Say You Saw it in The Monadnock Shopper News, August 1 – August 7, 201810

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It’s that time again – when the non-profit Citizens Against Government Waste (CAGW) reports on our congressmen and congresswomen who authorize millions in spending but hide behind the rules so constituents can’t see their wasteful ways. In 2011, Congress passed the Budget Control Act which placed spending caps on spending and coincided with a moratorium on earmarks, that is, lumping spending items into a large bill without naming the sponsors of each. The moratorium ended this year in a big way.

In 2018, there are fewer earmarks, but far more tax-payer money was spent on average for each earmark with no detailed description provided. For instance, legislators added 14 earmarks costing $859.2 million for the Army Corps of Engineers in one bill. That corresponded to 482 earmarks costing $541.7 million

Pig Book Folliesin FY 2010. In other words, the average dollar amount the Corps was earmarked in FY 2018 was $61.4 mil-lion, while in FY 2010 the average was $1.1 million.

CAGW named Rep. Bennie Thompson (D-Miss) its June 2018 Porker of the Month for attempting to create taxpayer-funded dorms for paid members of Congress earning $174,000 annually. He introduced H.R. 5845 which would ban members from sleep-ing in their offices, but obtain them rooms in vacant residence halls near the Capitol.

There was $10,000,000 allocated for high energy cost grants within the Rural Utilities Service (RUS). The RUS was Agriculture’s Rural Electrification Administration (REA) of the 1930s. Its mission was to promote electrification for farmers and residents where the cost of providing electricity was too expensive for local utilities. By 1981, 98.7 percent electrification and 95 percent telephone service cov-erage was achieved. Rather than declaring victory and shutting down the REA, of course, Congress expanded its charter.

Pacific coastal salmon recovery effort received $65,000,000 this year, a 333.3 percent increase from the $15 million last earmarked in FY 2015 – and the largest earmark ever for this purpose. The Pacific Coast Salmon Recovery Fund was established in FY 2000 to “reverse the declines of Pacific salmon and steelhead and supporting conservation efforts on the pacific coast. President Trump has recommended eliminating its funding in 2018 and 2019 to no avail.

Another $57,500,000 was added to the Community Oriented Policing Services (COPS) program, which provided grants and training to local law enforce-ment. President Trump’s FY 2019 Major Savings and Reforms recommended reducing the COPS hiring program by $96 million. In 2008, OMB awarded the COPS program a “results not demonstrated” rating, but some in Congress persist.

Congress added $2,674,600,000 for 20 additional F-35 aircraft, in development for 17 years and seven years behind schedule. In April 2015 the GAO noted that lifetime operation and maintenance costs of the most expensive weapon system in history will total approximately one trillion dollars. The idea of building, designing, and flying an aircraft at the same time was called by Senator McCain, “both a scandal and a tragedy with respect to cost, schedule, and performance.”

But Congressmen throw money at projects in their voting districts, and we all pay for them.

Economyand You

with Dave DuVernay

Honeywell (Allied Signal)

Becton Dickinson (C.R. Bard)

Toronto Dominion Bank (TD Bank)

PC ConnectionBank Of America (Fleet)Corning Inc.Ametek, Inc. (Precitech)

CloseWeek’sChange

CLOSE WEEK’S CHANGES Wheat (cents per bushel) 530.25 14.25 Corn (cents per bushel) 375.75 6.75 Soybeans (cents per bushel) 885.25 20.50 Cattle (cents per pound) 110.80 0.55 Crude ($ per barrel) 68.85 0.59

COMMODITIES

CLOSE WEEK’S CHANGES Silver ($ per ounce) 15.50 -0.05 Gold ($ per ounce) 1,222.50 -8.60 Platinum ($ per ounce) 833.90 4.40

PRECIOUS METALS

159.35 6.22 250.21 3.18 58.78 0.87 33.78 -0.65 31.08 0.93 33.56 4.44 76.85 3.28

Danaher Corp. (Kollmorgen)

Merck (Hubbard Farms)

Deluxe (NEBS)Teleflex (Jaffrey)

Timken (MPB Corp.)

People’s United FinancialDover Corp. (Markem)

STOCK WATCH Listings At Close of Market July 27, 2018 • Courtesy of RBC Wealth Management

Dow Jones Closed 25,451.80 393.68 • Prime Rate 5.00% +0.00

102.75 1.46 63.49 0.97 68.45 -6.07 275.15 -0.33 45.40 0.35 16.48 0.18 80.86 0.62

The material presented above has been obtained from sources we believe to be reliable and is current as of today. It is not guaranteed as to accuracy and does not purport to be complete. Securities are subject to availability. Prices and yields may vary due to market fluctuations.

RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPCNon-deposit investment products offered through RBC Wealth Management are not FDIC insured, are not a deposit or other obligation of,

or guaranteed by, a bank, and are subject to investment risks, including possible loss of principal amount invested.