Warren: Richest U.S. companies ‘spending more on lobbying’ than taxes
Massachusetts Senate candidate Elizabeth Warren (D) appeared on The Daily Show Tuesday evening, to discuss the economic challenges facing America’s middle class.
The Harvard professor told host Jon Stewart of how the country’s politicians are surrounded by “an army of lobbyists” and “an army of lawyers” preventing them from helping average Americans.
“If you’re in the drug business and you are selling prescriptions to seniors and you don’t want to have to negotiate over the prices, Washington works beautifully for you,” she said. “If you want subsidizes to drill for oil, Washington is working for you. If you run a hedge fund and you want to pay the lowest possible taxes, Washington is working for you.”
Warren then mentioned a recent study on America’s most wealthy corporations, revealing a startling statistic that caused Stewart and the audience to groan in disgust.
“It comes out that 30 of the largest companies of the United States are now spending more on lobbying than they pay in federal taxes,” she said. “Think about that. That is the investment and that’s what they see in the future.”
Warren went on to explain that it’s America’s middle class which is paying for Washington’s excesses.
“Who really pays for that?” she asked. “And the answer is America’s middle class. They’re the ones who are left to pick up all the pieces to pay the taxes to keep the country running. And more to the point, they’re the ones paying for the fact that there’s not enough money left to invest in our kids’ future.”
WATCH: Video from Comedy Central, which was broadcast on January 24, 2012.