The Senate Subcommittee on Investigations held a hearing, Offshore Profit Shifting and the U.S. Tax Code. Did you know U.S. Multinational Corporations have more than $1.7 trillion in untaxed profits stashed as undistributed foreign earnings and keep at least 60% of their cash overseas? That these earnings have increased 400% in the last decade? That corporate tax as a percentage of total Federal revenues has dropped to only 8.9%?
Funny title for an article. Numbers, statistics, stats....those boring people with their spreadsheets, graphs, always showing you up at a party in a game of Trivial pursuit.
Facts! Who needs 'em! Uh, we do. A very obscure thing is happening in Washington D.C. All of those dusty agencies with their legions of geeks and geekettes, cranking through numbers and collecting data are under attack.
Here are some of the statistical and science programs cut....so far the BEA has not been cut, but the Census was, by -$6.2 billion. This is before the infamous super Congress was created to cut much more out of the budget.
As a result the Statistical Abstract is about to go bye-bye. People are speaking out trying to save this treasure trove of data. According to this op-ed requesting America save the statistical abstract:
The agency’s 2012 budget would eliminate the Statistical Compendia Branch, which compiles the Stat Abstract and other publications (example: the “County and City Data Book”). The cut: $2.9 million and 24 jobs. Both the book and online versions of the Stat Abstract would vanish. This is a mighty big loss for a mighty small saving.
Research and Development is moving out of the United States and offshore. In a new Economic Policy Institute study titled The Offshoring of Innovation, Dr. Ron Hira made the acceleration clear.
The economic and national security outcomes of increased resource input into the innovation process are going to be different than they have been in the past. We need fresh thinking about policies that will re-shape the new national innovation system to achieve desired outcomes
This is my second story about OPIC – OVERSEAS PRIVATE INVESTMENT CORPORATION – a Department of the United States Treasury. This one is based on the OPIC 2006 Annual Report. It contrasts my earlier report on OPIC 1999. Robert Mosbacher, Jr., CEO of Mosbacher Petroleum, is the new CEO of OPIC. Mosbacher Petroleum was skimming money off ENRON back in the 80’s. OPIC was giving money directly to the oil companies. Now banks are skimming money off the U.S. Treasury and lending it to the oil companies.
CHARGE TO THE COMMITTEE
The National Academies was asked by Senator
Lamar Alexander and Senator Jeff Bingaman of the
Committee on Energy and Natural Resources, with
endorsement by Representative Sherwood Boehlert and
Representative Bart Gordon of the House Committee on
Science, to respond to the following questions:
What are the top 10 actions, in priority order, that
federal policymakers could take to enhance the sci-
ence and technology enterprise so that the United
States can successfully compete, prosper, and be
secure in the global community of the 21st centu-
ry? What strategy, with several concrete steps,
could be used to implement each of those actions?
Page 8 BEST AND BRIGHTEST [where have we heard that before? Google it.]
IN SCIENCE AND ENGINEERING HIGHER EDUCATION
We have all heard of the Export / Import Bank (EXIM). We have heard of vague references to trade manipulation, balance of payments, debtor nations, World Bank, World Trade Organization (WTO), violent protests around the world, including Seattle (who were those people?), etc. Few have heard of OPIC. Overseas Private Investment Corporation is a department of the United States Treasury. Immediately you may wonder why “Private” and United States are associated in the same sentence. I was curious. It’s exactly what you think.
Export – Import Bank The following statistics were taken from the 2002 Annual Report of the U.S. Export – Import (EXIM) Bank, an agency of the U.S. Treasury. Loans and Long-Term Guarantees
Funny title for an article. Numbers, statistics, stats....those boring people with their spreadsheets, graphs, always showing you up at a party in a game of Trivial pursuit.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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