A stimulus-backed Department of Energy loan program that has not been tapped for four years, and was deemed unwanted two years ago by the Government Accountability Office, is suddenly ready and willing to dole out more taxpayer millions again – to a corporation that doesn’t need it.
For governments everywhere, taxes and regulations are like Lays Potato Chips – no one can eat just one.
In part, of course, because governments’ appetite for taking our money and controlling our lives is insatiable. It’s their nature.
And because government intervention just about always makes things worse.
Competitive Enterprise Institute senior fellow John Berlau joins The Heartland Institute’s Budget & Tax News managing editor Jesse Hathaway to talk about the U.S. Treasury Department’s recent announcement that the “auto bailout” portion of the Troubled Asset Relief Program (TARP) had officially ended with the final repayment of taxpayer-funded loans to Ally Financial, formerly known as GMAC.
According to the Commerce Department, the economy based on its Gross domestic product–the value of its goods and services–fell at a seasonally adjusted annual rate of 2.9% in the first quarter of this year. That was the largest recorded drop since the end of World War II in 1945!
The most recent report (reflecting up until March 31) under the $32 million grant shows that Smith delivered 421 of its vehicles, with $27,343,311 reimbursed to the company with government funds thus far. That calculates to a whopping $64,948 taxpayer subsidy per vehicle.
President Obama’s speech last week that re-emphasized his commitment to reduce US carbon dioxide emissions brought dismay to those who appreciate affordable energy, but it sparked a celebration among corporate types who have long sought caps and taxes on CO2.
The Heartland Institute recently hosted renowned economist and political commentator John Lott, who gave an enlightening talk about this new book “At the Brink: Will Obama Push Us Over the Edge?”
The report this month about the shutdown of Vehicle Production Group – beneficiary of a $50-million stimulus loan from the Department of Energy – means the Advanced Technology Vehicles Manufacturing initiative within the Loan Program Office has been a thorough failure.
“Ineptocracy” is a new Internet-popularized word in wide circulation, which came to my inbox with the following definition: “A system of government where the least capable to lead are elected[…]
Ongoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That sharpening[…]
As green energy stimulus recipients raked in billions of dollars the last few years, with President Obama declaring what a great “investment” they were for taxpayers, friends of mine would[…]
The publicity surrounding President Obama’s failed strategy to stimulate the economy, by putting clueless manager Steven Chu in charge of the Department of Energy’s lending activities, has become so bad[…]