10 Biggest Banks Get Almost As Much Money From Taxpayers As The Sequester Cuts"

10 Biggest Banks Get Almost As Much Money From Taxpayers As The Sequester Cuts

by Zaid Jilani at the Daily Change

http://thecontributor.com/10-biggest-banks-get-almost-much-money-taxpayers-sequester-cuts

"SNIP......................................................


Economists are warning that the upcoming sequester could severely harm the economy as government agencies at the federal, state and local level will see sharp spending cuts.

The sequester’s cuts this year will amount to $85.3 billion. Around half of this spending will be cut from the waste-ridden defense budget, but much of the rest of it will come out of necessary investments in the country’s public infrastructure.

But there’s another area of the budget where almost as much money is spent — subsidies to Big Banks. In an editorial published last week, Bloomberg noted that the 10 biggest banks get an effective annual subsidy of $83 billion from taxpayers, and that almost all their recent profits are subsidized by the federal government.

Where did Bloomberg get their $83 billion number? They explain:

......................................................SNIP"