It simply makes me weep to think of the plight of American corporations and their Republican defenders… Crucified on a cross of expropriatory taxes! Poor babies.
No wonder we have to snip away at the social safety net. Well, according to our friends across the aisle, that’s a sacrifice we have to make to protect our children and grandchildren.
Assuming they survive.
This story appeared on Alternet.com
As of July 13, 29 public companies had more cash on hand than the U.S. Treasury Department, according to the site Zero Hedge based on numbers from Capital IQ. It’s a stark reminder that if Congress refuses to raise the debt ceiling, the government won’t have nearly enough money to continue funding essential services and programs.
In the first half of July alone, Treasury cash balances were depleted from from $130 billion to just $39 billion. That means the most powerful nation on earth currently is tied with Google for the amount of cash that it has, and is less flush than Bank of America, JP Morgan Stanley, and Goldman Sachs, among others.
The primary source for the financial data was Capital IQ, a Standard &Poor’s Business
Capital IQ delivers comprehensive fundamental and quantitative research and analysis solutions to over 4,200 investment managers, investment banks, private equity funds, advisory firms, corporations, and universities worldwide. www.capitaliq.com.
Hardly a pinko, lefty, source I would judge.