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No, Has been reversed by Current all 'big money rules' administration. Has reversed welfare to Richest individuals and companies, from poorest individuals.
Haven’t heard of Highest Profit Drug Manufacturers, and Big Oil companies? Tax incentives and subsidies they getting now? While Nation has Biggest deficits, in History Now? Fox News does not cover those topics. Is outside their Pre-selected ‘agenda’ of programming.
The purpose of the drug manufacturers and oil companies is to produce drugs and oil.
If they produce drugs and oil and IF their revenues are higher than their expenses, then the difference is their profit.
The government takes about 50% of the profits as taxes. Some of what is left after taxes is paid to shareholders as dividends … and many of the shareholders are pension funds, mutual funds and people who are retired. That dividend money is their retirement pension.
Finally, the money after taxes, dividends (and interest on debt) is spent on new plant and equipment and on research and development. [You want companies to have positive cash flow.]
Some companies don’t make profits … and they go out of business. Take a look at the business section of your newspapers for companies that declare bankruptcy because of poor management … that failed to make profits.
In 1998, the oil companies were not making profits. The oil business is highly cyclical. Up and down.
Right now, companies that refine oil into gasoline, kerosene, diesel, jet fuel, asphalt, and other products are doing terrible. Not making much profits. We need many more refineries … have not built a new one in 30 years. But a new large refinery costs more than $2 billion to build. And they don’t have the profits to pay for new refineries. The money just isn’t there. On top of which it is difficult to get permits to build new refineries. Communities don’t want them. President Bush has proposed using surplus Navy bases to build refineries but our Congress won’t allow it. Small refineries have very poor economics so they don’t work either.
Anyway, that’s why you want companies that earn profits … to stay in business, to tide them over during periods of low profits, and to invest in new facilities.
And big pharmaceutical companies … their patents run out and they must design new drugs before the competition does. That research is very expensive. That’s where their profits go.
And sometimes they produce a drug that has adverse effects on some patients, so they get sued. The problem is that those problem drugs often work extremely well for some patients. So when they get sued the patients that need the drugs can’t get them.
Look up the history of antiangiogenesis drugs. And the work of Judah Folkman and his work on macular degeneration and cancer. He gave a wonderful presentation that is on video … look up “Beating Cancer At Its Own Game”. And he used a combination of drugs developed by big drug companies.
vtap.com/video/Beating+Cancer+At+Its+Own+Game/CL0067558336_3069d753c
Anyway, if you want new life-saving drugs, you had better hope that the drug companies can afford a lot of research and development. And they can only spend big bucks on research if they earn big profits.