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Keyword: overspending

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  • Is the 'World’s Deadliest Tank' Bankrupting Russia?

    05/25/2015 5:46:34 PM PDT · by SeekAndFind · 34 replies
    The Diplomat ^ | 05/25/2015 | By Franz-Stefan Gady
    Russia is expected to spend more money on its military in 2015 than in any previous year in its entire post-Soviet history. According to an analysis conducted by Forbes Magazine, Russia will spend an estimated 5.34 percent of its economic output on defense in 2015. This estimate is based on the assumption that the Russian economy will contract by 3 percent and a 15 percent hike in the real value of the military budget. However, another estimate quoted in the Wall Street Journal based on Russian government data notes that country’s GDP may even decrease by 4.6 percent largely due...
  • Queen down to her last million due to courtiers’ overspending, report finds (Elizabeth II)

    01/28/2014 12:48:23 AM PST · by Olog-hai · 28 replies
    Daily Telegraph (UK) ^ | 12:01AM GMT 28 Jan 2014 | Steven Swinford
    The Queen’s household finances were at an “historic low” with just £1 million left in reserve, MPs said on Monday. Her courtiers were advised to take money-saving tips from the Treasury. A report by the Commons public accounts committee found that the Queen’s advisers were failing to control her finances while the royal palaces were “crumbling”. MPs said her advisers had overspent to such an extent that her reserve fund had fallen from £35 million in 2001 to just £1 million today. …
  • California's $68 Billion High-Speed Rail .. Would 'Span the State'

    10/20/2013 5:42:01 PM PDT · by george76 · 39 replies
    NewsBusters. ^ | October 20, 2013 | Tom Blumer
    In a Sunday morning report which tries to put the best possible face on a project which appears to be on track to make the $22 billion "Big Dig" in Massachusetts look like a petty cash disbursement, Juliet Williams at the Associated Press claimed that the $68 billion involved thus far "would span the state." No it wouldn't, unless all of the formerly Golden State north of the San Francisco Bay Area — roughly one-fourth of the state's land mass — were to secede. Williams also wrote: "Voters in 2008 approved $10 billion in bonds to start construction on an...
  • High-speed rail’s risks getting riskier, more expensive

    01/24/2012 4:04:55 PM PST · by landsbaum · 5 replies
    The state’s auditor said today despite its critical report last year on the high-speed rail project, the rail authority’s “funding situation has become increasingly risky and the authority’s weak oversight persists.” . . . “The cost estimates for phase one increased to between $98.1 billion and $117.6 billion—of which approximately $12.5 billion has been secured,” the auditor says. Remember when the cost was about $35 billion? Then about $45 billion? Then about $98 billion? And now, the auditor says it’s up to $117 billion?
  • Editorial: Brown's medicine not the cure for California

    01/19/2012 10:14:41 AM PST · by landsbaum · 11 replies
    The Orange County Register ^ | 1-19-2012 | Orange County Register editorial boarad
    Gov. Jerry Brown, in his annual State of the State message, said Wednesday that "California is on the mend." But what the still-ailing state needs, he said, is more medicine in the form of higher taxes, intrusive regulations and more debts to pay off. Someone needs to tell Dr. Brown that bleeding patients kills them, as the medical profession discovered long ago. The governor said not only must Californians increase sales taxes on everyone and income taxes on the most-wealthy, but he also proposed increasing the state's debt by issuing bonds for a high-speed train that polls say voters don't...
  • High-speed rail line is given the green light (UK’s HS2)

    01/06/2012 9:45:42 PM PST · by Olog-hai · 2 replies
    Daily Telegraph (UK) ^ | 8:00AM GMT 07 Jan 2011 | James Kirkup, Deputy Political Editor
    The £32-billion high-speed rail line from London to Birmingham has been given final approval and will go ahead as proposed, ministers will announce next week. Justine Greening, the Transport Secretary, will disclose that the Coalition has rejected calls to abandon or alter its plans for the project, which will see trains travelling at 250mph through the Chilterns. The decision will be welcomed by business leaders but will dismay critics — including some senior Conservatives — who fear the new line will spoil some of the most beautiful parts of rural England. Construction of the 100 mile-long line to Birmingham will...
  • Senate Approves $500 Billion Increase in Borrowing Authority

    09/10/2011 7:59:10 AM PDT · by stevie_d_64 · 40 replies
    The Washington Wire ^ | September 8, 2011 | Corey Boles
    The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February. The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase. The increase stems from a deal between Congress and the...
  • After Quinn's Big Tax Hike, Illinois Has Lost More Jobs Than Any Other State

    09/01/2011 6:14:20 AM PDT · by george76 · 27 replies
    Business Insider ^ | Aug. 31, 2011 | Mike "Mish" Shedlock
    Thanks to Illinois governor Pat Quinn and the Illinois legislature Illinois Loses Most Jobs in the Nation. In a trend that continues to worsen, more Illinoisans found themselves unemployed in the month of July. Illinois lost more jobs during the month of July than any other state in the nation. ... When it comes to putting people back to work, Illinois is going backwards. Since January, Illinois has dropped 89,000 people from its employment rolls. A combination of high taxes, overspending and red tape do nothing but chase away job creators and leave too many citizens without jobs. Springfield needs...
  • Our Ship Is Sinking - Stop the Leak

    07/20/2011 7:25:58 PM PDT · by stolinsky · 12 replies · 1+ views ^ | 07-21-11 | stolinsky
      Our Ship Is Sinking − Stop the Leak David C. Stolinsky July 21, 2011 Some time ago, I saw a TV documentary about the cruise ship Oceanos, which sank off the coast of South Africa. The story is all too relevant to our current problems. At about 9:30 pm, sea water began leaking into the engine room. Power for the engines was cut, leaving the ship dead in heavy seas. Only emergency lights remained. The captain, officers, and many crew members began readying the lifeboats − for themselves. Portholes were not closed. The leaky bulkhead was not shored...
  • The New York Times Concedes 'Decades of Overspending' by State Governments

    12/27/2010 1:36:47 AM PST · by TigerLikesRooster · 15 replies · 2+ views
    Weekly Standard ^ | 12/26/10 | William Kristol
    The New York Times Concedes 'Decades of Overspending' by State Governments William Kristol December 26, 2010 12:05 PM You know conservatives are winning when the most dogmatic and obdurate liberals (inadvertently) throw in the towel. In the midst of an otherwise predictable editorial today on "The Looming Crisis in the States," in which the New York Times calls for state tax hikes and more aid from Washington, we find this sentence: "Starved for revenue and accustomed to decades of overspending, many states have been overwhelmed."
  • The Royal Obama Asia Entourage Going to Visit America's Outsourced Jobs

    11/08/2010 8:07:03 AM PST · by Alaphiah123 · 2 replies
    Creating Orwellian Worldview ^ | 11/8/10 | Alaphiah
    It is not rumor, it is not wild conjecture, it is not racism, and it was a creditable news report out of India early last week that fixed the cost of the Obama trip to India at 200 Million dollars a day. The Obama administration seeing the PR nightmare this could turn into after the November 2 midterm election rebuke of the president’s Socialist agenda and Socialist ideology rushed to neutralize the negative impact of the news report by calling the report rumor and by attacking anyone who repeated this report as enemies of the president. But fact is this...
  • Steinberg sets sights on filling budget hole in new year

    12/21/2009 4:46:58 PM PST · by SmithL · 2 replies · 234+ views
    SacBee: Capitol Alert ^ | 12/21/9 | Susan Ferriss and Torey Van Oot
    For state lawmakers, ringing in the New Year also means getting ready for what's shaping up to be another painful budget season. They'll return to the Capitol Jan. 4 to tackle a deficit that is expected to swell to $6.3 billion by the end of the fiscal year. Filling that hole -- and the $21 billion deficit projected for the next 18 months --tops Senate President Pro Tem Darrell Steinberg's list of priorities for the new year. Steinberg said in an interview with The Bee that while further cuts and new revenues will be needed to close that gap, the...
  • Obama takes aim at government overspending (Contractors and government contracts cut back proposed)

    12/21/2009 1:10:58 PM PST · by NormsRevenge · 32 replies · 1,121+ views
    AFP on Yahoo ^ | 12/21/09 | AFP
    WASHINGTON (AFP) – President Barack Obama on Monday touted a plan to cut back on wasteful spending on federal government contractors, a plan he said is on track to save 40 billion dollars per year by 2011. "Between 2002 and 2008, the amount spent on government contracts more than doubled. The amount spent on no-bid, non-competitive contracts jumped by 129 percent. This is an inexcusable waste of money," Obama said. Shortly after taking office in January, Obama set a goal for federal agencies to save up to 40 billion dollars per year in contracting costs by 2011. Since then, "24...
  • Obama mind-boggling HYPOCRISY

    05/16/2009 12:56:02 PM PDT · by TheDailyChange · 4 replies · 354+ views
    The Daily Change ^ | 05162009 | TDC
    Oh yes brother, preach it to us, America is overspending, we need more financial responsiblilty, right? Well, let’s have a brief re-cap, shall we? Obama signed the $787 billion stimulus strong-armed through congress! Obama signed a $410 Billion Omnibus Spending Bill With Bipartisan Pork Obama signed a $3.4 TRILLION budget, with NO Republican support! AND NOW, congress is preparing for passage of the Obama MASSIVE Healthcare Entitlement program.
  • More California Towns Face Bankruptcy

    12/18/2008 7:15:19 AM PST · by St. Louis Conservative · 25 replies · 987+ views
    The Wall Street Journal ^ | December 18, 2008 | Bobby White
    RIO VISTA, Calif. -- California may soon have more bankrupt towns on its hands. The city of Vallejo, Calif., gained national attention earlier this year by filing for Chapter 9 bankruptcy protection. Now, two neighbors are fighting to avoid the same fate, as the state's economic crisis spreads. Isleton and Rio Vista, small towns roughly 50 miles northeast of San Francisco, say they have begun consulting with bankruptcy lawyers as they draw up plans to deal with their mounting budget crises. The towns' leaders say they hope to avoid bankruptcy, but concede the move may eventually be their only option....
  • How to Wreck a Treasury: 20-29-33...

    11/16/2007 4:42:58 PM PST · by Amerigomag · 9 replies · 103+ views
    Tom McClintock's Blog ^ | Tom McClintock
    Three simple numbers explain how the state’s finances have been wrecked. We saw similar numbers just before the Davis collapse and they’re back. In this case, they’re 20, 29 and 33. During the four years of the Schwarzenegger administration, inflation and population have grown at a combined rate of 20 percent. Even after accounting for the recent revenue downturn, our revenues have still vastly outstripped this pace, growing 29 percent in the same period. Anyone who blames inadequate revenue for the state’s budget woes is obviously being driven by ideology and not reality. The problem is that while revenues have...
  • The State's Money Woes Will Trump Its Big Plans (California Big Government Boom Time Over Alert)

    11/15/2007 10:06:47 AM PST · by goldstategop · 30 replies · 58+ views
    Los Angeles Times ^ | 111/15/2007 | George "Slumberin" Skelton
    There is n-o m-o-n-e-y. California's state government is i-n d-e-b-t and the hole is getting deeper. We should change the name of this state to "Denial." Unless the politicians and voters are willing to raise taxes, forget all these grandiose new government programs Sacramento has been yakking about concerning healthcare and education. In fact, forget them anyway for now. Tax increases will be needed just to pay for what the governor, the Legislature and the voters already have saddled on the state. Nonpartisan Legislative Analyst Elizabeth G. Hill confirmed Wednesday what previously had been leaked by the Schwarzenegger administration: The...
  • CA: The bills come due - Overspending set stage for budget bloodbath

    11/07/2007 7:54:52 PM PST · by NormsRevenge · 23 replies · 89+ views
    San Diego Union - Tribune ^ | 11/7/07 | Editorial
    For the sixth time since the mid-1980s, an economic slowdown has left the state facing a decline in revenue over the previous fiscal year. Gov. Arnold Schwarzenegger's decision to order agencies to draft 2008-09 budgets with 10 percent cuts is a harbinger of a grim era likely to last until the housing slump and lending-debt crisis abate. We're already being told this bad news was inevitable in a state that relies so heavily on volatile personal income taxes. Don't believe it. If not for the grossly irresponsible budgets of recent years, the coming era would be mildly unpleasant, not grim....
  • High Earners Can Still Struggle

    07/18/2007 7:39:01 AM PDT · by truthkeeper · 74 replies · 1,938+ views
    USA Today ^ | July 18, 2007 | Stephanie Armour
    <p>The car payment was due. Creditors kept calling. Every single credit card was at its maximum. Steve and Nicole Brown could barely scrape by living paycheck to paycheck, but they never expected to find themselves in such perilous financial shape. As probation officers, the Balch Springs, Texas, couple earn $80,000 a year. Like many, they believed surviving without savings shouldn't happen to someone in their income bracket.</p>
  • Report: Federal pay, benefits double private sector's

    08/16/2006 10:32:06 AM PDT · by Major Matt Mason · 75 replies · 1,326+ views ^ | August 4, 2006 | Karen Rutzick
    New figures from the Commerce Department's U.S. Bureau of Economic Analysis show average compensation for federal employees to be double that of private sector workers for the first time. Federal workers earned an average of $106,579 in 2005, including benefits, or about twice the average private sector compensation of $53,289 with benefits included. This marked the first time federal compensation reached this point; for 2004 the bureau's statistics put it at slightly less than double the private sector's. Without benefits, the difference for 2005 is less. Federal employees earned an average salary of $71,114 while their private sector counterparts earned...
  • Is the United States Bankrupt?

    07/10/2006 10:59:12 AM PDT · by Paul Ross · 278 replies · 5,249+ views
    FEDERAL RESERVE BANK OF ST. LOUIS REVIEW ^ | July 1, 2006 | Laurence J. Kotlikoff
    SynopsisIs the United States bankrupt? Many would scoff at this notion. Others would argue that financial implosion is just around the corner. This paper explores these views from both partial and general equilibrium perspectives. It concludes that countries can go broke, that the United States is going broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical reform of U.S. fiscal institutions is essential to secure the nation’s economic future. The paper offers three policies to eliminate the nation’s enormous fiscal gap and avert bankruptcy: a retail sales tax, personalized Social Security, and a globally...
  • D.C. mental health department scolded for BlackBerry spending

    03/13/2006 11:35:56 AM PST · by JZelle · 5 replies · 357+ views
    The Washington Times ^ | 3-13-06 | Jim McElhatton
    The D.C. Department of Mental Health in fiscal 2005 spent more than $30,000 on hand-held BlackBerry technology, prompting criticism from a D.C. Council member who says the money could have been put to better use. "I understand everybody likes these gadgets," said D.C. Council member David A. Catania, at-large independent and chairman of the council's Committee on Health, which oversees the mental health department. "I wouldn't buy myself a BlackBerry," he said of the wireless e-mail devices. Speaking at a council oversight hearing of the department last week, Mr. Catania told mental health officials he had concerns about several other...
  • This Crap Has Just Got to Stop

    02/19/2006 7:27:16 PM PST · by JamesP81 · 10 replies · 431+ views
    The Southern Pundit ^ | 2-19-2006 | Self
    For all Bush’s good qualities, the man can’t not spend money. This republican congress and president has spent an obscene amount of money. I find this behavior to be irresponsible during a time of war, to say the least. I know I’ve ranted about it before at length, but I’ll say it again: the federal government’s spending habits have far exceeded its constitutional mandate, and something has to be done.
  • Will Bush Ever Veto a Spending Bill? Highway Robbery: $286 Billion

    08/15/2005 8:58:19 AM PDT · by joyspring777 · 104 replies · 1,393+ views
    Human Events Online ^ | 8-12-05 | John Berthoud
    George Orwell’s 1946 classic Animal Farm is a tale of the rising up of the long downtrodden animals to overthrow the hated humans and establish a new order. Under new management, the farm seems to move in the right direction for a while, but the pigs slowly decide that the lifestyle of their former masters was pretty good, and consequently morph into a ruling class indistinguishable from that which they displaced. Originally intended by Orwell to parody the Soviet revolution of 1917, one can now see parallels to the Republican Revolution of 1994. There is no better example of the...
  • GM decline holds warning for America

    03/24/2005 6:09:59 AM PST · by Tumbleweed_Connection · 8 replies · 297+ views
    Newsday ^ | 3/24/05 | James P. Pinkerton
    ...So what lessons might Americans draw from GM's decline and, perhaps, fall? Here are two. First, the government can sometimes play a role in the restructuring of industries. Exhibit A, interestingly enough, is Harley-Davidson itself. In 1983, the company was nearly bankrupt, but the Reagan administration slapped a protective tariff on imported motorcycles. Critics warned against a costly boondoggle, but the move proved productive. In the past two decades, Harley sales have jumped from $200 million to more than $5 billion; the increase includes stronger sales overseas. ...Second, more ominously, the federal government should see GM as a negative example,...
  • (Virginia) Senate Republicans stop rollback

    02/17/2005 6:25:43 AM PST · by Corin Stormhands · 32 replies · 1,687+ views
    Richmond Times-Dispatch ^ | 2/17/05 | Michael Hardy, Jeff Schapiro
    Additional car-tax relief hit a dead end yesterday. House-passed legislation jump-starting the rollback of the local tax on personal motor vehicles was, in effect, defeated for the year in the Senate Finance Committee. The committee, dominated by moderate Republicans who consider the car-tax phaseout a budget-buster, refused to even vote on the bill, sponsored by Del. L. Scott Lingamfelter, R-
  • STATE OF THE UNION -- 2005 [Live Thread]

    02/02/2005 3:43:44 PM PST · by Timeout · 4,591 replies · 146,613+ views
    The pre-spin: Bush will spend about 1/2 the speech on foreign policy, 1/2 on domestic, with heavy emphasis on Social Security reform. It's said he will provide a detailed tutorial on the SS system and its problems with a few details on his personal accounts proposal. Laura's guests are said to be an Afghan voter and an Iraqi voter (too bad there's no Ukrainian wearing an orange hat!). Should we start a drinking game on how many times the pool camera swings to Hillary? Hmmm. Probably would likely hamper out typing ability. Word on the blogs has it that...
  • Financial news gets worse for Seattle schools (state takeover on horizon)

    12/17/2004 12:10:07 AM PST · by BurbankKarl · 10 replies · 470+ views
    Seattle Times ^ | 12/16/2004 | Sanjay Batt
    If the Seattle School District doesn't change the way it operates, it will be insolvent and taken over by the state in about 18 months, its finance director warned yesterday. "To avoid bankruptcy, we have to make some very tough decisions," Seattle Public Schools Finance Director Steve Nielsen said during a budget work session. He later clarified that school districts technically can't go bankrupt: They're placed into receivership by the state. It's the most dire official assessment to date of the financial health of the state's largest school district. During the work session, Nielsen and Budget Manager Linda Sebring outlined...
  • Policy Memo: Questions On Kerry's Budget

    08/03/2004 10:59:17 AM PDT · by RWR8189 · 1 replies · 510+ views
    George W. Bush ^ | August 3, 2004
    MEMORANDUM FROM: BC'04 POLICY DEPARTMENTJohn Kerry is now the official nominee of the Democratic Party.  He has made numerous policy proposals, but has yet to explain how he will pay for his promises.  Kerry's empty rhetoric on fiscal responsibility still doesn't answer the fundamental question of how he intends to pay for his campaign proposals.  His tax hikes don't even begin to cover the drastic increases in spending he has proposed, and he owes it to the American people to explain himself.The following balance sheet takes a look at Kerry's current budget promises, using independent third party sources, media sources...
  • Spending measure blocked in Senate

    01/21/2004 8:46:46 AM PST · by .cnI redruM · 2 replies · 126+ views
    THE WASHINGTON TIMES ^ | 21 Jan 03 | By Amy Fagan
    <p>Democrats and a few Republicans yesterday blocked the Senate from approving the $820 billion spending bill left over from last year, saying the overtime-pay and media-ownership provisions attached to the bill would have detrimental effects on millions of Americans.</p> <p>"We should take the time to fix the bill's problems because they affect millions of American families," said Senate Minority Leader Tom Daschle, the South Dakota Democrat who led the effort to block the bill. "We ask just a few days to improve this bill."</p>
  • GOP Senators Push To Pass Spending Bill

    01/16/2004 7:49:44 AM PST · by .cnI redruM · 3 replies · 130+ views
    Washington Post ^ | Friday, January 16, 2004; Page A17 | By Helen Dewar
    Senate Republicans are cranking up pressure for swift passage of a long-overdue $328 billion government spending bill by warning wavering lawmakers that they could lose thousands of home-state projects and face a freeze on expenditures if they block passage of the measure. Democrats, angry over GOP inclusion of controversial policy provisions, blocked passage of the measure just before Congress adjourned last year, and Republicans scheduled a showdown vote for Tuesday, the opening day of the new session. If Democrats continue to try to block the bill, 60 votes would be required for passage, and both sides say they expect it...
  • Lawmakers pass Pa. budget, restore $29.6 million in cuts

    12/23/2003 6:54:06 AM PST · by Born Conservative · 7 replies · 168+ views
    Times Leader ^ | 12/23/2003 | BRETT MARCY
    Lawmakers pass Pa. budget, restore $29.6 million in cuts Several area social service agencies rejoice at the news. Governor could sign bill today. By BRETT MARCY EXCLUSIVE HARRISBURG - Local social service agencies are rejoicing after state lawmakers approved a $21.4 billion budget that restores some or all of the funding cut in the original budget passed last March. "It's tremendous," said Carlie Wetzel, block grant coordinator for the Luzerne County Office of Human Services. Wetzel and other human service officials around the state decried the 90-percent budget cut lawmakers made in the Human Services Development Fund in March....
  • Anti-Smoking Programs Underfunded, Group Says

    11/12/2003 7:21:47 AM PST · by Tumbleweed_Connection · 35 replies · 480+ views
    Yahoo ^ | 11/12/03 | Reuters
    WASHINGTON (Reuters) - States that cashed in on a landmark $246 billion settlement with tobacco companies five years ago are spending little on programs to curb smoking, an anti-smoking group charged on Wednesday. With budgets stretched thin, most of the 46 states that joined the 1998 tobacco settlement are using only a fraction of the funding that health officials recommend for anti-tobacco efforts, according to the Campaign for Tobacco Free Kids. "The states' funding of tobacco prevention and cessation is woefully inadequate given the magnitude of the tobacco problem," the organization said in findings to be presented to a...
  • Fiscal Overstretch that will Undermine an Empire

    07/15/2003 4:48:41 PM PDT · by Choose Ye This Day · 11 replies · 214+ views
    Financial Times ^ | July 14, 2003 | Niall Ferguson
    The fiscal overstretch that will undermine an empire By Niall Ferguson and Laurence Kotlikoff Published: July 14 2003 20:05 | Last Updated: July 14 2003 20:05 Toppling three tyrannies within four years is no mean achievement. Since 1999, despotic rulers in Serbia, Afghanistan and Iraq have been ousted as a result of US military intervention. What makes this so remarkable is that it comes little more than a decade after a wave of anxiety about American "overstretch". Many former Cassandras now hail the country as the world's hyperpower - if not a new empire. The irony is that the overstretch...
  • GOP legislator stuck to anti-spending credo (Freshman Rep Says NO to More Spending! Hero Alert!)

    05/26/2003 4:43:41 PM PDT · by Recovering_Democrat · 2 replies · 263+ views
    St. Louis Post-Disgrace ^ | May 25, 2003 | Virginia Young
    <p>EDITOR'S NOTE: This year, 90 of the 163 members of the Missouri House are freshmen - a historic shift in power brought about by term limits. To help chronicle that change, the Post-Dispatch has followed Rep. Jodi Stefanick, part of the new Republican majority, through her first legislative session. This is the third article in an occasional series.</p>
  • Radio Address by the President to the Nation, 8-17-02

    08/17/2002 10:57:55 AM PDT · by Salvation · 5 replies · 156+ views ^ | 8-17-02 | Geroge W. Bush
    For Immediate ReleaseOffice of the Press SecretaryAugust 17, 2002 Radio Address by the President to the Nation      Audio THE PRESIDENT: Good morning. This week, I hosted an economic forum at Baylor University in Texas. Participants shared their concerns about the economic challenges we face, and their ideas for making the economy stronger. A common theme among many panelists was that we must leave every dollar we can in the hands of the people who have earned it. We must be disciplined with our taxpayers' money, which requires Congress to focus on funding our nation's priorities. Winning the war on terror...