Welcome to Money Morning - Only the News You Can Profit From.
Private Briefingwith WILLIAM PATALON III, Executive Editor
Not a member yet? Right now you can get immediate access to Money Morning’s Private Briefing for only $7.99. Click here to get started now.
Click here to get immediate access - for only $7.99.
Members log in:
Not a member yet? Sign up here or learn more.
Chief Investment Strategist
20-year seasoned market analyst and professional trader with highly accurate track record. Specialty in Asian markets.
Global Energy Strategist
35-year expert in oil and gas policy, risk assessment, and emerging market economic development.
Global Investing Specialist
30-year merchant banker, math- ematician, and author. Has a knack for being bearish at exactly the right time.
Capital Wave Strategist
30-year CBOE trader, market maker, and retired hedge fund honcho. Helped launch the Volatility Index in 1993.
20-year commodity guru and portfolio advisor. Top authority on metals + mining stocks. Head- quartered in Canada.
Defense + Tech Specialist
30-year veteran of tech markets with a Rolodex of Silicon Valley CEOs. Pulitzer nominee. Uncovered rare earths crisis.
30-year veteran analyst of business, economics, and financial markets. Award-winning author of "Contrarian Investing."
With bloated federal budgets pushing the United States deeper and deeper into debt, you'd think Congress finally would be putting a stop to wasteful government spending.
Not a chance.
Despite all the handwringing over the rapidly approaching "fiscal cliff" and a debt exceeding $16 trillion, lawmakers have voted to squander tax money on everything from what astronauts might eat on Mars to mind-numbing musicals about global warming.
Last week Sen. Tom Coburn, R-OK, released his annual "Wastebook," which spotlights 100 examples of absurdly wasteful government spending from the previous year.
The items on this year's list add up to $18 billion in government waste. While even Coburn admits that's just a tiny fraction of the $3.7 trillion federal budget, it illustrates how carelessly Washington dispenses with taxpayers' hard-earned money.
"Each of the 100 entries highlighted by this report is a direct result of politicians who are preoccupied with running for re-election rather than running the country, which is what they were elected to do in the first place," Coburn said in the report.
Instead of just bickering about wasteful government spending, Congress should get the ball rolling by going after all the low-hanging fruit in the federal budget.
Here are 13 of the most wasteful government spending examples in 2012, and they all but beg for the budget ax:
If you thought those were bad, they get even worse...
(After submitting your email address the page will refresh with the full article. You will receive a welcome email from Money Morning including the benefits of your free subscription.)