Tag Archive: Fiscal year


VA Asked to Explain Blowing Half a Million Bucks on Art

 

 

 

” Some lawmakers are outraged that as part of federal departments’ use-it-or-lose-it spending sprees before the end of the fiscal year on Oct. 1 the Department of Veterans Affairs blew more than half a million dollars on artwork.

Sen. Jerry Moran (R-Kan.), a member of the Senate Appropriations Committee and the Senate Veterans’ Affairs Committee, today called on VA Secretary Eric Shinseki to justify the purchase that carried a $562,000 price tag.

“At a time when the nation’s crushing debt threatens the well-being of our veterans and all Americans, and when spending across the government is being reduced, I fail to comprehend the reason why this purchase was authorized,” Moran wrote.

“If the overall fiscal stability of our country is not of sufficient concern, then the VA should have at least prioritized service to veterans who continue to wait inordinate lengths of time to receive decisions on benefit claims,” the letter continued.”

 

 

 

 

 

 

 

 

 

 

Maybe the Real Lesson Is That It’s Best to Shut Down the Federal Government Before a New Fiscal Year Begins

 

 

 

” The politicians, bureaucrats, lobbyists and interest groups in Washington are hyperventilating that the federal gravy train may get sidetracked for a day or two by a shutdown fight between Republicans and Democrats.

I’m not sure why they’re so agitated. After all, the shutdown is really just a slowdown since only non-essential bureaucrats are sent home. And everyone winds up getting paid for those unplanned vacations, which is why the bureaucrats I know are crossing their fingers for a lengthy confrontation.

But that describes what may happen when the new fiscal year begins tomorrow. What’s been happening in recent days, culminating today, is a feeding frenzy of end-of-the-fiscal-year wasteful spending.

Here are some details from a Washington Post expose.

This past week, the Department of Veterans Affairs bought $562,000 worth of artwork. In a single day, the Agriculture Department spent $144,000 on toner cartridges. And, in a single purchase, the Coast Guard spent $178,000 on “Cubicle Furniture Rehab.” …All week, while Congress fought over next year’s budget, federal workers were immersed in a separate frantic drama. They were trying to spend the rest of this year’s budget before it is too late. …If they don’t, the money becomes worthless to them on Oct. 1. And — even worse — if they fail to spend the money now, Congress could dock their funding in future years. The incentive, as always, is to spend. So they spent. “

 

 

 

 

Illustrations By Jeff McNelly

 

 

 

 

 

 

 

 

 

The Theater Of The Absurd … “There Is No Room To Cut” … LOL

 

 

” Government shutdown? Nonsense. Only in our dreams will the U.S. government shut down. The current flap about an impending shutdown represents only the latest episode in the soap opera that stars the government as the hysterical teenage drama queen.

For fiscal year 2013, which will end in a week, estimated federal revenue is about $2.7 trillion. In real terms, this revenue is roughly equal to the amount the government spent ten years ago, in the early years of the Bush II administration.”

 

 

More Here

 

Illustration by Nate Beeler

 

 

 

 

 

 

 

 

Smith & Wesson Hits Record Sales

 

 

” Smith & Wesson finished its fiscal year with colossal profits as the demand for new firearms surges nationwide.

The storied firearms company released a yearly financial report Tuesday showing astronomical sales figures and a favorable future outlook.

Net sales for the recent fourth quarter were almost $180 million, an increase of over 37% from the same quarter last year.

For the full fiscal year, net sales reached over $587 million, an increase of over 42% compared to the previous year.”

 

 

 

 

 

 

 

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In 2012, Nearly 2M D.C. Parking Tickets Issued

 

 

” Those 1.8 million tickets break down to about 7.3 tickets issued per minute and 436 parking tickets per hour, accounting for federal holidays and Sundays, when parking is free. It’s also about a 6 percent drop in parking tickets from the previous year.

AAA obtained the parking ticket data through a Freedom of Information Act request.

 

Here’s how the revenue compared from fiscal year 2011 and 2012:

Total Number of Parking Tickets Issued Total Amount Of Parking Ticket Revenue Collected
FY 2012: 1,884,367 FY 2012: $92,554,646
FY 2011: 2,012,131 FY 2011: $92, 579, 971

 

“This is pure unadulterated exploitation of motorists. D.C. couldn’t get the commuter tax it wanted. So it makes it exceedingly hard to find parking, then you fine them for overstayed at the meter,” says Townsend.”

 

 

   While we ordinarily find this type of government sanctioned theft abhorrent , we must admit that there is a sort of delicious irony in the fact that the bulk of those ticketed are fellow bureaucrats that vote to keep these statists in power . LOL … Don’t like it ? stop leeching off the taxpayers and get a real job outside of the beltway .

 

 

 

 

With ‘Deals’ Like Fiscal Cliff, Who Needs Societal Collapse?

 

 

 

 

” No epiphanies in Washington: the Congressional Budget Office estimates that the latest triumphant deal includes $2 billion of cuts for fiscal year 2013. Wow! That’s what the government of the United States borrows every 10 hours and 38 minutes. Spending two months negotiating 10 hours of savings is like driving to a supermarket three states away to save a nickel on your grocery bill.

A space alien on Planet Zongo whose cable package includes “Meet The Press” could watch 10 minutes of these pseudo-cliffhangers and figure out how they always end, every time: Spending goes up, and the revenue gap widens.

This latest painstakingly negotiated bipartisan deal to restore fiscal responsibility actually includes a third of a trillion dollars in new spending. A third of a trillion! $330,000,000,000! Fancy that! In most countries, a third of a trillion would be a lot of money. But in the U.S. it’s chump change so footling it’s barely mentioned in the news reports “

 

 

 

Illustration By Eric Allie

 

 

… How Much Government Would They Pay For?

 

 

 

taxes

taxes (Photo credit: 401(K) 2012

 

 

 

 ” Let’s assume that the two winners who will split the jackpot take the estimated $379.8 million lump sum. After all, with President Obama’s call for a tax increase on upper income earners, a call echoed by Warren Buffett, these newly minted millionaires could face a 39.6 percent rate—not the current 35 percent.

 

Suppose they’re smart, though, and take the money this year. Then the federal government keeps $132.9 million and the winners keep $246.9 million—less whatever state and local taxes they will owe.

 

Total spending in fiscal year 2012 was $3.54 trillion. Put in other terms, the government spent an average $9.7 billion a day, $404.1 million an hour, and $6.7 million per minute. Do the math, and that $132.9 million in tax revenue would fund the entire federal government for a whopping 20 minutes. “