The EPA has given $100M to foreign governments and groups in last decade
The EPA has given $100M to foreign governments and foreign groups in last decade.
The EPA has given $100M to foreign governments and foreign groups in last decade.
Tag: deficit
The EPA has given $100M to foreign governments and groups in last decade
The shocking true size of our nation’s debt
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.
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.
Obama to directly intervene in the debt limit negotiations
Finally: The White House announced today that Obama will now directly involve himself in the debt limit negotiations.
Finally: The White House announced today that Obama will now directly involve himself in the debt limit negotiations.
Global Bankruptcy Months Away?
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.”
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.”
NASA faces subpoena on heavy-lift rocket work
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.
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.
More money troubles in NASA’s climate and astronomy programs
Other science money troubles: NASA’s climate and astronomy programs face delays due to cost overruns and rocket failures.
Other science money troubles: NASA’s climate and astronomy programs face delays due to cost overruns and rocket failures.
Underground Physics Lab to Cost U.S. Energy Department at Least $1.2 Billion
A new report released today says a new underground physics lab will cost the Energy Department from $1.2 to $2.2 billion.
Though I know the science is worthwhile and we should be doing it, I also can’t help ask this question: Where the hell are we going to get the money?
A new report released today says a new underground physics lab will cost the Energy Department from $1.2 to $2.2 billion.
Though I know the science is worthwhile and we should be doing it, I also can’t help ask this question: Where the hell are we going to get the money?
Want to send a probe to another planet? Cut costs!
Want to send a probe to another planet? Do it cheaply, as these scientists did.
Want to send a probe to another planet? Do it cheaply, as these scientists did.
Senate Republicans pull out of Biden debt limit negotiations
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.
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.
CBO: The national debt will exceed the size of the entire U.S. economy by 2021
The day of reckoning looms: The Congressional Budget Office today reported that unless something drastic is done, the national debt will exceed the size of the entire U.S. economy by 2021.
The day of reckoning looms: The Congressional Budget Office today reported that unless something drastic is done, the national debt will exceed the size of the entire U.S. economy by 2021.
California legislators: No budget, no pay
My heart bleeds: California legislators: No budget, no pay.
My heart bleeds: California legislators: No budget, no pay.
Conservative lawmakers push for pledge cutting spending across the board, capping government spending, and requires a balanced budget amendment.
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.
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.
NJ Senate passes public employee benefits bill
Another state moves to limit union power: The New Jersey Senate has passed a public employee benefits bill that suspends union bargaining over healthcare while increasing the costs to union members.
Note that the vote was not partisan, 24-15 with 8 Democrats voting in favor.
Another state moves to limit union power: The New Jersey Senate has passed a public employee benefits bill that suspends union bargaining over healthcare while increasing the costs to union members.
Note that the vote was not partisan, 24-15 with 8 Democrats voting in favor.
Companies Leaving California in Record Numbers
Will the last one out please turn off the light? Companies are leaving California in record numbers.
Will the last one out please turn off the light? Companies are leaving California in record numbers.
House panel tells Dept of Energy to cull underperforming research grants
A House panel has told the Department of Energy to get rid of underperforming research grants.
Though this article focuses on what it considers “whopping” cuts, I must point out that the total cuts to the DOE simply bring its budget back to its 2008 level, hardly a draconian cut.
A House panel has told the Department of Energy to get rid of underperforming research grants.
Though this article focuses on what it considers “whopping” cuts, I must point out that the total cuts to the DOE simply bring its budget back to its 2008 level, hardly a draconian cut.
How the recently dissolved California Space Authority wasted millions of dollars in federal earmarks and grants
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.
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.
Daley can’t defend Obama’s ‘indefensible’ economic policies
White House chief of staff can’t defend Obama’s “indefensible” (his word) economic policies.
White House chief of staff can’t defend Obama’s “indefensible” (his word) economic policies.
NASA about to decide on its shuttle heavy-lift replacement
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.
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.
Ray Stevens – Obama budget plan
Why Are Taxpayers Paying for Wine Tasting?
Republicans refuse to cut farm and ethanol subsidies, cut international food aid instead
Some pigs win, some lose: Republicans refuse to cut farm and ethanol subsidies, but cut international food aid instead.
The cowardice of politicians from both parties to honestly face the federal deficit problem sadly continues.
Some pigs win, some lose: Republicans refuse to cut farm and ethanol subsidies, but cut international food aid instead.
The cowardice of politicians from both parties to honestly face the federal deficit problem sadly continues.
Negotiations over debt limit and budget still appear deadlocked
Though some progress has been made, the negotiations over the debt limit and the budget still appear deadlocked.
Though some progress has been made, the negotiations over the debt limit and the budget still appear deadlocked.
Shuttle’s end leaves NASA with a half billion dollar pension bill
The pork goes on: The shuttle’s end has still left NASA with a half billion dollar pension bill.
The pork goes on: The shuttle’s end has still left NASA with a half billion dollar pension bill.
Obama to announce plans to cut government waste
Obama to announce plans today to cut government waste.
Though I applaud any effort to reduce the federal government’s out-of-control spending, to me this paragraph suggested strongly how symbolic and superficial this announcement by Obama will be:
One of the campaign’s first steps will be targeting waste and duplication among federal websites. The administration will halt the creation of new websites, as well as shut down or consolidate one-fourth of the 2,000 government websites in the next few months.
For one thing, having an employee launch an extra website is hardly very costly, as you are already paying that employee’s salary. Will they be laying off these workers as well? I doubt it.
For another, shutting down websites is hardly a demonstration of transparency in government.
Obama to announce plans today to cut government waste.
Though I applaud any effort to reduce the federal government’s out-of-control spending, to me this paragraph suggested strongly how symbolic and superficial this announcement by Obama will be:
One of the campaign’s first steps will be targeting waste and duplication among federal websites. The administration will halt the creation of new websites, as well as shut down or consolidate one-fourth of the 2,000 government websites in the next few months.
For one thing, having an employee launch an extra website is hardly very costly, as you are already paying that employee’s salary. Will they be laying off these workers as well? I doubt it.
For another, shutting down websites is hardly a demonstration of transparency in government.
In North Carolina, government jobs untouched by the great recession
In North Carolina, government jobs untouched by the Great Recession.
In North Carolina, government jobs untouched by the Great Recession.
Ohio restaurant referenced by Obama is closing
The ironies are endless: An Ohio restaurant referenced by President Obama last week as a beneficiary of the auto bailout is going out of business this week due to the bad economy and increased regulation.
The ironies are endless: An Ohio restaurant referenced by President Obama last week as a beneficiary of the auto bailout is going out of business this week due to the bad economy and increased regulation.
The federal government’s total unfunded financial obligations now exceed $60 trillion.
The day of reckoning beckons: The federal government’s total unfunded financial obligations now exceed $60 trillion.
The day of reckoning beckons: The federal government’s total unfunded financial obligations now exceed $60 trillion.
House Trims Homeland Security Science Spending
It’s a start: The House has trimmed the budget for the Homeland Security Agency by $1.1 billion, including a cut of about 75% from the Obama administration’s request for the agency’s science budget, ($398 million versus $1.2 billion requested). And of course, we don’t have to wait long to hear the pigs squeal:
DHS officials say the decrease in the directorate’s budget will wipe out dozens of programs, stalling the development of technologies for border protection, detection of bio-hazards, and cargo screening.
My heart bleeds.
It’s a start: The House has trimmed the budget for the Homeland Security Agency by $1.1 billion, including a cut of about 75% from the Obama administration’s request for the agency’s science budget, ($398 million versus $1.2 billion requested). And of course, we don’t have to wait long to hear the pigs squeal:
DHS officials say the decrease in the directorate’s budget will wipe out dozens of programs, stalling the development of technologies for border protection, detection of bio-hazards, and cargo screening.
My heart bleeds.
Social Sciences Face Uphill Battle Proving Their Worth to Congress
Some squealing from the journal Science: NSF faces uphill budget battle in Congress.
When he asked the witnesses for ideas on shrinking the government’s $1.6 trillion deficit, Mo Brooks (R-Alabama) [chairman of the research panel of the House of Representatives Science and Technology Committee] made it clear he was talking about possible cuts to NSF’s entire $7 billion budget, not simply its SBE directorate.
Note that in 2008 the NSF budget was a $6.1 billion. Cutting it back to that number would hardly destroy social science research in this country.
Some squealing from the journal Science: NSF faces uphill budget battle in Congress.
When he asked the witnesses for ideas on shrinking the government’s $1.6 trillion deficit, Mo Brooks (R-Alabama) [chairman of the research panel of the House of Representatives Science and Technology Committee] made it clear he was talking about possible cuts to NSF’s entire $7 billion budget, not simply its SBE directorate.
Note that in 2008 the NSF budget was a $6.1 billion. Cutting it back to that number would hardly destroy social science research in this country.
Moody threatens to lower the US credit rating if there is no progress on debt ceiling negotiations soon
The day of reckoning beckons: Moody has threatened to lower the US credit rating if the debt ceiling negotiations don’t show progress soon.
The day of reckoning beckons: Moody has threatened to lower the US credit rating if the debt ceiling negotiations don’t show progress soon.