The Congressional Budget Office’s score of the farm bill passed in the Senate estimates that it would save $23 billion (versus the current baseline) over ten years. It’s score of the bill that came out of the House Agriculture Committee estimates savings of $35 billion. However, the previous three farm bills ended up costing more than the CBO originally estimated:
This week, likely on Wednesday, the full House of Representatives will take up the defense appropriations bill passed out of the Armed Services Committee in May.
In the latest example of the so-called “Tea Party Class” of House Republicans not living up to the hype, GOP freshmen on the House Agriculture Committee voted overwhelmingly to approve a bloated $957 billion farm subsidy/welfare bill.
The Washington establishment loves talking about the “distribution” of income and taxes. The CBO has issued a new report on the topic that will no doubt keep the discussion rolling on.
The California Senate’s recent vote to authorize $8 billion for the first segment of a widely panned plan for high-speed rail is another example of why the state remains on fiscal suicide watch. And because federal taxpayers are on the hook for $3.2 billion of the plan’s cost, it’s another example of why the federal government should not be subsidizing rail projects.
The government can’t seem to do anything right! It can’t even streamline activities to cut costs without creating egregious cost overruns.
Citing Department of Labor data, CNNMoney reported today that the federal government and states overpaid an estimated $14 billion in unemployment benefits last year (about 11 percent of total benefits). The state of Indiana actually made more improper payments than it did correct ones, which has to be some sort of record for bureaucratic ineptitude.
As the American and European economies struggle, one of the few bright spots is the ongoing innovation and free-market expansion in technology industries. Thank goodness we have entrepreneurial companies such as Apple and Google generating economic growth and providing exciting opportunities for young people.
House Oversight and Government Reform Committee chairman Darrell Issa (R-CA) released a report today on failed mortgage company Countrywide’s use of a VIP loan program to curry favor with Beltway decision-makers. Members of Congress, congressional staffers, and cabinet officials received preferential treatment – including rate discounts and fee waivers – from Countrywide.
Corporate welfare is a bipartisan problem, and it’s a problem at both the federal and state level. Yesterday, I discussed the recent demise of Obama-subsidized Abound Solar and the fact that Indiana Republicans were also involved in helping the company obtain taxpayer handouts. Adding insult to injury is another example of “crony capitalism” gone awry in Indiana.