A “crony” is an individual or organization that colludes with politicians to gain unfair treatment, taxpyer-funded benefits, or regulations that the rest of us don’t enjoy. Cronyism occurs because politicians rely on wealthy interests to fund their campaigns, and those donors then seek government goodies or favors in return.
It’s a match made in heaven for cronies and hell for taxpayers. Just as bad, such cronyism erodes economic freedom by destroying the real competition that fuels free market capitalism.
In 2012, the cronies had a banner year, poaching billions of taxpayer dollars to pump up their profits and redistribute their losses.
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