President Obama’s proposed 2012 budget will cut several billion dollars from the government’s energy assistance fund for poor people, officials briefed on the subject told National Journal.
The Low Income Home Energy Assistance Program, or LIHEAP, would see funding drop by about $2.5 billion from an authorized 2009 total of $5.1 billion. The proposed cut will not touch the program’s emergency reserve fund, about $590 million, which can be used during particularly harsh cold snaps or extended heat spells, three officials told National Journal.
Nobody ever said Winning the Future was going to be easy.
Of course, we don’t have to completely lose our heads over all this deficit reduction stuff. Oh no. No, sir! Our evolution toward a more efficient capitalism, free of government interference, will be gradual enough prevent too much shock to the system:
Since 2003, some of the world’s biggest financial companies, including Goldman Sachs Group Inc., U.S. Bancorp, JPMorgan Chase and Prudential, have taken advantage of a federal subsidy that will cost taxpayers $10.1 billion — and most of the public has never heard of it.
Investors have used the program, called New Markets Tax Credits, to help build more than 300 upscale projects, including hotels, condominiums, office buildings and a car museum, on streets far from poverty, according to Treasury Department records released through a federal Freedom of Information Act request.
“Some of the subsidized luxury projects,” we are informed, “may not have required federal aid at all.” Would that have been the car museum or the condos? It doesn’t say.
No doubt the deficit hawks will target this egregious example of government waste after they slash the Low Income Home Energy Assistance Program. They’re probably just moving slowly and with caution. It’s called gradualism.
Rome wasn’t built — or destroyed — in a day.