Farm Futures
   Search Site:  Search Site Wednesday, April 16, 2014 | Bookmark This Site   
Skip Navigation Links
Home
Markets
News
Weather
Farm Futures NOW!
Magazine Online
RSS News
Mobile
Subscribe
Reprints
Register
Login
About Us
Advertise

Government Wide Saving Focus of GAO Report

Report points to more than $100 billion in savings.

Published on: Mar 3, 2011

The Government Accountability Office has released a report pointing out waste in federal government programs.  As an example, there are 82 different programs to improve teacher quality.  The report was provided at the request of Senator Tom Coburn, R-Okla., who says the report points to possible savings of $100 billion or more. 

Concerning farm programs, GAO wrote, when farm programs were first established, farmers had lower incomes on average than other Americans, but now the opposite may be true. As for Ethanol Production the report is critical of the Volumetric Ethanol Excise Tax Credit. If left unchanged, the report says VEETC's annual cost to the Treasury could increase from $5.4 billion in 2010 to $6.75 billion in 2015.

The GAO report indicates additional savings could come by developing compatible policies or procedures among the agencies involved. As for ethanol, even the government's flex-fuel vehicle fleet is using only a very small percentage of ethanol, citing distribution problems. Bottom line, the report hit just about everybody, including food safety.