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Government Subsidies

The Government Spends Millions To Open Grocery Stores In Food Deserts

August 14, 2024 Molly Parker, ProPublica. , , ,
Cairo, Ill. — More than 100 people congregated in the parking lot of Rise Community Market on its opening day a little over a year ago. As they listened to celebratory speeches, the audience erupted into joyful exclamations: “Mercy!” “Wonderful!” “Wow!” “All right!” Colorful homemade signs raised by local leaders beckoned the crowd to join in: “We!” “Are!” “No!” “Longer!” “A!” “Food!” “Desert!” For most American cities, the opening of a new grocery store barely warrants a mention. But in Cairo, the government seat of Illinois’ poorest county and the fastest-shrinking one in America, business openings are rare. And for residents who for years had to travel long distances to buy food, it was a magical moment.

CHIPS Ahoy For Stock Buybacks R Us!

March 27, 2024 Les Leopold, Scheer Post. , , , ,
Intel, the largest chip maker in America, with 2023 revenues of $54 billion, has just been awarded an $8.5 billion grant from the federal CHIPS and Science Act, plus $11 billion in favorable loans. In addition to badly needed microchips, Intel produces totally useless stock buybacks. On its website the company proudly proclaims to have spent $152 billion on stock buybacks since 1990. That’s not a typo — $152,000,000,000. Which is why I call it Stock Buybacks Я Us. Intel took $152 billion of its revenues, some portion of which could have been used for R&D and building new microchip facilities in the U.S.