Latest news with #taxdollars
National Post
5 days ago
- Business
- National Post
Federal government's spending review is 'flawed' and too narrow: report
OTTAWA — The federal government's 'comprehensive spending review' is too narrow and won't save enough tax dollars to put Ottawa back on solid footing, a new report will conclude. Article content The report, to be released Thursday by the C.D. Howe Institute, says the Carney government's spending review will only include about one-third of all federal program spending and is expected to save no more than $22 billion by 2028-29. The think tank says that's less than half the $50 billion in savings that are needed to return federal government coffers to 'a fair and prudent path' that would see Ottawa's debt-to-GDP ratio stop climbing. Article content Article content The report, called 'Federal Expenditure Review: Welcome, But Flawed,' says that the problem with focusing only on limited areas of federal spending is that it reduces the scope for improving the quality of spending and ensures that some programs that endure cuts will be superior to some that aren't touched. Article content Article content It's better to review broadly and eliminate programs that aren't working well, the report says, instead of across-the-board cuts that don't assess program success. John Lester, the report's author, said governments often opt for the across-the-board approach because it's easier than evaluating countless programs and can realize tangible results more quickly. Article content 'You need some time to evaluate those programs,' said Lester, a former federal government economist, during an interview. 'It's a big job.' Article content Lester recommends expanding the review to cover the missing two-thirds of program spending, imposing a multi-year cap on operating costs to deliver immediate restraint, and then assessing programs through a value-for-money lens. He also calls for transparent goals and clear communication to build public consensus around the various options. Article content Article content The government's spending review follows years of hefty deficits that have left Ottawa and future generations with mountains of debt. Article content National Post reported last month on an earlier C.D. Howe report that forecasted that the Carney government is poised to post a massive deficit of more than $92 billion during this fiscal year, almost double what was forecast just a few months ago by a non-partisan officer of Parliament. Article content Just four months ago, the Parliamentary Budget Officer projected that the federal deficit would fall to $50.1 billion during this fiscal year, a slight improvement over the $61.9 billion shortfall recorded in 2023-24. The PBO also said at that time that federal deficits would continue to fall in the ensuring years, unless there were new measures to cut revenue or increase spending.
CBS News
21-07-2025
- CBS News
Nassau County surveying LIRR riders for feedback on MTA facilities. Here's how to sound off.
The MTA is paid more than $130 million annually in Nassau County, and that doesn't include ticket prices. The county's fiscal watchdog took CBS News New York on an exclusive tour to show what Nassau County residents' tax dollars are, and aren't, paying for. New York City has shiny new terminals, like Grand Central Madison and Moynihan Train Hall. But some of the stations where Nassau County commuters begin their commute are crumbling, says Nassau County Comptroller Elaine Phillips, who oversees how taxpayer money is spent. Of the $137 million in taxes sent to the MTA, $36 million is for station maintenance. That's $100,000 a day, which Phillips says doesn't add up. The Long Beach station is overdue for a paint job. "It looks like a Third World country. We deserve better," she said. After surveying 58 stations, Phillips is asking riders to weigh on in an online survey about conditions, waiting rooms, and bathrooms closed weekend and nights. The survey will be open through the end of the month, and results will be posted online and shared with the MTA. Phillips says the goal is get taxpayers the maintenance they're paying for. She says a quarter of the stations have no bathrooms, and there are safety concerns. "Where are the cameras? And where are the call boxes," Phillips said. At the Valley Stream station, all the elevators and escalator were taken out of service for improvements - all at the same time. "I'm not expecting luxury. I am expecting a functioning, working station. I don't have to climb stairs," passenger Mary Bedeau said. Valley Stream Mayor Ed Fare is concerned about the station itself. "It's landing people's cars. Landing on people walking by. All the concrete here is loose ... all the metal work is all rusting and rotting," Fare said. "There is this slime ... that falls on people's vehicles." The MTA told the comptroller their investments in Nassau outpace what taxpayers contribute, and include $17 billion over the last five years. Their own most recent survey shows 81% rider satisfaction and 95% on-time performance. "The county's return on investment for station maintenance funding is staggering – the MTA invests hundreds of millions of dollars to support station operations, if not running into the billions. Stations are cleaned daily and maintained regularly to ensure all infrastructure remains in a state of good repair. The MTA's survey of 17,536 LIRR customers this spring found 86% were satisfied with station environment," LIRR President Rob Free said. Phillips gives them credit for upgrade to many stations, but says it can't be all or nothing.
Wall Street Journal
17-07-2025
- Business
- Wall Street Journal
A Sovereign-Wealth Lesson
In his op-ed 'A Sovereign-Wealth Fund to Keep America's Technological Edge' (July 16), Pat Gelsinger cites the sovereign wealth funds of Norway and Singapore as good examples. But these are relatively small and homogeneous states. It would be far more difficult for a large and heterogeneous country such as ours to coalesce and spend our tax dollars wisely, as there are so many competing interests. The track record here so far is instructive. One loses count of the billions in U.S. government grants and loans to failed businesses. Ari Weitzner
Yahoo
15-07-2025
- Politics
- Yahoo
Mayor Mobolade vetoes marijuana sales tax amendment
(COLORADO SPRINGS) — For the first time in his tenure as Mayor, Yemi Mobolade saying no to city council as he announced he is rejecting Ordinance 25-59 which would have given city council the authority to look for and review programs to fund before sending them to the mayor for consideration. Both sides appear to be at odds as to how the city should go about allocating marijuana sales tax dollars. 'It's this is just the beginning of a long series of conversations about where our dollars are going to come from for all the services required in our city,' said Councilmember Nancy Henjum. City Council passed the resolution during their last regular meeting on July 8th. In a 6-3 vote, council members voted to have a say in who can get the money. 'An ordinance like this gives council an opportunity to focus dollars on a specific problem and not have it get lost in the broader, broader picture,' said Councilmember Tom Bailey. Mayor Mobolade disagrees, saying in a statement that the change would undermine the current process of creating the city's budget by 'creating an unnecessary and unauthorized level of bureaucracy.' In a joint statement, city council responded to the mayor's comments, saying, 'any attempt to frame this as City Council 'usurping' authority is political theater.' But not all council members agree, despite passing the resolution. Councilmember Dave Donelson spoke out and said the process should not change for allocating money, but that part of the solution is in enforcing laws to address some issues being brought up in the city. 'I think a big part of this solution is going to have to be simply the willingness to lock people up for breaking our laws,' Donelson said. 'Is that great? Is that ideal? No. But in the world we are in, that's part of the solution. Mayor Mobolade also believes investments should primarily go toward public safety, while the council says funds can also be used for mental health and PTSD programs. Either way, the council and Mayor Mobolade will have more time to talk about allocating money, as Mobolade says there is currently $1.4 million in the city's marijuana sales tax fund. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Wall Street Journal
30-05-2025
- Business
- Wall Street Journal
Jamie Dimon on How to Keep Spirit of DOGE Going
By Joseph Pisani JPMorgan Chase CEO Jamie Dimon said there's a way to keep the spirit of DOGE, the group headed by billionaire Elon Musk to slash spending, going after Musk leaves. Dimon says every government department that takes tax dollars from Americans should release an easy-to-read annual report on where the money went. "If government doesn't demonstrate its competency, the underpinning of being a civil citizen doesn't work," said Dimon at an economic forum broadcast on CNBC Friday. "They think we're stealing their money."
