dollars

28Sep

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IN OTHER NEWS

Infrastructure Spending Into Trillions Of Dollars Could Mean Hundreds Of Billions In Fraud

Jetson Leder-Luis, Boston University The U.S. government may be on the verge of spending as much as US$4.5 trillion in what could be one of the biggest investments in infrastructure and the social safety net in decades. The House plans to vote on a $1 trillion bipartisan infrastructure bill on Sept. 30, 2021 – which was already approved by the Senate – and may soon follow that with up to $3.5 trillion in other investments. The measures’ passage – and the total to be spent – are still up in the air. But if either or both bills do become law, they would not only reflect massive new government spending that lawmakers see as investment, but also a serious target for fraud. Most government spending does reach the intended targets – like mass transit, clean energy and broadband internet – but...

It Will Take Time, A Broad Commitment, And Billions Of Dollars To Restore California’s Forests And Reduce Wildfire Risks

As California contends with its worst wildfire season in history, it’s more evident than ever that land management practices in the state’s forested mountains need major changes. A mixed-conifer forest in the central Sierra Nevada after restoration, with unthinned forest in the background. Roger Bales, CC BY-ND Many of California’s 33 million acres of forests face widespread threats stemming from past management choices. Today the U.S. Forest Service estimates that of the 20 million acres it manages in California, 6-9 million acres need to be restored. Forest restoration basically means removing the less fire-resistant smaller trees and returning to a forest with larger trees that are widely spaced. These stewardship projects require partnerships across the many interests who benefit fro...

Coronavirus bailouts will cost taxpayers hundreds of billions of dollars – unlike past corporate rescues that actually made money for the US Treasury

The U.S. government has now pledged almost US$3 trillion to save the economy and Americans from the coronavirus recession. Most of that is aimed at individual Americans in the form of additional unemployment insurance or the so-called economic impact checks. About $1.2 trillion – and counting – represent bailouts for American companies, large and small. And more than 60% of that is in the form of grants or other financial assistance that will likely become grants – funds that will not be recovered by taxpayers. The Congressional Budget Office estimated on April 23 that the company-related coronavirus bailouts, excluding the fourth one just signed into law, will ultimately cost more than $400 billion over 10 years. Given that most of the latest bailout, worth $484 billion, will most likel...