February 17, 2010 marked the one-year anniversary of America’s favorite farce, the American Recovery and Reinvestment Act (ARRA). Ironically, this $862 billion “stimulus” bill has proven to be nothing more than a profligate program that has further depressed the nation’s economy.
The Year of Living Dangerously
The nation will hear President Obama’s first State of the Union Address on Wednesday as he tries to salvage a devastating plunge in popularity for his agenda. But, as bad as it has been for the President, whose support has dropped from 69 percent a year ago to 48 percent, the largest first-year drop by any President that has been tracked by polls, it has been much worse for taxpayers.
Time for a Constitutional Line Item Veto
As the year draws to a close and the nation’s deficit soars to $1.4 trillion, Congress’s spendthrift behavior persists. On December 16, 2009 President Obama signed a $1.4 trillion omnibus spending bill; $446.8 billion of that amount covered six of the seven remaining appropriations bill.
Dithering on the Debt
On December 16, 2009, by a vote of 218-214, lawmakers voted to raise the debt ceiling by $290 billion to $12.394 trillion. This is similar to the limit that banks and other lenders allow individuals to charge on their credit cards. Ironically, during the recession, millions of Americans received notices from their credit card companies telling them their credit limit was being reduced. Yet, this Congress is expanding its credit at rates far greater than any time in its history.
Weatherization: More Clouds on the Horizon
The American Recovery and Reinvestment Act (ARRA), the so-called stimulus package, continues to be a source of contention and controversy as the end of 2009 approaches. When Congress first considered the $787 billion legislation, CAGW expressed grave concerns about the entire plan, especially those programs which received massive increases in their budgets.
Congress Plans to Tap Medicare to Pay for Healthcare Reform
The Senate Finance Committee has reported out S. 1796, its version of a health care reform bill. This was preceded, and indeed made possible, by an estimate from the Congressional Budget Office (CBO) that the bill would increase federal government spending by only $829 billion in 2010-2019. With new taxes and reductions in projected spending in Medicare and Medicaid, CBO said this would actually result in a net saving to the federal budget of $81 billion over this period. The bill’s advocates greeted this estimate with relief, tinged with self-congratulation for having produced a bill that, in the current environment, was considered by them to be fiscally responsible.
Restricting Sugar Imports, Hidden Tax Increases, and Just Plain Waste
The antiquated U.S. sugar program continues to cause trouble for American companies, consumers and taxpayers. While supporters of the program have always tried to claim that it doesn’t cost taxpayers any money, according to the Government Accountability Office (GAO), the highly restrictive import quota already costs U.S. consumers as much as $1.9 billion annually, which is nothing more than a sugar consumer tax.
OMB Plays Three Card Monte With Deficit Numbers
As a rite of August when the nation’s capital moves slowly, official Washington plays an interesting game of re-estimating the budget deficit. It is known as the Mid-Session Budget Review and both the Congressional Budget Office (CBO) and the White House Office of Management and Budget (OMB) take part. While both review the state of the federal budget and outlook for projected deficits over the next 10 years, they issue very different reports.
OMB Plays Three Card Monte With Deficit Numbers
As a rite of August when the nation’s capital moves slowly, official Washington plays an interesting game of re-estimating the budget deficit. It is known as the Mid-Session Budget Review and both the Congressional Budget Office (CBO) and the White House Office of Management and Budget (OMB) take part. While both review the state of the federal budget and outlook for projected deficits over the next 10 years, they issue very different reports.
Public Outrage Grounds Congressional Jets
In 2005, Rep. Don Young (R-Alaska) tried to fund the infamous “Bridge to Nowhere,” which would have connected the mainland of Alaska to an island of only 50 people. After the bridge became the “poster child” for pork and taxpayers expressed their disdain, funding for the “Bridge to Nowhere” was eliminated.