Where is the Money Going?
Wall Street Firms Borrowed $156 Billion in One Day as Congress Debated Bailout
When the U.S. House of Representatives refused to pass the Bush administration’s bailout plan on September 29, 2008, Wall Street collectively gulped and, unbeknownst to the American public, ran to the bank. The bank in this case was the Federal ... read more
Hispanic Unemployment Rate Hits Record High
The most recent employment figures released by the Bureau of Labor Statistics (BLS) were discouraging, with the overall unemployment rate rising to 9.8%, the worst in seven months. However, November was particularly bad for Hispanic workers. For... read more
Tea Party Caucus Members Took $1 Billion in Earmarks
Representative Michele Bachmann (R-Minnesota) might want to have a talk with some of her caucus members. Bachmann founded the House of Representatives Tea Party Caucus because she said Americans were fed up with government over-spending.
But... read more
Pentagon Spending Binge: Part Welfare, Part Waste
If the United States stays on its present course of military spending increases, the Department of Defense’s annual budget would reach $1 trillion—that’s “t” for trillion—by 2030.
Defense Secretary Robert Gates has said the Pentagon’s ‘cultu... read more
Simpson-Bowles Deficit Plan: Save $228 Billion, Lose 4 Million Job-Years
A presidential panel’s bipartisan recommendations for reducing the budget deficit could save the government a couple hundred billion dollars—but at the risk of losing millions of jobs.
The National Commission on Fiscal Responsibility and Ref... read more
Goodbye to Free Checking Accounts
Unable to earn as much as they once did on overdraft fees because of new federal rules, banks are offering fewer free-checking accounts and raising fees on noninterest-bearing accounts to make up for lost revenues.
A survey by Bankrate.com f... read more
Bring Back the Civilian Conservation Corps: Frank Ackerman
With the nation desperate for new jobs, the Obama Administration would be wise to reestablish the Depression-era Civilian Conservation Corps (CCC), says Frank Ackerman, senior economist and director of the Climate Economics Group of the Stockholm ... read more
Body Scanners Create Profits for Chertoff and Others
Expanding the use of full-body scanners at airports will improve the nation’s security, says the Obama administration.
It also will benefit the manufacturers of the equipment, including those lobbying on their behalf, like former Homeland Se... read more
Michigan City Declares Bankruptcy; Another Asks for Donations
Now is not a good time for municipalities in Michigan. The city of Hamtramck (population 23,000) has asked permission from the state to declare bankruptcy, due to a $3 million deficit it is unable to close. Hamtramck officials say the financial ... read more
Senate Republicans Unite to Defeat Equal Pay for Women: Amy Siskind
Fresh off their November election victories, which enjoyed majority support from women for the first time in decades, Republicans in the U.S. Senate promptly failed in their first opportunity to show they’re serious about issues important to femal... read more
Unemployment Insurance Saves Jobs, Stimulates Economy
Extending unemployment benefits for America’s long-term jobless can only help the economy, say experts on Wall Street and in Washington. But Republicans in Congress are determined not to appropriate any more money for unemployment assistance, ci... read more
Improper Payments by Federal Government Reach $125 Billion a Year
The White House insists the news is good for the government’s efforts to stem wasteful spending, even though the numbers would indicate otherwise.
During fiscal year 2010, the rate of improper payments—checks sent in error, disbursed to the ... read more
Highly-Paid Government Employees Increase 10X in 5 Years and Double in 2 Years
The Great Recession did nothing to convince Congress to slow down the soaring increase in highly-paid federal workers. An analysis by USA Today has revealed that the number of U.S. government employees earning $150,000 or more a year jumped tenfol... read more
Obama Doesn’t Need Congress to Create Millions of Jobs: Jeanne Mirer and Marjorie Cohn
Forget Congress, argue attorneys Jeanne Mirer and Marjorie Cohn. President Barack Obama has all the authority and resources needed at his disposal to create millions of new jobs for unemployed Americans.
Just as others on the left have remarke... read more
Making a Profit from 2010 Elections…Broadcasters, Ad Firms Led the Way
Republicans weren’t the only big winners in the November election. Businesses of all sizes and specialties also benefited from a campaign season in which $4 billion was spent on races.
Those that really made out were broadcasters, which made... read more
Unregulated Outside Spending Wins Elections: 2010 Edition
The key to winning many of year’s contested congressional races was getting more help from outside groups than the other side from groups that either accept unlimited contributions or do not disclose the source of their money.
In 58 out of 7... read more