“The United States Enrichment Corporation (USEC) is currently developing a centrifuge plant in Piketon, Ohio as the culmination of an R&D program. Estimated project costs have now increased from $1.7 billion in 2007 to $5 billion in 2012. To date, the company has invested a total of $1.95 billion in the project and expects to invest another $2.8 billion to fully fund project development.”
This plant will be used to enrich uranium to be used at nuclear energy plants.
“In December 2009, Moody’s Investor Service downgraded its ratings for USEC to junk grade status citing “expectations of weak credit metrics over the next several years, increased competition and liquidity risks.” Further, since 2002 USEC has received four consecutive credit downgrades and is now in danger of losing its stock listing in the New York Stock exchange.”
“Currently, USEC is awaiting Congressional approval of up to $150 million in research, development and demonstration funds which were requested in the President’s FY2013 budget and are now being considered in the highway bill, energy and water appropriations bill, and National Defense Authorization Act (NDAA).”
and even more stunning….
USEC is in line for a possible $2 BILLION loan, from the Department of Energy’s Loan Guarantee program.
So..a company with deep and long-standing financial troubles is waiting to get “bailed out” with your money. and my money.
I think we need a massive sign hung from the Capitol Dome that flashes in blinding neon green and white letters…”The Money Store”
on a fun note….with the addition of The Who’s I Can See For Miles, I have hit 1500 songs in my iTunes library.
To quote the latest Taxpayers for Common Sense mailing:
The Republican National Convention starts next week and the Democratic National Convention follows shortly after. There will be a lot of red meat at these conventions, and not just at the steakhouses in Tampa and Charlotte. No, we will see a lot of pandering to the conservative and liberal bases, a bunch of lofty rhetoric, numerous false accusations, and plenty of mugging for the camera. What we won’t see discussed is much in the way of the important, politically-tough solutions that are necessary for the country to move away from the fast approaching fiscal chasm.
At each of the conventions, in addition to plenty of partying, there will be a lot of time spent building up each party’s candidate while tearing the other guy down. There will be a lot of rhetoric about how this party will protect Medicare and Social Security while the other party will eviscerate it – and vice versa. About how one candidate has the solution to the economic woes facing our country while the other guy would take us back to the Stone Age.
What was more interesting about this mailing was a link to what TCS feels are trillions in viable spending cuts the government should address. I’m not including this as an across-the-board endorsement of this compendium, but the real value in looking at this is the realization one gets just scanning the list of how OUR tax money is really spent. I didn’t have to read the whole thing to become overwhelmed with the amount of crap I’m paying for…particularly those things that subsidize major corporations (Coke, McDonald’s, Exxon, etc) that are “mature enough to stand on their own” without my, literal, two cents. Okay. Maybe five dollars.
So, Republican Senate Candidate
Toad Todd Akin has apologized for his remark about “legitimate rape” by saying he meant to say forcible rape.
So from this we can conclude:
Mr. Akin believes there is a specific type of rape called “forcible”. Therefore he must believe that non-forcible rape must also exist. So if someone isn’t raped by force they must be raped by….choice???
Please please please….vote in November…..
Back in May, I went on a tear about funding the federal school loan program. The debate in DC was how to fund the program to keep the interest rate from doubling to 6.8; my take was the lender shouldn’t need to fund anything IF they had the cash to lend in the first place.
So now we have passage of the highway project-school loan-national flood program bill, and how did our elected officials determine to pay for this? Well the quote from the CNN story read:
During negotiations this week, legislators decided the revenue to pay the $6 billion cost should come from changes to the way companies fund pension programs.
Uh-huh. Not sure what that means. Digging further produced this tidbit from TheHill.com:
The highway portion of the bill authorizes spending of about $120 billion through 2014, and funds most of that by extending various fuel and highway taxes. But because those taxes don’t fully cover planned spending, the bill raises new revenues from companies by making changes to the way corporate pensions are calculated, and by increasing premiums paid to the Pension Benefit Guaranty Corporation.
The bill would adjust the way interest rates are factored in, and allow companies to contribute less to pensions. However, that would also lead to increased tax revenues from these companies, and this change would raise an estimated $9.4 billion over the next decade.
The second provision would raise the premiums that companies pay to the Pension Benefit Guaranty Corporation (PBGC) to insure their pension plans. This change would raise about $10.5 billion for the government over the next decade.
The additional revenue, plus a new tax on roll-your-own cigarettes, are needed to offset the cost of extending low interest rates for student loans and to make up for a shortfall in gasoline and other taxes that would be extended under the highway legislation.
What sends my brain into spasms, however, is this quote:
However, House Ways and Means Committee Chairman Dave Camp (R-Mich.) welcomed the agreement, and noted that the agreement rejects other tax hikes that the Senate had proposed.
“I am pleased that this bipartisan agreement rejects nearly $7 billion in tax hikes proposed by the Senate and reinforces the fiscally conservative belief that Washington must live within its means,” Camp said.
What????? Since when did “living within its means” include sticking business with the bill, keeping fuel taxes high, creating a new cigarette tax and raising premiums for business insurance programs? Does that mean I can pay for my increased food and fuel costs by decreasing the amount i pay in federal taxes and social security contributions?
Whaddya know? Romney’s lies debunked by that librul rag, The Wall Street Journal.
As of July 1, 2012, Federal student loan rates, now set at 3.4%, are set to double. I assume that means 6.8% but I have yet to see a number reported and given the math skills exhibited in Washington for the past thirty years, the new rate could be anything from 3.45% to 6000%.
This creates an additional burden on those receiving the loans. Granted.
The members of Congress are busy throwing dog turds at each other, not because they are fighting over the rate – both Democrats and Republicans want to keep the rate at 3.4% – but they are fighting on how to fund the additional 6 billion-with-a-B it will cost to fund keeping the rates low.
Think about that for a second.
It’s going to COST six billion dollars to loan money out….at whatever rate…and have it repaid with interest..so that the lender makes money. Unless economics has taken a severe dogleg to the left into the primeval forest, that’s the way loans are supposed to work aren’t they? It’s not supposed to cost anybody anything expect the person paying BACK the loan.
So how, in God’s name, will lending money COST money??? BECAUSE THEY DON’T HAVE THE FUCKING MONEY TO BEGIN WITH! They are lending money they don’t have. Period. How so unlike our government. I am amazed.
The Republicans want to cover the 6 bil by cutting preventative health care funds. The Democrats want to screw small business by cutting their tax benefits to cover the tab. Stupidity reigns on both sides of the aisle.
But hold on, cooper, I hear you say. How are kids going to cope in the global geopolitical economy if they don’t go to $50K a year universities…familes can’t afford that. The kids can’t afford to come out of four years of school with 200K in debt over their heads. And I would agree with you. I guess the kids are going to have to go to a 10-15K a year state college. There is no constitutional amendment entitling every child to go to Princeton, Bucknell or Penn State. We might as well just turn these schools over to the only people who can afford to go which are scholarship winning athletes and let pro sports pick up the tab for their (cough) education. They seem to have endless supplies of money to spend on scummy creeps like Cole Hamels, Michael Vick, and Pacman Jones.
You have heard, I assume, about the supreme court ruling allowing strip searches for any reason no matter how minor. Totalitarian implications aside, here is the quote from Justice Kennedy that boggles my mind (quoted from The New York Times):
Justice Kennedy responded that “people detained for minor offenses can turn out to be the most devious and dangerous criminals.” He noted that Timothy McVeigh, later put to death for his role in the 1995 Oklahoma City bombing, was first arrested for driving without a license plate. “One of the terrorists involved in the Sept. 11 attacks was stopped and ticketed for speeding just two days before hijacking Flight 93,” Justice Kennedy added.
So is the learned Justice suggesting that if McVeigh had been strip searched the Oklahoma Bombings would have been avoided? Or that 9/11 would have been stopped if the speeding terrorist had submitted to a roadside colonoscopy?
So, strip searching is going to reduce crime is it? Then here is a list of all people who should be strip searched on a daily basis in order to avoid any unpleasantries:
Every student in every school in the country…right after the pledge of allegiance during home room
Every CEO and CFO of any corporation grossing more than one million dollars annually
Meredith Salinger (’round my place after tea)
Anyone watching any reality TV show (these people are ready to snap at any moment)
Every single politician in the country – perhaps hourly.
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