Senate Democratic and Republican leaders rushing to address the nation's housing crisis reached agreement yesterday on a package that would provide billions of dollars in tax rebates to the slumping home-building industry while offering little to homeowners threatened with foreclosure…. Home builders and other businesses suffering losses in the flagging economy, meanwhile, would get the lion's share of federal spending in the bill: $6 billion in tax rebates. (Washington Post, Thursday)
The money to bail out businesses will have to be borrowed and repaid by the taxpayers later.
FEE Timely Classic
Ending Corporate Welfare as We Know It by Lawrence W. Reed