Tag: budget

Bernanke to Congress: We’re Much Closer to Total Destruction Than You Think

6:51 pm

Bernanke to Congress: We’re much closer to total destruction than you think. Key quote:

One way or the other, fiscal adjustments sufficient to stabilize the federal budget must occur at some point. The question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people adequate time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will come as a rapid and painful response to a looming or actual fiscal crisis.

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Tea Party freshmen may rue $100B in cuts

6:16 pm

Now for some squealing from the “press”: Tea Party freshmen may rue $100B in cuts. I like this comment in response to the story:

Where was the press when Democrats passed $800 billion in useless stimulus? Where were they when unemployment shot up and over the 8% limit Democrats said we would reach without the lame stimulus? They sure jump up when you come up short on $100 billion in cuts…good luck and go after entitlements, please.

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New Congress lets expire a decades-old $2.4 billion pork program

11:16 am

Change! The House kills a decades-old $2.4 billion pork program. Key quote:

The Trade Adjustment Assistance program dates back to the Kennedy-era Trade Expansion Act of 1962 and was expanded under the 1974 Trade Act, signed into law by Gerald Ford. It was the kind of bipartisan program thought to be bulletproof. In the last session, it went from a small program, designed to aid workers displaced by foreign trade, to a huge $2.4 billion pork program providing laid-off workers with 156 weeks of “income support,” subsidies and even education.

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SpaceX puts Dragon 9 space capsule on display in D.C.

11:02 am

SpaceX has put the Dragon 9 space capsule that flew in space on display in D.C. Though it is really cool that they are making the capsule so available to the public, this quote tells us the real story:

With Congress preparing in the weeks ahead to again address the question of government contracts for commercial space businesses such as SpaceX, the company wanted to give it (and attendees of the nearby FAA Commercial Space Transportation Conference) an opportunity to see the capsule. Members of Congress and of the Obama administration were invited to attend a Thursday evening viewing, and company officials said the response has been enthusiastic.

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Cutting the Full $100 Billion

11:01 pm

Keep this momentum going! The House Republican leadership was forced this week to increase its proposed budget cuts to $100 billion because of tea party movement pressure, both in the House and back at home. Key quote from this New York Times report:

The reversal was the most concrete demonstration yet that the wave of fiscal conservatives who catapulted Republicans into the House majority is reshaping the political and policy calculations being made by the party leadership.

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Great Moments In Government “Investment”

2:51 pm

Great moments in government “investment”. Key quote:

To turn wood chips into ethanol fuel, George W. Bush’s Department of Energy in February 2007 announced a $76 million grant to Range Fuels for a cutting-edge refinery. A few months later, the refinery opened in the piney woods of Treutlen County, Ga., as the taxpayers of Georgia piled on another $6 million. In 2008, the ethanol plant was the first beneficiary of the Biorefinery Assistance Program, pocketing a loan for $80 million guaranteed by the U.S. taxpayers.

Last month, the refinery closed down, having failed to squeeze even a drop of ethanol out of its pine chips.

That’s $164 million of tax dollars to a company that produced nothing.

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A fresh perspective from the new chairman of the House subcommittee that oversees National Science Foundation (NSF), NASA, the Department of Energy, and the Department of Commerce

11:02 am

Mo Brooks (R-Alabama), the new chairman of the House subcommittee that oversees National Science Foundation (NSF), NASA, the Department of Energy, and the Department of Commerce, gives his perspective on science and the budget. Two quotes of interest:

Q: Do you believe that federal research should be exempt from a rollback in federal spending to 2008 levels?
Brooks: I would love for that to happen. But we just don’t have the money. … We have no choice but to look at everything. If we don’t balance our budget over a short period of time, the federal government is going to collapse and there won’t be money for any of these things. So if we’re going to save money for research and advancement in science, we’re going to have to get our house in order now.

Q: Do you think the government should increase funding on research once things turn around?
Brooks: Do you mean if the budgetary situation turns around? I don’t see that happening in the next 4 to 5 years. We’ve got a $1.5 trillion budget deficit, and Admiral Mullen, head of the Joint Chiefs of Staff, has declared it the number one security threat to the country. And if our creditors would cut us off, there would be zero money for national defense or NSF or anything else.

Note how the interviewer, from Science, can’t seem to get his head around the idea of budget cuts.

Q: Is human activity causing global warming?
Brooks: That’s a difficult question to answer because I’ve talked to scientists on both sides of the fence, especially at the University of Alabama at Huntsville. Some say yes, and some say no. I’m also old enough to remember when the same left-wing part of our society was creating a global cooling scare in order to generate funds for their pet projects. So 30-some years ago, the big scare was global cooling, and once they drained the government, they shifted to global warming. So I’m approaching the issue with a healthy degree of skepticism. If the evidence is there to prove it, then so be it.

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Obama to call for $53 billion in spending for high-speed rail

3:34 pm

Obama calls for $53 billion in spending to build more high-speed railroads. Key quote:

An initial $8 billion in spending will be part of the budget plan Obama is set to release Monday. If Congress approves the plan, the money would go toward developing or improving trains that travel up to 250 miles per hour, and connecting existing rail lines to new projects. The White House wouldn’t say where the money for the rest of the program would come from, though it’s likely Obama would seek funding in future budgets or transportation bills.

I hope that the reason the White House couldn’t say where the money would come from is because it simply does not exist, and there is little chance that Congress will appropriate it.

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Bernanke headlines a day of grim warnings about the nation’s fiscal standing

12:24 pm

Fed chairman Bernanke issued a grim warning yesterday about the federal government’s overwhelming debt. Key quote:

The national debt is currently about 60 percent of the economy, or Gross Domestic Product, [Bernanke] said, adding that it is projected to reach 90 percent of GDP by 2020 and 150 percent of GDP by 2030. But Bernanke’s citation of $9.5 trillion in national debt didn’t include the $4.6 trillion owed by the government to trust funds for things such as Social Security and Medicare, which have paid out cash to the Treasury in exchange for promisory notes. The full national debt – when both forms of debt are included – is already just under 100 percent of GDP, which is currently around $14.6 trillion.

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FEMA considers, than cancels spending a billion on MREs

7:29 pm

Government stupidity in action: FEMA considered then canceled (thank goodness) a proposal to spend more than a billion dollars on Meals-Ready-to-Eat on the very slim chance that the New Madrid fault in the midwest might produce a major earthquake sometime in the three years.

Unfortunately, they still haven’t canceled plans to buy 7 million emergency blankets and 550 million gallons of water in individual 1-liter plastic bottles.

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