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:
Cato has just released a new video, titled “The Truth about Sequestration,” that tells the real story about sequestration, the automatic budget cuts required by the Budget Control Act.
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.
Joelle Cannon is one of Capitol Hill’s top budget experts, and she looks great in her new Downsizing Government T-shirt. She’s good at cutting costs and knows a bargain when she sees it. The new shirts are just $18 from the Cato store and emblazoned with the inspiring slogan “Small is beautiful … when it comes to government.”
The Washington Post today describes the latest near-miss disaster at National Airport, apparently the result of screw-ups by our government-run air traffic control (ATC) system. The Post notes that this near-accident is one of many troubling incidents in recent years:
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.