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Things you should know about corporate welfare in Louisiana
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Cover story in Gambit May 18, 1999
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- On average, the working men and women of Louisiana are robbed of about $300 million per year in the name of corporate welfare.
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- In 1998, companies received about $300 million in corporate welfare from the taxpayers of Louisiana. Companies used that money to create only 6,250 new jobs. That's $48,000 a job.
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- Manufacturing accounts for only 10 percent of the jobs in our state and as you can see from the statistics above, even though the corporate welfare dollars are increasing the jobs are decreasing.
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- There are no limits on how much welfare a company can receive. In one case, Mobil Oil was given $29 million in corporate welfare and provided our state with the grand total of one new job.
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- Between one-quarter to one-third of all wealth generated by corporate welfare is paid to people outside of Louisiana.
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- While every taxpayer in the state has to foot the bill, the $300 million in corporate welfare goes to companies who employ only 10% of the workforce.
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- Between 1982 and 1995, Louisiana taxpayers paid out $4 billion in corporate welfare that was supposed to create jobs. 26,000 jobs were lost, which means industry robbed Louisiana taxpayers of $154,000 for each job eliminated.
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- Between 1993 and 1996, the Louisiana chemical industry lost 800 jobs. During that three years we gave them about a $700 million dollars in welfare money. Why should taxpayers have to pay $875,000 in welfare money for each job lost?
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- Nationally most new jobs are created by small- and medium-sized businesses. In Louisiana, 97 percent of all businesses have 100 employees or less. Yet, the lion's share of corporate welfare is going to the big companies with political clout.
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- Polluting companies don't spend the money needed for pollution control. As a result, every Louisianian pays $400 to subsidize the polluters.
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