Corporate Welfare is defined as any government program or spending that provides unique benefits or advantages to specific companies, such as direct grants, loan guarantees, and tax breaks. The policy of granting “economic incentives” to selected hand-picked companies, gives them an advantage over their competitors. This advantage, granted courtesy of the political class, will help determine which businesses succeed or fail in the marketplace. Many of these subsidized businesses never create the jobs they promised and many of these subsided businesses have gone bankrupt. This is our money that we will never get back.
Corporate Welfare creates an uneven playing field by giving selected businesses and industries special advantages. Corporate subsidies put businesses and industries that are less politically well-connected at a disadvantage and creates an incestuous relationship between business and government. All too often, the firms and industries that contribute the most to political campaign coffers are the largest recipients of government handouts.
A free market, without government meddling, directs resources to where they are in greatest demand and cheapest to employ. Corporate Welfare only distorts prices and resource allocation. A politician picking certain industries is arrogant on their part, businesses need the flexibility to meet customer needs and wants, mandating solar panels and ethanol could waste capital when there may be a much more affordable and efficient alternative energy source in the future. What industry serves society best today may not be the best in the future.
RLCFL Legislative Goals:
We support the repeal of Visit Florida state funding.
We support repealing Major Sport Team Subsidies.
We oppose Film Industry Subsidies.