CBO Says Electric Vehicle Subsidies to Cost $7.5 Billion With Little Benefit

Akerson and VoltI recently came across a report written by the Congressional Budget Office (CBO) which estimated the cost to taxpayers for “federal policies to promote (aka subsidize) the manufacture and purchase of electric vehicles (EVs).” The piece also predicts the short-term benefits of the subsidies and includes the effects of rising federal requirements for fuel economy (known as CAFE) standards. The outlook is that federal subsidies will cost taxpayers $7.5 billion over the next few years for little or no benefit (even when including the impact of CAFE) to total gas consumption or emissions.

The CBO is a non-partisan federal agency that is relied upon by Congress to provide unbiased economic data. Unfortunately, Congress does not seem to listen to what the statistics are telling them. In the case of green subsidies, it seems that no logical data on how little the country benefits from the politically-popular handouts and how many … Read More ➡

EPA Transparency Still In Question After Release from Jackson’s Alias Email Account

Lisa JacksonThe emails released by the Environmental Protection Agency pursuant to a Freedom of Information Act request, that sought communications under a nom de plume for Administrator Lisa Jackson, only heightened the agency’s obfuscation according to the man who went to court to demand them.

On Monday EPA made public approximately 2,100 emails (far short of the promised 3,000) from Jackson’s disguised account, which she used under the alias “Richard Windsor.” Chris Horner of the Competitive Enterprise Institute, who had discovered the administrator’s fake identity while researching his book The Liberal War on Transparency, said the contents of the messages were unrevealing and contained useless information such as Google alerts and Washington Post news digests. According to CNSNews.com, the release is the first of an expected four batches that is expected to contain 12,000 emails from Jackson’s alternative account.

“Perhaps seeking to take the air out of a growing … Read More ➡

Boehm Warns About Special Interest Funding of Congressional Travel

Rangel in lounge chairAmanda Becker reports in the Capitol Hill newspaper Roll Call today that outside groups spent $3.6 million to sponsor foreign trips for members of Congress and their staffs in 2012.  The article includes my comments:

“Congressmen are frequently accused of living inside a bubble. So you can make a good case that members should be traveling and getting to see certain things overseas,” Boehm said.

“But all too often they have been arranged by groups that have very pronounced legislative interests,” he added. “And what’s more enticing than having the possibility of talking [to lawmakers] in a relaxed, vacation resort-type setting?”

Foreign travel by members of Congress that is paid for by outside groups is subject to regulations under the House Rules. Rep. Charles Rangel (D-NY), in photo, ignored the regulations in 2008 by accepting corporate-funded Caribbean junkets. He was forced to resign his Ways and Means Chairmanship after being … Read More ➡

Bailed-Out GM US Market Share at 88 Year Low

GM logoGeneral Motors finished 2012 with a 17.9% market share in the US and is expected to repeat the performance in 2013 according to a Bloomberg report. The number is at the lowest point it has been since 1924. So what is behind the dismal numbers at GM that sees the company performing at 88 year lows?

Before speculating on why GM has lost so much market share to the competition, I must point out the technicality that the company has actually only been in existence for 3 1/2 years, so we are comparing market share to “Old GM.” “New GM” came into existence in June of 2009 after it filed for bankruptcy and reemerged as a company that was majority-owned by the government. Since then, GM proponents will point to historical performance comparisons to Old GM when convenient (as if the bankruptcy never occurred) even as they absolve themselves … Read More ➡

Meeks Cronies Probed in Aqueduct Bid Rigging Scheme

Meeks photoThe New York Post reports today that federal prosecutors are investigating close associates of Rep. Gregory Meeks (D-NY) as part of probe into a possible casino bid-rigging scheme at Aqueduct Racetrack. According to the Post:

Investigators are asking questions about the roles of then-Senate Democratic leaders John Sampson and Malcolm Smith and others who were accused of helping the Aqueduct Entertainment Group (AEG) land a multibillion-dollar casino contract three years ago, sources said.

The AEG bid became controversial after NLPC exposed several individuals involved with the bid, including Malcolm Smith, as also being involved with a charity called New Direction Local Development Corporation. New Direction appeared to operate as a slush fund for Meeks and his friends. It also raised money for Hurricane Katrina victims who never received the aid.

In 2010, then-New York Governor David Paterson granted a lucrative gambling franchise to AEG, touching off a firestorm against … Read More ➡

Some Chevy Dealers Pull Plug on Volt – 2012 Sales Well Below Goals

Volt and AkersonThe final tally is in for 2012 Chevy Volt sales. The good news (which is what most headlines will trumpet) is that sales for General Motors’ flagship green vehicle tripled from 2011’s paltry 7,671 to a slightly less paltry 23,461 in 2012. The bad news is that the number is almost half of GM’s sales goal of 45,000 in 2012 for the Volt. The further bad news is that the Volt has so little demand in most regions that some dealerships are refusing to pay for required tools to repair the vehicles and are choosing to cease selling the vehicles instead.

To put the sales figures in perspective, Toyota’s hybrid Prius family achieved sales of 236,659 in 2012; over ten times that of the Volt! You wouldn’t know that from the amount of hype the Volt has gotten compared to the Prius. Furthermore, taxpayers had to foot the bill for … Read More ➡

Another Meeks Crony Under Investigation

Sampson photoThe New York Post reported today that there is a federal probe of New York State Senator John Sampson, a political ally of Rep. Gregory Meeks (D-NY). Sampson is former Majority Leader of the New York State Senate.

Sources told the Post that the Sampson probe stems from a broader federal investigation of Meeks. Sampson is also linked to convicted mortgage fraudster Edul Ahmad, who is a facing a possible lengthy prison sentence in connection with his guilty plea in a mortgage fraud case. State Senator Sampson performed legal work for Ahmad and has been publicly criticized for notarizing a document for one of Ahmad’s employees despite having a lapsed notary license.

Federal interest in Meeks appears to have begun in 2010 after the National Legal and Policy Center exposed the ties between Meeks and some of his Queens, NY political allies and a questionable charity which appears to have falsely … Read More ➡

Fiscal Cliff Deal Saves Big Wind for Another Year

wind turbineThe “fiscal cliff” agreement was not only low-lighted by a wholesale surrender on taxes and spending by the Republicans, but also featured special favors and breaks for recreational industries like film production ($430 million) and motorsports ($70 million), as well as the sector that has been oft-criticized since President Obama entered the White House: renewable energy.

Specifically, while nothing new came through for often-bashed electric automobiles, tax credits (all continuations of credits that were set to expire) were extended to plug-in motorcycles. Buyers are allowed to deduct from their tax bills 10 percent of the cost of the two- (or three-)wheelers, or $2,500, whichever is less. This parallels the $7,500 federal tax credit for four-wheeled electric cars such as the Chevy Volt and Nissan Leaf. The breaks are projected to cost taxpayers $4 million over the next two years.

The cliff aversion perversion also delivered for the … Read More ➡

FHA May Be Headed for a Treasury Department Bailout

“Is the Federal Housing Administration the next bailout?” The question has become all too common these past several months. It’s also the title of a policy forum held December 13 at the free-market Cato Institute in Washington, D.C. Based on the evidence, it would be hard to avoid concluding “yes.” Three speakers highly familiar with the workings of FHA – Mark Calabria, Edward Pinto and Michael Frantantoni – explained why the mortgage insurance agency is a prime candidate for a first-time-ever dose of taxpayer support. FHA, part of the U.S. Department of Housing and Urban Development, aggressively ramped up activity following the banking collapse of 2008. Accordingly, the default rate on its more than $1.15 trillion portfolio has shot up. The Treasury Department in the near future may be forced to cover a deficit of $50 billion or more.

National Legal and Policy Center in October and again in NovemberRead More ➡

The Fiscal Cliff and the Ethics of Capitulation

Obama and BoehnerThe more the media covers the “fiscal cliff” fiasco, the more perspective is lost. It is really quite simple. Because the Republicans unilaterally jettisoned their trademark  anti-tax stance, they will get nothing in return. The Democrats are not going to cut spending. In fact, the new tax revenues will fuel new spending, that will be leveraged into even more debt.

The pre-emptive Republican capitulation decoupled the tax issue from the spending issue, precluding any “Grand Bargain'” or even token spending cuts. The Democrats trademark stance of protecting social programs like Medicare and Social Security from cuts is intact.  Thus, Obama is off the hook. He will pay no political price with his own base, nor will he feel any pressure to provide leadership in averting national bankruptcy.

Republicans, on the other hand, have crossed their own base, with nothing to show for it. The GOP, which won control of the … Read More ➡

Page 48 of 124« First...102030...4647484950...607080...Last »