As the current version of the stimulus bill awaits a Senate vote and President Obama’s signature, there are still plenty of questions and concerns about whether it will in fact stimulate the economy and create jobs. As House Minority Leader John Boehner (R-Ohio) states on his website, “We need a bill that creates jobs….” One would think that this would be the goal, except it’s not always the case with this stimulus package.
Byrneing Down the House
The so-called “stimulus” bill signed by President Obama on February 17 has come under withering fire for being rife with wasteful boondoggles whose purposes are increasingly deemed to be more politically motivated than economically sound. The bill contains funding for dozens of new programs and exorbitant plus-ups for many existing programs. For example, buried in the depths of the leviathan-like bill is $2 billion for the Edward Byrne Memorial Justice Assistance Grant (JAG) program. In addition to the “stimulus” funding, Congress intends to include more money for the program in the upcoming fiscal year (FY) 2010 appropriations bills as well.
Economic Crisis, Congressional Reward
With the economy in recession, a national debt of $10.6 trillion, and a record estimated deficit of $1.2 trillion for the fiscal year, it seems a strange time for Congress to be receiving a raise, yet that is exactly what is scheduled to happen as the new session begins.
A Word of Caution for President Obama
President Obama and Congress are in the process of putting together a “stimulus” package in order to spur the economy and create or save 3 million jobs. The House of Representative’s proposal contained $275 billion in tax cuts and $526 billion in “carefully targeted priority investments” for a total cost of $820 billion. It would be better to call it a de-stimulus package because each of the 3 to 4 million jobs that the President and his allies claim to be saving and creating will cost taxpayers about $275,000.
580,000 Square-Foot Money Pit
On Tuesday, December 2, the Capitol Visitor Center (CVC) opened its doors to its owners – the taxpayers – for the first time. After six years of construction and countless revisions, what seemed like a never-ending project has finally reached completion. While the CVC provides new services for visitors and a nice view of the Capitol, it is the $621 million price tag that has been making news.
How to Build A Bigger Boondoggle
The media has settled on a politically palatable historical metaphor for the new Obama administration and it is Franklin Delano Roosevelt. Time made it official when it put a photo of Barack Obama as FDR on its cover for its November 24, 2008 issue. And FDR’s storied New Deal policies of the late 1930’s have also become a convenient, albeit simplistic archetype for the so-called stimulus package racing through Congress.
Congressional Oversight Needs Improvement
The House and Senate convened for the 111th Congress facing a record budget deficit and are currently considering a massive “stimulus” spending package. Now, more than ever, increased oversight of federal programs is essential to ensure that taxpayer dollars are being spent effectively. Congress has for far too long failed to adequately perform its oversight responsibilities. While holding more hearings would be helpful, this in and of itself is no guarantee that problems will be identified and corrected. The Obama Administration has promised oversight of how the stimulus money is spent, including the establishment of a new “recovery” website, but that will only happen after hundreds of billions of tax dollars go out the door and only address that legislation. The President has also appointed a chief performance officer in the White House.
The Mayors’ Stocking Stuffers
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.
Troubles With TARP
Barely sixty days after its establishment, the Troubled Asset Relief Program (TARP) is itself, well, in big trouble.
New Grace Commission Needed
Just five days after his historic election, President-elect Obama vowed to review every Executive Order signed by President Bush during the past eight years. He made it clear that he intends to overturn some of them.
The President-elect should take his time during his review, as some Executive Orders are quite worthwhile. For example, on June 30, 1982, President Ronald Reagan issued Executive Order 12369, establishing the President’s Private Sector Survey on Cost Control, and asked private businessman J. Peter Grace to chair what has become popularly known as the Grace Commission. One hundred and sixty-one top executives, assisted by 2,000 volunteers from the private sector, contributed more than $75 million worth of their time and resources to examine all major federal programs and agencies. In January 1984, the Grace Commission’s work culminated in a 47-volume report containing 2,478 recommendations to save taxpayers $424.4 billion over three years.