A department-by-department guide to cutting the federal government's budget.
The Department of Education provides loans and grants to college students and subsidizes elementary and secondary schools.
The department will spend $107 billion in 2010, or about $900 for every U.S. household. It employs 4,100 workers and operates more than 160 subsidy programs.
The Department of Commerce subsidizes businesses, restricts foreign trade, and oversees the Census Bureau and Patent Office.
The department will spend about $17 billion in 2010, or about $140 for every U.S. household. It employs 53,000 workers and operates more than 90 subsidy programs.
The Department of Energy oversees nuclear weapons sites, runs electric utilities, and subsidizes conventional and alternative fuels.
The department will spend $38 billion in 2010, or about $320 for every U.S. household. It employs 16,000 workers directly and oversees about 100,000 contract workers.
Government Picking Up Subprime Slack
According to a new report from the Federal Reserve Bank of San Francisco, the Federal Housing Administration has “revived” the subprime segment of the housing market. Thanks to FHA lending, “the share of borrowers with FICO credit scores lower than 660 has returned to just higher than 20 percent, the same share as when subprime securitization peaked in 2006.” Read more
Organized Crime Hits Medicare/Medicaid
Policymakers considering the creation of a health insurance “public option,” or even an expansion of Medicare, should remember that government health programs already wear a bullseye when it comes to fraud and abuse. According to a report on CNN.com, organized crime has found a cash cow in Medicare and Medicaid. Read more
Washington's Fatal Conceit
Whether it’s the $700 billion TARP, the $787 billion stimulus package, or the late not-so-great Cash for Clunkers, policymakers are demonstrating that they’ll spare no taxpayer expense to “fix” the economy. The present recession has its roots in government policy, but whoever caused it, is the federal government even theoretically capable of righting the economic ship? Read more
