In anticipation of the rapid passage of a $1 trillion stimulus package as soon as President-elect Obama and the new Congress take office in January, the U.S. Conference of Mayors released its wish-list of what it called “shovel-ready” projects that the Conference claims can be completed in 2009 and 2010 and will create 847,000 new jobs. With taxpayers already experiencing the worst holiday season in years, this is another big lump of coal in their stockings.
RAC-king Up Medicare Savings
The Centers for Medicare and Medicaid Services (CMS) released its most recent analysis of improper payments in the Medicare program on November 17, 2008. The good news is that vigorous cost recovery programs have helped whittle the percentage of improper payments in the Medicare fee-for-service program from 3.9 percent in FY 2007 to 3.6 percent this year.
The “Not-So-Big Three” Beg for a Bailout
The so-called “Big Three” domestic automakers, General Motors, Chrysler, and Ford have kicked into overdrive to lobby Congress to salvage what is left of their business operations using taxpayer funds. General Motors, which has entered negative cash-flow territory, is widely predicted to go belly-up unless it receives massive infusions of money. Analysts predict that GM’s demise would drag the other two down as well. After two days of contentious hearings on Capital Hill on November 18 and 19, auto executives departed without a deal and, at least for now, Congress has slammed the brakes on a straight bailout. Instead, lawmakers have tasked automakers with furnishing a detailed plan for long-term industry “viability and sustainability” before any legislative action is taken.
The 111th Congress: House of Card Check
Ironically, as Congress debates a bailout for the auto industry partly as a result of its massive, union-stimulated legacy costs, there are widespread expectations that Congress and the Obama administration will quickly try to push though the so-called “card check” legislation after the inaugural parties wind down.
ACORN: Taxpayer Seed Money Underwriting Corruption and Voter Fraud?
Voter registration and vote fraud is once again front and center as November 4 approaches. As in previous elections, the Association of Community Organization for Reform Now, or ACORN, is at the center of political and legal storms.
Treasury’s Toxic Waste Dump…on Taxpayers
The move is unprecedented and historical; the price tag, up to $700 billion, is staggering; reaction in the nation’s capital has been fluid, chaotic, enraged and, now, perhaps obstructionist.
Incensed Over Incentives
H.R. 3221, the housing bailout bill that President Bush signed on July 23, 2008 is a $300 billion handout to home builders, mortgage companies who made bad loans and borrowers who took loans for homes they could not afford. The bill was exacerbated by the last-minute inclusion of a potential $25 billion (or more) taxpayer subsidy for the nation’s two mammoth government-sponsored enterprises, Fannie Mae and Freddie Mac. Despite claims that the money would not be used, the taxpayers may be on the hook sooner rather than never. It turns out that there were other nasty surprises tucked into the bill as well.
GSE Monster Mash-up
On Friday, July 11, the nation’s two largest housing government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, began a precipitous stock slide that stirred a mini-panic on Wall Street and among government officials. There was a frantic bid to craft a government rescue plan over the weekend. On Monday, federal officials rushed to the nearest open microphone to reassure the nation that these mortgage behemoths were in no real danger of going belly up.
Coconut Road Outrage
An update on the ongoing drama associated with what CAGW has dubbed “the immaculate earmark.”
IRS Still Plagued By Security Vulnerability
The Government Accountability Project (GAO) released a report on January 8, 2008 documenting the mediocre progress made by the Internal Revenue Service (IRS) toward tightening its information security systems. The GAO said: “The IRS is at increased risk of unauthorized access to and disclosure, modification, and destruction of financial and taxpayer information, as well as inadvertent or deliberate disruption of system operations and services.”