during the 2008 crisis, corporate welfare reached new heights. In the great bailout of the Great Recession, one corporation alone, AIG, got more than $180 billion-more than was spent on welfare to the poor from 1990 to 2006.68 As
During the financial crisis of 2008, the concept of corporate welfare became particularly pronounced, as significant funds were allocated to corporations in distress. A striking example is the massive bailout of American International Group (AIG), which received over $180 billion from the government. This amount surpassed the total welfare expenditures directed to impoverished individuals over a 16-year period, highlighting a stark disparity in how resources were allocated during the crisis.
In his book, "The Price of Inequality," author Joseph E. Stiglitz examines the implications of such financial interventions and how they reflect a divided society. The extraordinary financial aid given to AIG underscores the issues present in contemporary economic systems, where corporate interests often overshadow the needs of the less fortunate, raising concerns about equity and long-term societal well-being.
