On April 13, 2011, after calls from both sides of the political aisle for leadership on America’s ballooning deficits and debt, President Obama delivered what has been dubbed “The Debt Speech” at George Washington University. It was widely considered a response to House Budget Committee Chairman Paul Ryan’s (R-Wis.) “Path to Prosperity” budget proposal, which lays out a blueprint for reducing federal spending by $6.2 trillion in the coming decade. That budget was approved by the House on April 15, 2011, by a vote of 235-193.
Congress Should Plug the Holes Before It Raises the Roof
As high levels of federal spending persist, the nation is on pace to reach its statutory $14.294 trillion debt limit in mid-May. Debates over whether or not to raise the debt ceiling as well as whether or not to attach provisions to reduce the deficit and debt have ensued. Scare tactics are being employed to compel members of Congress to vote for another increase, or else experience “catastrophic economic consequences” and default on the national debt. Lawmakers face a major dilemma and are gearing up for a fight when Congress reconvenes after the Easter recess.
Tax Dollars Disappear into Black Hole
March is National Black Hole Awareness Month, a perfect time to match science with spending. While scientists continue to identify black holes in the far reaches of space, the closest and most deadly vortex is the nation’s $14.3 trillion national debt. Indeed, there are striking similarities between the astronomical black holes and the fiscal abyss facing the United States.
Future Shock
In the 1986 ad known as “The Deficit Trials,” a young prosecutor speaks on behalf of a poor, tattered generation that by 2017 has suffered the consequences of failing to address what was then a $2 trillion national debt. Today, at $14.3 trillion, or $45,800 for every man, woman and child in America, Washington continues to put off the tough decisions necessary to solve the rapidly growing problem.
Federal Real Property: Buried Alive!
When it comes to property management, the federal government is a bit of a pack rat. It likes to purchase and hoard a lot of real estate. Due to a combination of bad incentives and typical government bloat, selling real estate is a long, costly process. As a result, Uncle Sam owns more real property than any other entity in America: 900,000 buildings and structures covering 3.38 billion square feet. The Office of Management and Budget estimates that 55,000 properties are underutilized or entirely vacant, costing taxpayers $1.66 billion to maintain each year. That is probably too much stuff to cram into an hour-long “Hoarders” episode, but it should still be brought to the public’s attention.
Earmark Moratorium Backlash
After years of feeding at the trough, it appears that some members of Congress are not adapting well to the newly imposed two-year earmark moratorium. Despite affirmation by congressional leaders that earmarks will not exist in the 112th Congress, the pork addicts are chafing under the new strictures.
A-Maize-ing Waste: Why Ethanol Subsidies Must Be Repealed
“I once was lost but now am found; Was blind, but now I see” the amazing waste in the ethanol subsidy program, admitted Vice President Al Gore. A November 27, 2010, Wall Street Journal article confirmed that the ethanol cheerleader and environmental eminence of the climate change movement had backtracked on his support for the program, saying it was a “mistake,” and that he only supported it because he had a “certain fondness for the farmers in the state of Iowa” during his presidential run.
Four Myths about the Export-Import Bank
The Export-Import Bank of the United States (Ex-Im Bank) is an independent government agency founded in 1934 in an effort to encourage U.S. exports. In 2010, Ex-Im Bank provided $24.4 billion in taxpayer-backed direct loans, guarantees, and export-credit insurance to private firms and foreign governments. Whatever its original intent may have been, today Ex-Im Bank is an obvious example of corporate welfare. Denying Ex-Im Bank’s charter, which is up for renewal in 2011, would eradicate a regressive, wasteful institution whose time has passed.
Blackmail to Avoid Blackouts is Not Sound Policy
Imagine that you’re settling in to watch your favorite must-see-TV when your station de jour abruptly goes black. You suddenly can’t watch the big game, or the American Idol finale or (fill in your “can’t-live-without-it” show here). How could this possibly happen? You try rebooting your cable box as you frantically flip through the TV guide to make sure it’s really Super Bowl Sunday.
Weatherization–More Money, Blowin’ in the Wind
February 17, 2011 marked the two-year anniversary of the American Recovery and Reinvestment Act (ARRA), the so-called stimulus package. Needless to say, the contrived celebratory fanfare that characterized the one-year anniversary last year has now given way to the dull realization that the $862 billion program has been an abject failure. The oft-repeated promise that the stimulus money would be tracked to the very last dime has become the butt of late-night talk shows and taxpayers are left to wonder where all the money went.