In big government America today, it’s rich people who freeload the most. Corporations do it. And rich individuals do it. People like me.
Years ago, I built this beach house on the edge of the Atlantic Ocean. My father told me, “Don’t do it, it’s too risky. No one should build so close to an ocean.” But I built anyway. Why? Because cheap federal flood insurance guaranteed my investment. Congress created the National Flood Insurance Policy to help foolish people who don’t buy private flood insurance and then lose their home when the water rises. Politicians said people didn’t buy private insurance because the greedy private companies charged too much. The politicians would hire people to price the policies “properly.” Give me a break.
Today taxpayers guarantee insurance for billions of dollars in waterfront property. You may foot the bill if a flood destroys Derek Jeter’s new mansion in Florida, or the Kennedy Compound in Massachusetts.
Eventually, a storm swept away my first floor. But I didn’t lose a penny. Thanks! I never invited you there, but you paid for my new first floor.
A few years later, the whole house went. Again, government flood insurance covered my loss. Rich people freeload off you taxpayers all the time, because the over-promisers in Washington make deals for politically-favored groups. Those groups tend to be the affluent, because the rich can afford lobbyists to persuade Congress to give them special tax credits-- like the one for electric cars. Because of that tax credit, I got a FREE golf cart. Buy a cart for $6,000 and get a $6,000 tax credit. I also put solar panels on the roof of my new home.
Why? Because Congress and state legislators gave me a big tax credit. It reminds me of all the well-intended government handouts to farmers. They mostly just benefit wealthy farmers and people like Bon Jovi, who pays only $100 in state property taxes on many acres of land. Because he raises honey bees, he qualifies for a honey bee subsidy. Bruce Springsteen also owns acres of property in New Jersey, but pays little tax on it because an organic farmer works the land.
America’s single biggest recipient of farm subsidies has been Maurice Wilder. The multi-millionaire owns some farm land, but he mostly builds homes and offices. Others who’ve collected farm subsidies are basketball star Scottie Pippin, billionaire Ted Turner, even the family of anti-subsidy Congresswoman Michele Bachmann. None of those people broke any laws. They or their families just own land that qualifies for handouts. But think about how much money we could save if government just didn’t pass laws that encourage freeloading.
In case you missed it last night, my Freeloaders special re-airs on FOX News Channel today at 3pm, and tomorrow at 9pm & midnight (all times eastern).