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What if you were in Vegas, and a friend told you there was a slot machine in the corner that was giving out $59 for every $1 that was put in? You’d think the machine was broken, and that it was rigged.
What if an investment advisor told you that he could get you $59 back for every $1 you gave him? That’s a 5,800 percent rate of return. Even Bernie Madoff only promised 10.5 percent. Obviously a scam, right?
Clearly this is a scam, but if you’re the oil, gas and coal industry, it’s legal and business as usual in Washington. For every $1 the industry spends on campaign contributions and lobbying in Washington, D.C., it gets back $59 in subsidies.
Here’s how it works:
- Amount the fossil fuel industry spent during the 111th Congress (2009 & 2010) on contributions to Congress’ campaigns—$25,794,747
- Oil and Gas lobbying total 2009—$175,454,820
- Oil and Gas lobbying total 2010—$146,032,543
- Total amount spent by Big Fossil in 111th Congress—$347,282,110
- 2009 amount given to fossils in federal subsidies—$8,910,440,000
- 2010 amount given to fossils in federal subsidies—$11,578,900,000
- Total amount given to fossils during 111th Congress—$20,489,340,000
- Divide the total subsidies by the total money spent by the industry and you get 59.
- $1 in. $59 out. That’s a 5,800 percent return on political investment. Not bad.
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