Federal subsidies distributed to the private sector in Fiscal Year 2012 cost American taxpayers nearly $100 billion, according to a startling new report by the libertarian Cato Institute. “That includes direct and indirect subsidies to small businesses, large corporations, and industry organizations,” the think tank stated in its policy analysis.
In an effort to curb an array of new regulations, House Republicans passed a bill Thursday that would shackle major federal rules until the national unemployment rate falls to six percent. Authored by Rep. Tim Griffin (R-Ark.), the legislation hones in on excessive or poorly-written rules that could halt job growth and impose burdensome costs on American businesses.
President Obama recently commented that business success relied upon government to succeed. Operators of lemonade stands, however, have found govenrment an obstacle, not an aid, to success.
As a contentious “farm” bill rages in Congress, House Minority Whip Steny Hoyer (D-Md.) argued Tuesday that unemployment insurance and food stamps (which are included in the legislation) are the two “most stimulative” measures to boost economic growth.
Last week, White House Press Secretary Jay Carney made a bold assertion: President Obama’s 2009 economic stimulus law is “widely recognized to have broken the back of the recession.” The American Recovery and Reinvestment Act, which was signed into law on February 17, 2009, had an original cost estimate of $787 billion, but has since been revised by the Congressional Budget Office (CBO) to an elevated tune of $831 billion.