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Big Oil Tops $150 Billion in Profits in 2011

March 4, 2012 Comments off

Big Oil Tops $150 Billion in Profits in 2011
Source: Taxpayers for Common Sense

With annual financial reports being released this time of year, the oil and gas industry is looking to continue its decade long trend of being one of the most profitable in the United States. As of February 27, 2012, the top six oil and gas companies have released their 2011 fourth quarter results—and with no surprise, profits continue to boom. The top six oil and gas companies raked in nearly $150 billion in profits last year—an increase of 69% from 2010. Despite another jaw dropping year, Big Oil continues to enjoy billions of dollars in taxpayer-backed subsidies.

Categories: business and economics, energy, government and politics, Taxpayers for Common Sense

Watchdog Groups Identify Nearly $600 Billion in National Security Spending Cuts

July 30, 2011 Comments off

Watchdog Groups Identify Nearly $600 Billion in National Security Spending Cuts
Source: Project on Government Oversight and Taxpayers for Common Sense

The federal government could save $586 billion over the next 10 years by cutting unneeded weapons, reining in out-of-control private contracts, reforming the military health care system and reducing the number of U.S. troops in Europe, under a set of proposed spending cuts identified today by the Project On Government Oversight (POGO) and Taxpayers for Common Sense.

While the Senate’s “Gang of Six” has proposed a substantial cut in defense spending, their plan lacks specifics. The proposals by POGO and Taxpayers for Common Sense provide a detailed blueprint on how to achieve the savings.

The report released by the watchdog groups reduces the deficit by targeting weapons that even the Pentagon says it doesn’t need or want. The plan also singles out the expense of paying private contractors to perform tasks that federal employees could do just as effectively and at a lower cost. Reducing service contracts by 15 percent could save $373 billion over the next 10 years.
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The spending cuts targeted by POGO and Taxpayers for Common Sense, include:

  • $300 billion by reducing Department of Defense (DoD) service contracts by 15 percent;
  • $72 billion by reducing non-DoD service contracts by 15 percent;
  • $60 billion through reforms to the DoD’s TRICARE health care system;
  • $44 billion by replacing two of the three F-35 variants with the less expensive F/A-18 E/F’s;
  • $30 billion by withdrawing 20,000 troops from Europe, and
  • $12 billion by not renewing the procurement contract for the V-22 Osprey.

+ Full Proposal

Categories: business and economics, government and politics, military and defense, Project on Government Oversight, Taxpayers for Common Sense
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