themselves by spending large on lobbying expenditures. We found that Fortune 100 companies spent $2 billion flexing their political muscles and promoting their self-interests. For example, AT&T spent $63.7 million to lobby on 434 bills including legislation affecting telecom regulations, data sharing guidelines, drone regulations, and more.

During this period, the top 10 companies in the Fortune 100, ranked by total payout, received $338 billion from federal agencies. Case study examples in our report include Lockheed Martin, Boeing Corp, General Electric, and more.

This report continues our oversight of the federal funding of private corporations. Previously, we quantified $1.2 trillion in federal funding flowed to the Fortune 100 between 2000 and 2012. With these updated figures, we estimate $1.8 trillion over the last eighteen years in taxpayer money funded contracts, grants, loans, direct payments and farm subsidies to these elite corporations.
 
 
Read the full report, click here.
 

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Howard Mirkin
Bangkok, AP
5/12/2019 05:52 AM
 

  Citing legislation by Barack Hussein Obama who lied his way into the presidency and then spent about $10 trillion of the taxpayers money with much going to his cronies, is not an impressive way of saying that the fed government spends too much taxpayer money on corporations. Your report puts all the blame on corporations -sounds like Elizabeth Warren. All the blame should be on the politicians who passed the laws that enable cronyism. Corporations do not have the power to make or pass laws. Only politicians can. And the only way to put a brake on it is to make government smaller and less powerful by reducing its taxing power to support only the fundamental constitutional duties of the federal government, i.e., national defense, legal arbitration, etc. The report only focuses on the major corporations who have no power to allocate tax money money to anyone, yet I don't see a single recommendation on how to stop the use of taxpayer money being used to purchase goods and services from major corporations. Nor do I see any proof that other companies could do the jobs just as well or better. IOW, the entire report is about symptoms, not about the problem which needs to be defined before any attempt can be made to solve it. Recommendations: 1. Each piece of legislation must be required to contain a detailed statement of foreseeable harmful consequences before it can be voted on in Congress and any laws that come into effect as a result of that proposed legislation must also contain a detailed statement of foreseeable harmful consequences. 2. Down-size federal organizations not authorized in the original constitution like the DOEs into information agencies with no regulatory power. How do you propose to compel politicians to vote against their selfish interests? If you can't do that, then your report is nothing more than another gender study with no practical benefit to anyone except the authors.

 
 
Howard Mirkin
Bangkok, AP
5/9/2019 07:28 AM
 

  This report is a joke. It is trying to blame the companies, but it is the politicians and lawyers who made the rules that the companies have to follow. Why should the corporations be faulted for matters they can only ask about, but cannot approve? Where is the blame for the politicians who could just say "No"? If the government says no to all contracts, will the lack of work be harmful to the nation? Where are the recommendations on fixing the problem? I can recommend that every piece of legislation be required to contain a statement of foreseeable harmful impacts (Hazlitt), i.e., what is not seen in addition to what can be seen (Bastiat). I can also recommend that government be much more limited, meaning that the federal government will have much less power and that will reduce waste and abuse. Do away with the DOEs...DOEducation should be run by the people. DOEnergy should be turned into an information agency. I also recommernment that the states collect all tax money and allocate it to a smaller federal government that will only be able to provide national defense, arbitration via the courts. Congress should be allowed to meet only a very few months of the year and with strict term limits. Get rid of universal suffrage and only allow voting for stakeholders so they can vote against lazy, ignorant people taking their private property. Another implication in this report is that big companies might be the only ones able to meet the scope of work. That may be true in many cases. Did the jobs get done, within scope, on time and under budget? Were there bids? in all cases? And the bottom line is that lobbying is not illegal. Politicians made it so, and if one wants to eliminate lobbying, politicians have to change the laws, or let's just get rid of politicians so there will be no one to lobby. Not much chance of that.

 
 
Dustin Wolfe
Hornbrook, CA, CA
5/8/2019 06:54 PM
 

  What the tax payer is payn for is THE BOARDER WALL! AN US BOARDER PATROL AN USARMY NATGAURD. USMC NATGAURD, USAF NATGAURD, AN US CIVIL AIRPATROL F15E BASES! MY BASES! I OWN ALOT. I PERSONALY AFFORD IT. MY TAX IS ALWAYS 10% ON 1TRILLION A YEAR. THATS 100BILLION ON MY PART! AN THEN IM LIKE SCREW THAT 1 TRILLION, IM FUNDING MY TROOPS DEFENSE FUND AN OFFENSE FUNDING EQUAL OF ONE FUNDING OF 50TRILLION FOR 10YRS OF SERVICE. I SELL JEWLERY AN TECH COMPUTERS AN SERVER PARTS FOR INTERNET BIZ AN ONLINE STORES AN CREATED ALOT OF JOBS. AN FEED ALOT. US ORGANICS IS PRIVETLY OWNED. FACEBOOK PRIVETLY OWNED. I OWN ALOT. FUND ALOT. AN ZUCKERBURG IS A PIECE OF SHIT. BANNED THE BOSS AGAIN. HE IS OUT. AN THAT SECUTITY FIRM IS UNDER SCRUITINY RIGHT NOW. ITS THE FUSTRATION OF POLICE IN STATES THAT KILLED PEOPLE WITH NO JUSTIFICATIONS AN THATS WRONG! ONE STATE HAD 3 DEATHS, ONE GIRL THAT GOT STRUCK N THE HEAD. WTF. YEAH WTF YOU THINK NEEDS TO BE JUSTIFIDE REPERCUSSION ON A POLICE DEPARTMENT OR MOB CHIGAGO THAT IS SO CORUPT IT PROTECTS THE CORUPTED POLICE SHIT STAINS! OH OH IM MAD MOTHER FUCKER THAT WANTS BLOOD FOR THESE BASTARDS. THERE SEPERATED FROM ME TO THEM CEO FUCKERS ACTED LIKE THEY TRUELY EARNED THEY GOT WAGED PAY ONLY AN INTRREST ON THERE WAGE EARNINGS. AN HOW TO GUIDE TO MAKE THE MONEY FOR YOU, TO ME THE BOSS. IM OWED ALOT. AN I HAVE A PERSONAL ACCOUNTS AN SOME PIRATES BEEN STEALING FROM ME IN USPS. THINK OF THAT! IM OWED ALOT! MAIL MISSING! FEDEX IS MINE TOO. I OWN IT. AN OWED ALOT. WHERE IS MY SHIT! MY PRODUCTS THAT IM OWED! MY CAR, MY HUMMER, MY STUFF I EARNED. OUTRIGHT. AN MY PROFITS ARE MINE ON TOP OF MY PERSONAL WAGE. LEGAL! SO IM DUE DOME CASH FLOW TO ME!