Tag: debt

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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Congressional Budget office says Social Security Now Officially Broke

6:51 pm

And you still think NASA (or any other federal program) is going to get a lot of money? The Congressional Budget office (CBO) admitted today that Social Security is now officially broke. Key quote:

The CBO’s revenue/expenditure estimates now place the program in permanent deficit. There had been some hope that payroll taxes would recover sufficiently post-recession to put the program back into the black (the theoretical black) for at least a few more years, putting off the day of reckoning for an election cycle or more. No more: The new CBO estimates put Social Security in the red for as far as the eye can see. [emphasis mine]

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What Congress Should Cut

9:33 pm

What Congress should cut. And they find $3 trillion in only 14 paragraphs. Key quote:

None of this will be easy. Many will likely demagogue any reduction in the rate of growth of spending as a devastating “cut.” But the politics of spending has changed, and there is an expectation among fiscally conservative voters—Republicans, independents, tea partiers and even Democrats—that the government tighten its belt, just as American families have been forced to do. Some in the Republican establishment have already started complaining that this is too politically difficult. These naysayers misread today’s political climate. Should they succeed in blocking change, tea party voters will hold them just as accountable as big-spending Democrats.

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Hawaii’s earmark funding spigot appears to go dry

10:18 am

Oink! “Nonprofit groups, for-profit businesses, the University of Hawaii, and state and local governments” in Hawaii are faced with a loss of funding due to the end of earmarks in Congress.

What is most interesting about this article isn’t just that it gives a great deal of space to those who oppose earmarks and spending (something you don’t see that often in an AP article), but that the comments are almost universally in favor of eliminating earmarks as well as cutting the federal government. A truly hopeful sign.

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