The Business Bonus Boondoggle Act

            Our patriotic friends in the House of Representatives have turned the Jobs For America Act into the biggest business bonus boondoggle of the decade.  Here's why: Every couple of years lately, Congress has re-authorized a bonus depreciation provision  supposedly helpful in mitigating the Great Recession.  It allows businesses to accelerate depreciation on assets that would normally take years to reach zero.  This is not a cheap thrill for taxpayers, but the idea (allegedly) was to spur business expansion.

            Congress' own Congressional Research Service has told these patriots that this action does not help create business investment or jobs.  But their lofty intellects can't grasp factual information contrary to their beliefs.  When the corporate donations come rolling in, it's hard not to be a believer!  Instead, they passed several measures last year to permanently extend bonus depreciation and otherwise line business' pockets. Fortunately their attempts went nowhere in the Senate.

            So, this year our patriotic House friends tacked permanent conversion, plus a diaper-load of other expensive goodies for business, on to the Jobs For America Act.  Facts indicate the provisions will not create jobs.  Instead they will create bigger federal deficits.  But, clinging to their corporate coat-tails, our House patriots slammed it to the taxpayers again, to the tune of half a trillion dollars over the next ten years.  

            Around Here we think the Act should be called The Business Bonus Boondoggle Act, at least until the bonus depreciation and other wasteful parts go into the trash where they belong.