Where is the Money Going?
Virginia Assembly Rejects Federal Aid to Unemployed
Republicans in Virginia’s House of Delegates derailed attempts yesterday by state Democratic lawmakers and Gov. Timothy Kaine (D) to accept $125 million in federal stimulus money that would have provided additional unemployment benefits to many of... read more
States Taxing Individuals More, Corporations Less
Most Americans grumble about the taxes they pay to the federal government, but for many, state taxes are at least as burdensome. A recent Census Department release of tax revenue by state for the years 2007 and 2008 reveals that 2008 saw a dramati... read more
Is Geithner Covering Up Massive Bank Fraud?
A former federal litigator who investigated the savings and loan scandal of the 1980s has accused Secretary of the Treasury Timothy Geithner of being a part of cover-up attempts by banking executives to conceal large-scale fraud that has left many... read more
Paper Industry Uses Loophole to Suck Billions from Taxpayers
What’s the easiest way to make a cool $8 billion this year? Take one part “black liquor,” add a dash of diesel fuel, and voila! In no time you’ll be receiving a fat check from the IRS—if you’re the paper industry, that is. Here’s how it works. In ... read more
Northrop Settles Largest-Ever Defense Fraud Suit…But Loses Nothing
Northrop Grumman Corp. has agreed to settle the largest case ever of fraud involving military procurement, valued at $325 million. However, the federal government won’t see any net gain from the settlement, but the defense giant will. That’s becau... read more
$167 Million VA Program Down the Drain
If you’re a veteran and need to schedule a visit to a VA hospital, good luck. After eight years and $167 million, a project by the Department of Veterans Affairs to develop a computerized patient-scheduling system has “all but collapsed,” accordin... read more
Army Pays $322 Million for Russian Helicopters with Nothing to Show
What’s worse than paying hundreds of millions of dollars for military aircraft that never show up? Paying even more money and still no delivery. That’s what the Pentagon has done as part of the United States’ plan to rebuild the Iraqi military. Tw... read more
Obama’s Ersatz Capitalism: Joseph E. Stiglitz
The Obama administration is fooling itself if it thinks it can help banks rid themselves of their toxic assets by relying on the same system that created the mess in the first place. This according to Joseph Stiglitz, a professor at Columbia Unive... read more
Gap Between Richest and Poorest Counties Widens
IRS records from 2007 show that the gap between the U.S.’s rich and the poor is widening significantly, judging from the difference between rich and poor counties’ adjusted gross incomes (AGI) and average salaries. Goochland County, Virginia, at t... read more
Stunning Cost Overruns in Weapons Development Programs
Had Benjamin Franklin ever served as Secretary of Defense, he might well have added “cost overruns” to his now famous adage about “nothing is certain but death and taxes,” given how predictable the Pentagon has become in going over budget with wea... read more
Merrill Lynch Bonuses Dwarfed Those of AIG
If the AIG bonuses produced angry street protests over $165 million, then what’s going to be the response to the latest revelation that Merrill Lynch doled out $3.6 billion to executives after the federal government propped up the teetering firm w... read more
Save Capitalism by Limiting Executive Pay: Kathy M. Kristoff
Limiting executives’ pay isn’t just good political fodder for liberals—it’s also a matter of survival for the stock market and capitalism, insists Los Angeles Times business columnist Kathy M. Kristoff. What Wall Street and its defenders need to r... read more
Green in Color, National Parks in Washington Are Going Greener
Most national parks are green in color to begin with, but now the National Park Service (NPS) in the state of Washington is instituting new programs that will reduce the heavy carbon footprint that is being left behind by visitors and staff member... read more
Obama Top Recipient of AIG Campaign Contributions
For all the talk about the need to prop up insurance giant AIG because of its place in the financial industry, it is important to note that many in Washington backing the company’s bailout have received generous contributions from the beleaguered ... read more
U.S. Infrastructure Report Card: D
When it comes to making the grade for having good roads, schools, mass transit and other key elements of infrastructure, the United States is headed for failure. This according to the American Society of Civil Engineers (ASCE), whose latest report... read more
Obamanomics-The Trickle-Up Theory: Robert Reich
As much as conservatives insist President Barack Obama’s economic policies (dubbed “Obamanomics”) threaten a return to big government, Robert Reich argues that the new administration offers a plan that is “remarkably conservative.” The former Secr... read more