Tag: budget

Minnesota government shuts down over budget and taxes

9:33 am

The Minnesota state government shut down on Friday over budget and taxes.

“We have divided government, and a governor that believes that he has a mandate to raise taxes and increase spending, and we have a Legislature that believes we should cut taxes and reduce spending,” said House Majority Leader Matt Dean. “It is a sort of a microcosm, in the middle of the country, of what’s going on throughout the nation.”

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U.S. National Parks’ Cultural and Natural Resources Threatened

6:55 pm

The pigs begin squealing again: According to a report written by a D.C. advocacy group, the national parks face serious problems due to a lack of sufficient funds.

It’s never enough. The National Park Service budget [pdf] has grown from $2.5 billion in 2003 to $3.1 billion in 2011. At the same time, they have increased fees on all public lands, often introducing fees where none had ever existed before.

Somehow, they managed for decades on smaller budgets. At this time of unimaginable federal debt, I have no sympathy for them, despite the fact that I am a passionate lover of the natural wonders contained in the national parks.

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Another billion in free money for homeowners who can’t pay their mortgage

3:44 pm

The Obama administration is offering another billion in free money to homeowners who can’t pay their mortgage.

So, considering the trillions in debt that is overwhelming the budget of the federal government, I wonder where is billion dollars coming from. Do they grow it on trees? I’d really like to know, since it would be nice if I could manufacture cash out of thin air as easily whenever I thought I needed it.

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Obama’s proposal to end the tax break for corporate jet owners would reduce the deficit by less than one-tenth of 1 percent.

9:13 am

A dose of reality: Obama’s repeated demand at yesterday’s press conference to end the tax break for corporate jet owners would reduce the deficit by less than one-tenth of 1 percent.

I say, the Republicans should trade this measly tax increase for $1 trillion in cuts. This tax increase is stupid, and will do nothing bu harm, but if they can trade it for lots of cuts, it’s worth accepting it.

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The shocking true size of our nation’s debt

9:17 am

The day of reckoning beckons: The shocking true size of our nation’s debt.

Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.

The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting “fraud, waste and abuse.” As CBO points out, the projected growth in the debt “is attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.

Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big “if”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.

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Global Bankruptcy Months Away?

10:42 am

The day of reckoning beckons: Global bankruptcy months away? Key quote:

“Based upon world liquidity, the amount of money available to fund sovereign debt in 2011 is between $6-9 trillion,” Marc Nuttle told Townhall Finance. Nuttle runs the site DebtWall.org. “The world’s government projections for deficit financing in 2011 is $8-10 trillion. We are bumping into the ceiling of the world’s ability to fund ongoing sovereign deficits and debt on an annual basis.”

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NASA faces subpoena on heavy-lift rocket work

10:16 am

The space war continues: Several senators are threatening to subpoena NASA over what they perceive as the agency’s foot-dragging in building a heavy-lift rocket.

Idiots. They give NASA less money and less time to build the program-formerly-called-Constellation, and then are surprised when things don’t go well. Of course, it doesn’t help that the Obama administration is trying to sabotage the project anyway.

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Senate Republicans pull out of Biden debt limit negotiations

2:12 pm

The Senate Republicans have pulled out of Biden’s debt limit negotiations.

This article strongly suggests to me that the Democrats, who hold a majority in this negotiating group, have refused to take seriously the Republicans’ demand to cut spending, instead focusing on tax increases as a solution. The problem is that you could raise our taxes to 100 percent and you wouldn’t solve the debt problem. The government has got to reduce its spending.

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Democrats call for new spending in US debt deal

6:15 pm

In negotiations over raising the debt limit Democrats are now calling for more stimulus spending.

These guys just don’t get it. We don’t have the money, the federal government is broke, and it was their out-of-control spending and complete lack of responsibility that helped create today’s economic mess.

The one thing that worries me most however is that the public might not get it yet either, and might not vote these bums out of office. If that happens, we are really screwed, in ways that most Americans today probably can’t imagine.

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Conservative lawmakers push for pledge cutting spending across the board, capping government spending, and requires a balanced budget amendment.

12:46 pm

Conservative lawmakers are coalescing behind a pledge to cut spending across the board while requiring a balanced budget amendment.

This story once again suggests to me that the political winds are definitely favoring big cuts in government spending. Woe to the politician of either party who ignores these winds.

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How the recently dissolved California Space Authority wasted millions of dollars in federal earmarks and grants

9:27 am

How the recently dissolved California Space Authority wasted millions of dollars in federal earmarks and grants.

Sadly, this story is typical of many quasi-public/private authorities, most of which have nothing to do with the aerospace industry. There is a lot of one hand washing the other, using money the federal government nonchalantly gives away as if it is water.

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NASA about to decide on its shuttle heavy-lift replacement

5:56 pm

NASA is about to decide on its shuttle heavy-lift replacement, and it looks like it will be almost entirely shuttle-derived.

As I have said previously, this rocket will almost certainly never fly. NASA has to start over after spending billions and years developing Constellation, and is being given less money and time to do it.

And even if I am wrong and this rocket does fly, I bet it will do only one flight and then be retired as too costly.

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