The economic damage inherent in federal backing for solar power companies extends beyond Solyndra-style bankruptcies, in which taxpayers pour money into unprofitable but politically popular ventures. Even where government-backed companies stay afloat, federal intervention directs resources to less productive and profitable activities. Some solar power companies based in California are succeeding where Solyndra failed (that is, staying in business), due primarily to the state’s renewable energy mandate and restrictions on cheap energy. But while the companies have received significant backing from the federal government, taxpayers are potentially on the hook …
The ongoing “Occupy Wall Street” protests have been characterized by shows of violence, lawlessness, and occasional anti-Semitism. But elected officials are reportedly backing the movement behind the scenes, most recently pressuring the owners of the New York City park that is the epicenter of the protests to postpone a much-needed cleaning effort, according to city officials and the property’s owners. Brookfield Properties, which owns Zucotti Park, where protestors have camped out for nearly a month, had expressed concern to the city regarding the state of the park. “After weeks of …
Congressional passage of three free-trade agreements yesterday marked a rare victory for economic freedom in America. But the United States has a long way to go before it regains its status as a leader in economic freedom, according to a new video from the Charles Koch Institute. Government regulations and rapidly rising federal spending have curtailed economic freedom in the United States. The result is a poor economy with high unemployment. The Koch Institute bases its findings on the latest Economic Freedom of the World Report. Heritage’s annual Index of …
Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency. Sen. Richard Shelby (R-AL) is leading those calls for reform. As the ranking Republican on the Banking Committee, Shelby has maintained a hard line with Obama and Democrats on Cordray’s confirmation. In an interview at Heritage, Shelby criticized Obama for failing …
Citing recent revelations in the investigation into a failed sting operation against Mexican drug cartels, the House’s lead investigator served Attorney General Eric Holder with a subpoena on Wednesday, requesting a range of documents related to the cross-border law enforcement effort. “Top Justice Department officials, including Attorney General Holder, know more about Operation Fast and Furious than they have publicly acknowledged,” Darrell Issa, chairman of the House Oversight and Government Reform Committee said in a statement. Fast and Furious was an operation conducted by the Bureau of Alcohol, Tobacco, Firearms …
The “Occupy Wall Street” protests have been a thorn in the side of a number of lower-Manhattan businesses. But the U.S. congressman who represents the district where protestors have gathered has a blunt message for the area’s business owners: deal with it. “All of us have to live with expressions of democratic demonstrations or whatever,” Rep. Jerry Nadler (D-N.Y.) told the Washington Times’s Kerry Picket when asked about complaints from the area’s residents and business proprietors. “I think businesses are being damaged a hell of a lot more by our …
The House Oversight and Government Reform Committee meets Thursday to consider the most substantive postal reform plan under consideration in Congress. The debate in Washington triggered a spending spree from postal unions opposed to the reforms, including a national TV ad campaign launched last month. Now the Oversight Committee is striking back with its own video that explains the crisis and why the Postal Service needs to be fixed before taxpayers are left paying the bill. Mail volume has dropped by 46 billion pieces since its peak in 2006. As …
Offshore oil and gas leases produced $10 billion in federal revenue only a few years ago. Today that number is zero, a consequence of the Obama administration’s reaction to last year’s Gulf of Mexico oil spill and the resulting moratorium on production in the region. Sen. David Vitter (R-LA) says it’s a huge mistake for the federal government to forgo the money — and the jobs that result from the offshore leases. Writing for Roll Call today, Vitter outlines the extent of the problem: Revenue can’t be generated from lease …
Hurricane Irene and Tropical Storm Lee may have ravaged northeastern Pennsylvania with floodwaters, but displaced people have found aid and comfort in the relief provided by private charities and businesses. A recent New York Times story described affected people’s disillusionment with the federal government’s ability to dispense disaster relief aid through FEMA. “Uprooted and desolate, hard-working people in this part of the country expect a bit more from their government,” the Times reported. The story failed to mention the outpouring of food, furniture and housing repair assistance provided by charities …
House Armed Services Chairman Buck McKeon (R-CA) is a man on a mission. He’s making the rounds on Capitol Hill to convince his colleagues, particularly those on the 12-member Joint Select Committee on Deficit Reduction, that they should avoid cutting defense spending. McKeon has a point — and it’s one that is backed up by Heritage calculations from Congressional Budget Office data. This chart reveals that even if defense spending was eliminated entirely, entitlements would continue to fuel the debt crisis. Making reforms to Social Security, Medicare and Medicaid is …
