For many years there has been a vigorous debate on the pros and cons of net neutrality. On December 21, 2010, the nation took a technological step backwards when the Federal Communications Commission (FCC) voted to institute net neutrality rules on the Internet.
High-Speed Rail off the Tracks
When stumping for Rep. Tim Bishop (D-N.Y.) in October 2010, Vice President Joe Biden made a telling statement regarding the government’s role in investments. He credited the government with “every single great idea that has marked the 21st century, the 20th century and the 19th century,” adding that “in the middle of the Civil War you had a guy named Lincoln paying people $16,000 for every 40 miles of track they laid across the continental United States. … No private enterprise would have done that for another 35 years.”
Federal Housing Administration: The Next Big Fannie?
In the upcoming session of the 112th Congress, lawmakers will be faced with the daunting challenge of what to do with Fannie Mae and Freddie Mac, the nation’s two mortgage giants. These government-sponsored enterprises (GSEs) have been under conservatorship since September, 2008 and they have sponged up $150 billion in taxpayer bailout money to date. The CBO estimates that the bailout will cost $380 billion, more than three times the cost to taxpayers of the savings and loan crisis in the 1980s.
Does Obamacare Save or Cost Money?
The strange world of congressional budget scoring obscures whether Obamacare saves or costs money, but it also provides insight into why the federal government is in such a financial mess. Revenue and cost figures are thrown about in an attempt to justify each side’s position. Understanding the relevant facts provides a clearer picture of reality.
Fiscal Commission: The First Step in a Journey of a Thousand Miles
On February 18, 2010 President Obama set up a bipartisan panel to address the deficit and debt. Dubbed the National Commission on Fiscal Reform and Integrity, the effort was co-chaired by former White House chief of staff Erskine Bowles and former Republican Senate Whip Alan Simpson (R-Wy.).
All Signs Point to a Waste of Tax Dollars
A strange unfunded mandate from the federal government is slated to cost taxpayers millions of dollars over the next few years. A new regulation by the Department of Transportation dictates that all street signs must be in a mix of upper and lower case font, and must meet new higher reflectivity standards. Local governments must pay for the replacements themselves. Each sign typically costs more than $100, so high-density areas face huge costs. For example in New York City, the cost is projected to reach $27.5million. It will cost smaller cities, like Milwaukee, approximately $2 million.
The Consumer Police and Sin Taxes
There have always been and will always be some people who believe they know what is best for everyone, so they try to force their will on the rest of society. This attitude is very much at odds withthe philosophy that liberty should be maximized and that people should be allowed to live their lives as they would like as long as they are not infringing on the rights of others.In recent years, the “we know best” crowd has expanded the number of activities that they believe need policing far beyond the traditional sins that have been targeted for decades and even centuries.
State Piglet Roundup
In conjunction with state taxpayer groups, Citizens Against Government Waste (CAGW) released sixPiglet Books in 2010. The Piglet Books bring CAGW’s national expertise in exposing waste, fraud and abuse to the state and local levels.
Federal Bailout No More! State and Local Governments Must Deal With TheirOwn Pension Predicaments
In December 2008, state governments had nearly $1.94 trillion set aside in pension funds for approximately 20 million active state and local government employees and seven million retirees and dependents who currently receive benefits.
Using market-based discount rates that reflect the risk profile of pension liabilities, finance professors Robert Novy-Marx of the University of Chicago and Joshua Rauhof Northwestern University calculated that states have pension liabilities of $5.17 trillion, which means that state pension plans are unfunded by $3.23 trillion. Local government pension plans are unfunded by $574 billion.
Cut Corporate Income Taxes
America has been called the land of opportunity largely because it has been a place where businesses and individuals prosper. This has been the result of a stable government, an educated workforce, protection of intellectual property, and a tax rate that historically has been low. Unfortunately, taxes are now going in the wrong direction.