The federal government owns multiple trillions of dollars of federal assets — from land, to buildings, to patent rights, to mineral rights, to immigrant visas, to oil fields to trucks and trains and unused office furniture equipment.
The government could earn well more than $1 trillion and perhaps as much as $10 trillion by selling off these assets that are simply hoarded (figuratively) in the dark and dusty basement of government buildings. These assets could then generate added annual tax receipts once they are utilized for productive purposes.
I’m not talking about selling the Washington Monument or Yellowstone National Park. The sales could and in most cases should be limited to American citizens and American businesses.
I’m referring to NON-environmentally sensitive properties that could be put to use growing our economy and using the money to retire some of our $35 trillion national debt. The sales could and should in most cases be limited to American citizens or businesses.
It’s a win-win for taxpayers, our children (who will be handed a lower debt obligation) and the U.S. economy.
One of the most valuable assets that should be put on the auction block immediately is tracts along the electro-magnetic spectrum. The spectrum contains the invisible airwaves that power mobile phones, Wi-Fi and other wireless technologies such as 5g communications.
In the past, auctioning spectrum rights to telecommunication firms and tech companies has raised more than $100 billion for the U.S. Treasury.
Congress could raise at least another $100 billion in another round of spectrum auctions. This would sell or lease space that the military doesn’t need and that other agencies of government (such as local police and fire departments) are fine without.
This strategy would help stimulate the economy in two ways. First, as in the past, the revenues raised can offset any real or imagined revenue loss from the imperative of making the Trump tax cuts permanent.
A new report by the economic consulting firm NERA, finds that auctioning 100 megahertz of mid-band spectrum that’s licensed for 5G will boost U.S. GDP by more than $260 billion, and create 1.5 million new jobs
On at least four previous occasions, Congress has used dollars raised from spectrum auctions to offset tax cuts in reconciliation packages. That’s exactly what they should do again.
“Effectively allocating spectrum to meet the ever-growing need is critical to promoting American innovation and protecting our national security,” Chairman Richard Hudson said yesterday at the first House Energy and Commerce Subcommittee on Communications and Technology hearing of the new Congress.
He points out correctly that the U.S. government has been conducting spectrum auctions for the past 30 years, and they have a track record of success. They are much fairer than giving bureaucrats the power to decide who gets spectrum, which can lead to allocations that are politically or ideologically motivated, with the result that spectrum would be used inefficiently (or not at all) by beneficiaries.
Auctions are open and transparent, minimizing the risk of shady backroom deals. They ensure that the spectrum goes to those who value it most and can use it most effectively.
Anyone who is concerned about ensuring the uninterrupted connectivity of our electric grid system and our daily Internet connection should be all for these auctions — especially as the world goes wireless and communicates less through cables and more through satellite beams.
This is also critical to maintaining our technology lead against the Chinese communist government. One Chinese news agency reported last July that, “China’s 5G network now covers every city and town in the country, as well as more than 90 percent of its villages.”
We are dangerously lagging behind and without timely spectrum auctions the gap will grow wider.
Auctions of the spectrum and other federal assets will drive progress and prosperity — and raise revenue to pay for tax cuts or retire our debt that is soon to eclipse $40 trillion. What’s not to like about that?
Stephen Moore is a contributor to The Daily Caller News Foundation, a visiting fellow at the Heritage Foundation, and a co-founder of Unleash Prosperity. His latest book is “The Trump Economic Miracle.”
There seems to be significant misinformation surrounding immigration and deportation, and as a legal Colombian migrant, I feel the need to clarify a few things.
First, there is a massive backlog of individuals who already have deportation orders. In most cases, U.S. Immigration and Customs Enforcement (ICE) does not catch these individuals off guard. Most are well aware of their deportation orders and have had ample time to make arrangements, especially if they have children.
At the same time, it’s critical to acknowledge that our country cannot sustain an infinite number of people crossing the border illegally, unvetted, and unchecked. Simply crossing illegally, claiming credible fear, and applying for asylum does not make it right, especially when one did not arrive legally and does not have credible fear. Most individuals who apply for asylum do not qualify, and many fail to follow through with their legal appointments. This process, already overwhelmed by years of backlog, often results in denied claims, something the applicants are frequently aware of.
It’s frustrating to watch media outlets like CNN focus on “gotcha” questions directed at individuals like Tom Homan, instead of addressing the bigger picture with logic and reason. Deportations prioritize criminals and those with criminal backgrounds. If undocumented individuals happen to be caught alongside a criminal, they may also face deportation as collateral. Once the immediate threats to national security are addressed, the system will move on to others. However, this process will take time and require more funding and resources to scale effectively.
We need to set emotions aside and recognize the hard truths: human trafficking and exploitation must end. Migrants are often misled and lured by false promises of opportunities or legal status. Many die during their journey, are trafficked, go missing, or suffer horrendous abuses, including rape. When they arrive, they often become a financial burden and face years of uncertainty.
Given the current situation, and as a legal Colombian migrant, I believe I have the right to speak up. Beyond the logistical and legal issues, I find it deeply disrespectful, both to Americans and to legal immigrants like me, that the previous administration’s open-border policies disregarded the rule of law and encouraged such reckless disregard for human life. The treatment of migrants in this system has been appalling, and it’s heartbreaking to see leaders like Colombian President Gustavo Petro exploit the situation further.
Why are we spending so many resources on undocumented migrants while neglecting veterans, those struggling with addiction, the homeless, and natural-born Americans, naturalized citizens, and legal immigrants? What about DACA recipients, those who filed paperwork, and others who have been waiting for years for real solutions? At the same time, we are sending billions of dollars abroad while our own people are suffering here in America.
In addition, how do you explain all this to Angel Parents, those who have lost their children to crimes committed by undocumented migrants? Their pain and their losses are a stark reminder of the magnitude of this crisis.
I know the current issue with our immigration system is a complicated one, and I want to emphasize that we must have compassion for everyone equally, including undocumented migrants. However, I want to make perfectly clear that the previous administration did not care for you, me, legal immigrants, citizens, and certainly not the undocumented migrants. Many people filed their legalization cases here in America and others filed abroad waiting to be united with their families for years and years. Many refugees in camps and foreign countries are losing hope because it feels like it’s taking an eternity.
And what about those undocumented migrants who have been here for 20 years or more, who have not committed crimes, who pay taxes, own businesses, create jobs, and have U.S. citizen children who are productive members of society? They feel offended because the previous administration forgot them and did not offer a path to legalization but instead opened the border. One could argue that they should be helped before those crossing.
Lastly, I do not approve of illegal immigration in any way. But we must be realistic. They are already here. How about giving them a fine and creating some sort of path to permanent residency if they meet certain very strict criteria? By no means should we enable illegal immigration, but ignoring the realities of the situation is not a solution either.
Our immigration system must reflect fairness, logic, and compassion. This means addressing those who have committed crimes or pose a security threat, while also considering solutions for those who have demonstrated their commitment to contributing positively to this country. It’s a balance we must strive for—one that ensures the dignity of all while upholding the rule of law.
As President Trump gets to work cleaning up Joe Biden’s failed economy, the last thing the people of Arizona need is to be sending their hard-earned dollars to woke Hollywood. But that’s exactly what’s happening.
Thanks to a law passed in 2022, movie companies that film in Arizona will begin receiving refundable tax credit subsidies this year—up to 15 percent if they spend up to $10 million in production costs, 17.5 percent if they spend between $10 million and $35 million, and 20 percent if they spend over $35 million. Then, to top it all off, these movie companies can get an additional 2.5 percent if they meet other criteria.
But here’s the real kicker. The keyword in all of this is “refundable.” This essentially means that if a movie company qualifies for more credits than they owe in taxes, the State of Arizona sends them a check!
So, how much does this outrageous tax scheme cost the people of Arizona?
Up to $125 million each year!
For that kind of money, there must be at least some kind of return on this investment, right? Nope.
If a company comes to Arizona, films a movie, mentions our state in the credits but decides not to release or distribute the film, it still receives the money.
Yes. You read that right. Arizona taxpayers could be funding Hollywood movies that won’t ever see the light of day…
Shares of big Danish offshore wind developer Orsted dropped by 17% Monday, the same day President Donald Trump took the oath of office to become the 47th president of the United States. The two events are not merely coincidental with one another.
To be sure, Orsted’s loss of market cap was caused by several factors, including both the general slowing of the offshore wind business, and Orsted’s own announcement that it will incur a $1.69 billion impairment charge related to its Sunrise Wind project off the coast of New York. Company CEO Mads Nipper attributed the charge to delays and cost increases and said the project completion date is now delayed to the second half of 2027.
But there can be little doubt that the raft of energy-related executive orders signed by Trump also contributed to the drop in Orsted’s stock price. As part of a Day 1 agenda consisting of a reported 196 executive orders, the new president took dead aim at reversing the Biden Green New Deal agenda in general, with a special focus on wind power projects on federal lands and waters.
In addition to general orders declaring a national energy emergency and pulling the United States out of the Paris Climate Accords (for a second time), Trump signed a separate order titled, “Temporary Withdrawal of All Areas on the Outer Continental Shelf from Offshore Wind Leasing and Review of the Federal Government’s Leasing and Permitting Practices for Wind Projects.” That long-winded title (pardon the pun) is quite descriptive of what the order is designed to accomplish.
Section 1 of this order withdraws “from disposition for wind energy leasing all areas within the Offshore Continental Shelf (OCS) as defined in section 2 of the Outer Continental Shelf Lands Act (OCSLA), 43 U.S.C. 1331.” Somewhat ironically, this is the same OCSLA cited in early January by former President Joe Biden when he set 625 million acres of federal offshore waters off limits to oil and gas leasing and drilling into perpetuity.
As with Biden’s LNG permitting pause, the fourth paragraph of Section 1 in Trump’s order states that “Nothing in this withdrawal affects rights under existing leases in the withdrawn areas.” However, the same paragraph goes on to subject those existing leases to review by the secretary of the Interior, who is charged with conducting “a comprehensive review of the ecological, economic, and environmental necessity of terminating or amending any existing wind energy leases, identifying any legal bases for such removal, and submit a report with recommendations to the President, through the Assistant to the President for Economic Policy.”
Observant readers will know that the parameters of this order as it relates to offshore wind are essentially the same as a proposal I suggested in a previous piece here on Jan. 1. So, obviously, it receives the Blackmon Seal of Approval.
But we should also note that Trump goes even further, extending this freeze to onshore wind projects as well. While the rationale for the freeze in offshore leasing and permitting cites factors unique to the offshore like harm to marine mammals, ocean currents and the marine fishing industry, the rationale supporting the onshore freeze cites “environmental impact and cost to surrounding communities of defunct and idle windmills and deliver a report to the President, through the Assistant to the President for Economic Policy, with their findings and recommended authorities to require the removal of such windmills.”
This gets at concerns long held by me and many others that neither the federal government nor any state government has seen fit to require the proper, complete tear down and safe disposal of these massive wind turbines, blades, towers and foundations once they outlive their useful lives. In most jurisdictions, wind operators are free to just abandon the projects and leave the equipment to dilapidate and rot.
The dirty secret of the wind industry, whether onshore or offshore, is that it is not sustainable without consistent new injections of more and more subsidies, along with the tacit refusal by governments to properly regulate its operations. Trump and his team understand this reality and should be applauded for taking real action to address it.
David Blackmon is a contributor to The Daily Caller News Foundation, an energy writer, and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
America is now drowning in $36 trillion in federal debt.
While past efforts to reform our nation’s finances have failed, Washington, D.C. will have a new sheriff in town after Jan. 20, leading a posse with plans to take the bold steps necessary to clean up our fiscal mess. To achieve different results compared to past efforts will require Republican unity.
Thankfully, President-elect Donald Trump’s plan to restore America’s economic stability has close allies in Congress. In an interview with the Daily Caller News Foundation, Republican Kentucky Rep. James Comer, chairman of the House Oversight Committee, outlined his new Subcommittee on Delivering on Government Efficiency (DOGE), led by Republican Georgia Rep. Marjorie Taylor Greene.
“I don’t think there’s going to be any shortage of waste, fraud and abuse for that subcommittee to investigate,” Comer said.
Comer said DOGE will find healthcare savings, through reducing Medicare fraud and reforming areas like pharmaceutical patents and pharmacy benefit managers.
“One of the things I would encourage those to do — in this administration and Pam Bondi — we need to encourage our U.S. attorneys to focus more on Medicare and Medicaid fraud,” Comer said. “It’s not a priority for a lot of jurisdictions, and that’s something that needs to be a priority.”
Comer said Congress will adopt DOGE cuts through a legislative process known as “reconciliation” that doesn’t require a 60-vote threshold in the Senate.
“You’ve got to do it on reconciliation, because you’ll never get 60 votes,” Comer said. “Democrats don’t want to cut anything, right? Nothing.”
Comer’s DOGE bears a similar name to Trump’s Department of Government Efficiency (DOGE), which will be run by Elon Musk and Vivek Ramaswamy.
Trump’s DOGE has set its own deadline at July 4, 2026 (America’s 150th birthday). Comer said he plans to keep his DOGE subcommittee throughout the entire 119th Congress, which ends in January 2027.
Ramaswamy told Fox News’ Maria Bartiromo that DOGE is “the greatest effort to downsize government in our lifetime” and that, “We expect certain agencies to be deleted outright.”
Comer said the Department of Education is a prime example of a duplicative federal bureaucracy that has outlived its usefulness.
He said it is duplicative because each state has its own Education Department. Comer said it’s better to cut out the middleman and send federal education funding directly to the states in the form of block grants. Federal student loans can be administered by the Treasury Department.
Comer said he would love to bring Democrats on board, but he is no Pollyanna.
“I have yet to meet a Democrat in Congress that’s concerned about $36 trillion debt, that’s concerned about Social Security running out of money,” Comer said. “There may be one, but I haven’t met them or they’re very secretive on their opinions.”
This can’t wait any longer.
Our debt-to-GDP ratio, e.g. the size of our debt compared to our productive economy, was less than 31 percent in 1980, growing to nearly 57 percent by 2000 and mushrooming to 120 percent today, according to the Federal Reserve Bank of St. Louis. This is unsustainable and will bankrupt America’s future.
Conservatives have a golden opportunity to create a generational shift in America’s fiscal future. The only way these massive spending reforms will take place is if Republicans remain unified.
During Trump’s “off-season,” he garnered a fairly successful track record in primarying squishier Republicans who would be far less likely to use the political muscle we need to stop our fiscal drift. Comer is confident that Trump’s cost-saving agenda will pass, thanks to GOP unity.
“Obviously, I can only speak for the House,” Comer said. “We can get, I think, just about everything they want, passed out of the House.”
We’ve become awash in feckless spending, unmoored by excessive COVID-19 stimulus packages (riddled with fraud), followed by more in Green New Deal scams and pet project giveaways.
Trump and congressional Republicans earned a powerful mandate to rein in government spending, which will also lower inflation. It’s what the American people desire and deserve.
Just a few years ago, ESG was all the rage in the banking and investing community as globalist governments in the western world focused on a failing attempt to subsidize an energy transition into reality. The strategy was to try to strangle fossil fuel industries by denying them funding for major projects, with major ESG-focused institutional investors like BlackRock and State Street, and big banks like J.P. Morgan and Goldman Sachs leveraging their control of trillions of dollars in capital to lead the cause.
But a funny thing happened on the way to a green Nirvana: It turned out that the chosen rent-seeking industries — wind, solar and electric vehicles — are not the nifty plug-and-play solutions they had been cracked up to be.
Even worse, the advancement of new technologies and increased mining of cryptocurrencies created enormous new demand for electricity, resulting in heavy new demand for finding new sources of fossil fuels to keep the grid running and people moving around in reliable cars.
In other words, reality butted into the green narrative, collapsing the foundations of the ESG movement. The laws of physics, thermodynamics and unanticipated consequences remain laws, not mere suggestions.
Making matters worse for the ESG giants, Texas and other states passed laws disallowing any of these firms who use ESG principles to discriminate against their important oil, gas and coal industries from investing in massive state-governed funds. BlackRock and others were hit with sanctions by Texas in 2023. More recently, Texas and 10 other states sued Blackrock and other big investment houses for allegedly violating anti-trust laws.
As the foundations of the ESG movement collapse, so are some of the institutions that sprang up around it. The United Nations created one such institution, the “Net Zero Asset Managers Initiative,” whose participants maintain pledges to reach net-zero emissions by 2050 and adhere to detailed plans to reach that goal.
The problem with that is there is now a growing consensus that a) the forced march to a green energy transition isn’t working and worse, that it can’t work, and b) the chances of achieving the goal of net-zero by 2050 are basically net zero. There is also a rising consensus among energy companies of a pressing need to prioritize matters of energy security over nebulous emissions reduction goals that most often constitute poor deployments of capital. Even as the Biden administration has ramped up regulations and subsidies to try to force its transition, big players like ExxonMobil, Chevron, BP, and Shell have all redirected larger percentages of their capital budgets away from investments in carbon reduction projects back into their core oil-and-gas businesses.
The result of this confluence of factors and events has been a recent rush by big U.S. banks and investment houses away from this UN-run alliance. In just the last two weeks, the parade away from net zero was led by major banks like Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and, most recently, JP Morgan. On Thursday, the New York Post reported that both BlackRock and State Street, a pair of investment firms who control trillions of investor dollars (BlackRock alone controls more than $10 trillion) are on the brink of joining the flood away from this increasingly toxic philosophy.
In June, 2023, BlackRock CEO Larry Fink made big news when told an audience at the Aspen Ideas Festival in Aspen, Colorado that he is “ashamed of being part of this [ESG] conversation.” He almost immediately backed away from that comment, restating his dedication to what he called “conscientious capitalism.” The takeaway for most observers was that Fink might stop using the term ESG in his internal and external communications but would keep right on engaging in his discriminatory practices while using a different narrative to talk about it.
But this week’s news about BlackRock and the other big firms feels different. Much has taken place in the energy space over the last 18 months, none of it positive for the energy transition or the net-zero fantasy. Perhaps all these big banks and investment funds are awakening to the reality that it will take far more than devising a new way of talking about the same old nonsense concepts to repair the damage that has already been done to the world’s energy system.
David Blackmon is a contributor to The Daily Caller News Foundation, an energy writer, and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.