Tag: budget

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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