Tuesday, May 7, 2019

OpenTheBooks.com reports on Federal Funding of Fortune 100 Companies

OpenTheBooks.com reports on Federal Funding of Fortune 100 Companies, Metamora Herald

OpenTheBooks.com recently released a report on Federal Government spending.

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.

The group is also circulating a petition to the President.

Urge President Donald Trump to wage a nonpartisan War on Waste by adding your name
As the federal debt exceeds $21 trillion, America needs a nonpartisan War on Waste. In our open letter to President Donald Trump published in The Wall Street Journal and USA Today, we outline a three-pronged attack the president can use to attack the irresponsible spending culture in Washington. 1. Post expenditures online and promote transparency; 2. Cut wasteful spending at the federal agencies; and 3. Report monthly progress to the public. 

Read our full letter to the president and review 100 examples of federal taxpayer abuse, click here. 

Add your name to our petition to urge President Donald Trump to lead a nonpartisan War on Waste. Economic sanity is crucial to the long-term survival of this great country as our founders envisioned it. We need your support. 

Click here to sign the petition. 

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