Click here to watchVia RealClearPolitics. Cross-posted.
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If you thought the "stimulus" plan was a colossal waste of money, you haven't seen anything yet.In their haste to push stimulus funds out the door, the feds earmarked more than a half-million dollars for the upstate New York town of Union to combat a homelessness problem it doesn't have -- one of 100 projects coming under new scrutiny.Just remember, the Democrats didn't read this bill before they rushed it through.
The boondoggle projects are the subject of a scathing report by Republican Sen. Tom Coburn of Oklahoma, listing rural bridges, parking lots and even a turtle crossing that got stimulus cash.
"The American people have a right to know how their stimulus dollars are being spent. In too many cases stimulus projects are wasting money we don't have on things we don't need," Coburn said.
The Department of Housing and Urban Development told officials in Union -- 70 miles from Binghamton -- in March that the funds were "directly available . . . in your community" as part of a homelessness-prevention fund, according to documents provided to The Post.
But Union didn't have a pressing homelessness problem, town Supervisor John Bernardo said.
"Union did not request the money and does not currently have homeless programs in place in the town to administer such funds," Bernardo told the Binghamton Press & Sun Bulletin.
After learning the feds had earmarked the cash, Union came up with a proposal to prevent homelessness -- by helping senior citizens repair or replace furnaces.
Even residents of the town were taken aback by their windfall.
"Its kind of ridiculous," said Desiree Depersiis,18. "Maybe if we had a problem with homeless people, but I've lived here all my life and never seen a homeless person here."
John Tomasky, 72, said "there's no apparent homeless problem here. Absolutely no problem. "It shows how the stimulus package is flawed."
Senate Republicans yesterday stripped a special $246 million tax break for Hollywood producers from President Obama's stimulus package.So a bailout of $246 million over 11 years works out to a tidy $22.36 million annually, a tidy profit on their $20 million investment in Democrats for 2008, and I suspect this does not count individual contributions to Obama.
"This isn't stimulus. This is a gift," said Sen. Tom Coburn (R-Okla.), who wrote the amendment to strike out the giveaway for some of the Democrats' most generous political supporters.
"It's not going to stimulate the economy at all," he said. "What it's going to do is line the pockets of very wealthy individuals already not experiencing the downside of the economy."
The 52-45 vote was largely along party lines, with nearly every Republican voting to remove the Hollywood tax break, joined by 13 Democrats and independent Connecticut Sen. Joe Lieberman.
Under the measure, Hollywood moguls would have been allowed to write off half the production and filming costs of big-budget films and TV shows.
Backed by Walt Disney and the Motion Picture Association of America, the provision amounted to an estimated $246 million tax break over 11 years.
The entertainment industry gave nearly $20 million in campaign contributions to Democrats during the 2008 election cycle, according to OpenSecrets.org.
The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.Is there anyone alive who believes Obama would impose a cap on salaries for Hollywood executives who so generously lavished money upon him?
Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.
President Obama and Treasury Secretary Timothy F. Geithner plan to announce the executive compensation plan on Wednesday morning at the White House.