The corporate welfare spigot is still flowing for Big Oil

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Despite a majority of Senators voting to cut off tens of billions of dollars in taxpayer subsidies to Big Oil on Thursday – the corporate welfare spigot is still flowing as Democrats couldn’t get the 60 votes needed to stop a near-unified Republican filibuster. Only two Republicans defied the oil industry and voted to cut off the subsidies – Senators Susan Collins and Olympia Snowe.

Meanwhile – four Democrats sided with Big Oil, including Senators Ben Nelson, Mary Landrieu, Mark Begich, and Jim Webb. So how were the oil barons able to keep their welfare despite overwhelming public opposition to the subsidies? The answer is…$23 million. The 47 Senators who voted for big oil collected more than $23 million in campaign contributions from big oil and gas companies. That’s more than four times the amount of contributions that the 51 Senators who voted against big oil collected.

We saw this same same thing with Wall Street reform – as banksters contributed four-times more money to Senators opposing tough regulations on the banks than to Senators supporting regulations. That’s what the "best government money can buy" looks like.

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Who Should an Economy Serve?

The top one percent own half of all the world's assets. In stark contrast, the bottom fifty percent of the world owns less than one percent. According to the 2014 Global Wealth Report from Credit Suisse, global inequality has surged since the 2008 financial collapse. The report explains that while global wealth has more than doubled since the year 2000, the vast majority of overall growth has gone to those who were already wealthy.

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