With the federal government closing in on its fourth consecutive budget deficit in excess of $1 trillion, the national debt is hurtling toward dangerous levels. If the nation is to avert a debt crisis, federal policymakers need to aggressively balance revenues. Business subsidies, or “corporate welfare,” are a good place to start.
According to the Associated Press, Mitt Romney supports postponing the sequestration cuts scheduled for January 2, 2013 by at least one year:
Last week, the House Energy and Commerce Committee passed the “No More Solyndras Act.” As Taxpayers for Common Sense notes, however, the bill should probably be called the “More Solyndras Act” because it would still allow the Department of Energy to approve loan guarantee applications that were submitted by Dec. 31, 2011.
A report from the Internal Revenue Service’s inspector general “estimates the IRS could issue $21 billion in potentially fraudulent tax refunds resulting from identity theft over the next five years.” The inspector general told CNBC that the fraud is a “growing problem” and that the numbers are growing “exponentially”:
If my inbox is any indication, a lot of Americans apparently believe that an amendment to the Constitution would be necessary to privatize the U.S. Postal Service. That is simply not true.
One possible solution offered up for the struggling U.S. Postal Service is to allow it to diversify into nonpostal commercial markets (e.g., insurance, logistics, banking, etc). After all, the share of revenue generated from diversified products at foreign posts has been on the rise and in many cases now accounts for the majority of a post’s revenue.
Drudge is currently linking to a Brietbart TV video titled “‘USA! USA!’ Congressman’s Anti-Big Government Rant Gets Standing Ovation on House Floor.” In it, Rep. Mike Kelly (R-Pa.) unleashes an oratorical blast against the stifling regulatory regime in Washington. It’s good stuff, but, unfortunately, Rep. Kelly’s anti-big government credentials are questionable.
My new paper, “Corporate Welfare in the Federal Budget,” estimates that the federal government spends almost $100 billion a year subsidizing businesses.
Oklahoma Republican Sen. Tom Coburn released a report today on federal job training programs in his state. Here’s what Coburn’s intrepid staff found: duplication, waste, ineffectiveness, and stupidity. In short, the report is another example of how Washington is better at creating problems than solving them.
According to multiple news reports, tens of thousands of Americans have fallen for a scam that’s being dubbed the “Obama utility bill scam.” The victims are told that a new Obama stimulus program will pay their utility bills. Fraudsters use the hook to get people to divulge their Social Security number and other personal information.