December 3, 2021

Corporate Welfare

Government handouts repeatedly end up in the pockets of giant corporations. Johan Norberg’s new documentary covers this "socialism for the rich.”

So you don’t miss the weekly video from Stossel TV, sign up here: https://johnstossel.activehosted.com/f/1
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Politicians in Memphis, Tennessee, gave Swedish furniture giant IKEA tax breaks to come to the city and create jobs.

IKEA created fewer jobs than promised, and drove existing small furniture stores — who still had to pay taxes — into the ground.

"Where’s our tax break?" business owner Louis Caddell, of "King’s Furniture," asked.

Then he went out of business. He couldn’t compete with a giant like IKEA that got special breaks.

I’m glad PBS is airing a documentary on how government goes wrong. The video above is our shorter, Stossel TV version of it.