The vaccinated Joe Biden is still wearing his mask, but the Covid crisis is passing. Even the libs at Axios seem to realize that the time has come to stop flinging emergency money around and start asking where those mountains of money have gone. Much of it was lost to fraud:
Blake Hall, CEO of ID.me, a service that tries to prevent this kind of fraud, tells Axios that America has lost more than $400 billion to fraudulent claims. As much as 50% of all unemployment monies might have been stolen, he says.
Keynesian Democrats may respond that it doesn’t matter, so long as the money is out there supposedly stimulating the economy that they suffocated with their largely pointless lockdowns. However, most of the fraud was committed from abroad.
Haywood Talcove, the CEO of LexisNexis Risk Solutions, estimates that at least 70% of the money stolen by impostors ultimately left the country, much of it ending up in the hands of criminal syndicates in China, Nigeria, Russia and elsewhere.
Talcove says these groups are “definitely backed” by their governments. Maybe Putin will thank Biden when they get together for Putin to eat his lunch again in Geneva. Biden has continued to waste massive amounts of money in the name of Covid relief even since Trump’s Operation Warp Speed put the worst of the ChiCom virus behind us.
MS13 already owed Biden a big thanks for opening the border and inviting everyone in. This vicious gang may owe him another:
Much of the rest of the money was stolen by street gangs domestically, who have made up a greater share of the fraudsters in recent months.
Drugs, prostitution, extortion, theft, etc are penny ante stuff. Big Government largesse is where criminals find the real money.
Scammers often steal personal information and use it to impersonate claimants.
Personal information is not hard to come by. A list of 8.4 billion password entries was just leaked on a hacker forum.
Before the pandemic, unemployment claims were relatively rare, and generally lasted for such short amounts of time that international criminal syndicates didn’t view them as a lucrative target.
However, Biden et al. want Covid handouts to be permanent, radically expanding the welfare state, to the benefit of those who let others create the wealth.
On tips from Jack D and ABC of the ANC.
The post Up to Half of Pandemic Unemployment Money Was Stolen appeared first on Moonbattery.
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