24 Aug '11, 7pm

Green Scissors 2011

Wasteful government spending comes in many different forms. The most obvious are direct spending on discretionary programs and mandatory programs such as commodity crop payments. Slightly less transparent are tax expenditures, privileges written into the tax code, or below market giveaways of government resources like timber and hardrock minerals. Even more opaque is preferential government financing for harmful projects through bonding loans, long term contracting authority and loan guarantees, and risk reduction through government insurance and liability caps. Some subsidies are difficult to calculate but have enormous costs to taxpayers. For example, the Oil Pollution Act of 1990 caps industry liability for offshore drilling accidents at a paltry $75 million, but they can cost taxpayers billions of dollars. The cleanup of the Deepwater Horizon spill has already topped $...

Full article: http://www.greenbiz.com/business/research/report/2011/08/...

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