Government Admits Possibly More Than Half a $Trillion Lost Annually to Fraud
People do not spend other people’s money as carefully as they spend their own. This is why all things government are so inefficient, and why the bigger the government, the more opportunities there are for fraud. Despite the limitations the Constitution was intended to impose on it, the US government has metastasized into a bloated monstrosity. Armstrong Economics reports on the consequences:
The Government Accountability Office estimates that the federal government loses between $233 BILLION and $521 BILLION every year to fraud. We are not talking about total government waste, unnecessary programs, bloated agencies, or interest on the national debt. This estimate is specifically FRAUD affecting federal programs and spending. At the upper end, that works out to more than $1.4 billion every single day.
Even this massive sum is dwarfed by how much of our money goes down the drain as waste.
The GAO’s estimate covers fiscal years 2018 through 2022 and represents an average annual loss. It includes fraud involving programs such as unemployment insurance, pandemic relief, Medicare, Medicaid, Social Security, and other federal spending. The range is enormous precisely because the government does not even know the complete extent of the problem. … Washington now spends trillions of dollars every year through an incomprehensible maze of agencies, grants, contractors, benefits, subsidies, emergency programs, healthcare payments, state transfers, and countless other channels. Nobody sitting in Congress can possibly understand where all of that money ultimately goes.
No worries; politicians have solutions — two, to be precise: (1) raise the debt ceiling and (2) raise our taxes. Fortuitously, neither solution requires them to have a clue where all the money is going.
Purging obviously nefarious programs like USAID is nice, but so long as the system is in place, the looting spree will continue. Only economic freedom will free us from fraud and waste. This would entail a drastic reduction of Big Government.
On a tip from WDS 2.0.
The post Government Admits Possibly More Than Half a $Trillion Lost Annually to Fraud appeared first on Moonbattery.
Source: https://moonbattery.com/government-admits-possibly-more-than-half-a-trillion-lost-annually-to-fraud/
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