Once again, we have the chance to evaluate our national priorities as we take a look at the earnings statements for the third quarter of 2011 for the two largest private prison companies in the country, CCA and the GEO Group. Both companies have recently taken hits in the stock market, but still raked in tens of millions of dollars in profit, on hundreds of millions in revenue, over the past three months.
The GEO Group earned $26.1 million in profit over the past three months on nearly $407 million in revenue from government contracts. That comes out to about $290,000 in profit every single day, all made on taxpayer dollars.
Meanwhile, CCA actually saw a dip in its profit, taking in about $2 million less in the third quarter of 2011 than they did in 2010. But the drop-off wasn't significant; they still earned $39.24 million in profit over the past three months. That's about $460,000 every day.
Combined these two companies, housing maybe 10% of the prisoners in this country, earned $726,000 in profit every day for the past three months. That's $30,250 per hour, $504.17 per minute, and $8.40 every single second. Again, taxpayer dollars.
If this isn't corporate welfare, I don't know what is. And to think that they turn most of this money around into lobbying for laws that lock up an ever-growing number of US citizens and immigrants...
This is Why I Hate CCA. And the GEO Group.