The Federal Housing Administration is heading toward a taxpayer bailout, yet the president’s latest mortgage modification plan would further increase the agency’s exposure to risky mortgages. Mark Calabria calls it a “Backdoor Bank Bailout.”
Downsizing Blog
Thoughts on Five-Day Mail
The USPS has taken the first step toward reducing mail delivery to five days a week by sending a request to the Postal Regulatory Commission. However, it will be ultimately up to Congress whether or not Saturday delivery is eliminated.
CBO on Obama Debt Orgy
This week the Congressional Budget Office released its analysis of the president’s FY2011 budget. The CBO projects that combined deficits for 2011-2020 under the president’s budget will be $1.2 trillion dollars (for a total of $9.7 trillion) higher than the Office of Management & Budget’s forecast.
Don't Need More Rental Subsidies
At Tuesday’s congressional hearing on the future of Fannie Mae and Freddie Mac, Rep. Barney Frank (D-MA) said that “It’s a mistake for the government heavily to subsidize homeownership.” Coming from one of the biggest cheerleaders for federal homeownership subsidies, and an architect of the housing meltdown, a conversion from Frank would be welcome.
Federal Health Spending
When describing spending growth in federal programs, I often need to use words like “soaring” and “explosive.” But growth in federal health spending is almost beyond superlatives to describe it, and it will increase even faster as a result of President Obama’s new health legislation.
Postmaster Indicates Need for Privatization
A recent Senate Appropriations subcommittee hearing on the U.S. Postal Service’s dire financial prospects found little enthusiasm for the USPS’s idea to eliminate Saturday mail service. Financial Services subcommittee chairman Sen. Richard Durbin (D-IL) said “serious questions need to be asked and answered,” and ranking member Sen. Susan Collins (R-ME) expressed concern that it would send the USPS into “a death spiral.”
Precedents in Federal Growth
As an opponent of government growth, I’m interested in what we can learn from history to help us reverse the trend going forward. We need to understand the mechanisms of government growth if we are to combat the disease.
Greece to Privatize, We Should Too
The Wall Street Journal reports that the beleaguered Greek government is going to privatize state assets as part of an effort to reign in its crushing debt burden. America’s mounting debt will reach Greek proportions on our present path, so U.S. policymakers should start looking at privatization as well.
To Kill ACORN, Kill the Programs
Last year, when the issue of defunding ACORN was a hot-button issue, I told countless radio talk show audiences that the focus should be on eliminating the underlying fuel that created the organization—the flow of federal subsidies.
Sugar Subsidies Not So Sweet
Americans pay a lot more for sugar than do people in other countries. The culprit is the government, which imposes trade barriers and other damaging regulations on the industry.
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