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If fraud was an agency, it would be federal government’s sixth largest
Posted on 4/17/24 at 1:20 pm
Posted on 4/17/24 at 1:20 pm
If fraud was an agency, it would be federal government’s sixth largest
U.S. taxpayers lose up to $521 billion a year to fraud across the federal government, according to a first-of-its-kind estimate.
The U.S. Government Accountability Office estimated annual fraud costs taxpayers between $233 billion and $521 billion annually, according to a new report published Tuesday. The fraud estimate’s range represents 3% to 7% of average federal obligations. The estimate was based on data from fiscal years 2018 through 2022. The government obligated almost $40 trillion from fiscal years 2018 through 2022, but had no reliable estimates of fraud losses.
David Walker, former comptroller general of the United States and a member of the advisory board of Main Street Economics, said the estimate is only part of a larger spending issue.
“The federal government’s estimated annual financial losses to fraud of between $233 billion and $521 billion is just the tip of the iceberg,” Walker told The Center Square. “When you add waste, abuse, and mismanagement, the numbers are much bigger.”
LINK
U.S. taxpayers lose up to $521 billion a year to fraud across the federal government, according to a first-of-its-kind estimate.
The U.S. Government Accountability Office estimated annual fraud costs taxpayers between $233 billion and $521 billion annually, according to a new report published Tuesday. The fraud estimate’s range represents 3% to 7% of average federal obligations. The estimate was based on data from fiscal years 2018 through 2022. The government obligated almost $40 trillion from fiscal years 2018 through 2022, but had no reliable estimates of fraud losses.
David Walker, former comptroller general of the United States and a member of the advisory board of Main Street Economics, said the estimate is only part of a larger spending issue.
“The federal government’s estimated annual financial losses to fraud of between $233 billion and $521 billion is just the tip of the iceberg,” Walker told The Center Square. “When you add waste, abuse, and mismanagement, the numbers are much bigger.”
LINK
13
Posted on 4/17/24 at 2:16 pm to djmed
quote:
“When you add waste, abuse, and mismanagement, the numbers are much bigger.”
Feature, not a bug.
Posted on 4/17/24 at 2:19 pm to djmed
quote:
between $233 billion and $521 billion annually
"When you publish the report, try to pinpoint it down to +/- $288 billion. That should be close enough"
Posted on 4/17/24 at 2:19 pm to djmed
But at least we are spending billions lighting money on fire in Ukraine.
Posted on 4/17/24 at 2:22 pm to Bjorn Cyborg
quote:
"When you publish the report, try to pinpoint it down to +/- $288 billion. That should be close enough"
Imagine how much bigger the number would be if the Pentagon/CIA's black budget and procurement programs were included.
Posted on 4/17/24 at 2:35 pm to djmed
I think it is much higher than that.
Posted on 4/17/24 at 3:11 pm to Longdriver98
Ever notice in the Employments reports, that most employed are in the column US Government?
Are there that many vacancies in the government?
I always thought watching porn all day without a job description was a Democrat asset .....
Are there that many vacancies in the government?
I always thought watching porn all day without a job description was a Democrat asset .....
Posted on 4/17/24 at 3:27 pm to djmed
Might as well close down the agencies that are supposed to investigate and prosecute this fraud.
Send the audits to the states and tell them if they investigate, prosecute and recover any money, they get 10% plus court fees.
Send the audits to the states and tell them if they investigate, prosecute and recover any money, they get 10% plus court fees.
Posted on 4/17/24 at 3:31 pm to djmed
wull gee that wasn't in that pie chart from the other day
gonna have to recalibrate
gonna have to recalibrate
Posted on 4/17/24 at 3:43 pm to djmed
so what percentage of every dollar is not lost in waste fraud and abuse?
when the federal gov't confiscates a dollar from any citizen and it gets siphoned off coming and going and by the time it is allocated by the federal agency and gets back to the recipient in the exact same locale that the dollar departed from... what is left?
liberals/Democrats are devoted to this grossly inefficient system
when the federal gov't confiscates a dollar from any citizen and it gets siphoned off coming and going and by the time it is allocated by the federal agency and gets back to the recipient in the exact same locale that the dollar departed from... what is left?
liberals/Democrats are devoted to this grossly inefficient system
Posted on 4/17/24 at 3:49 pm to djmed
Even worse when you consider it's THEM committing the fraud.
Posted on 4/17/24 at 4:02 pm to djmed
Now that we know what "fraud" cost, can we do a cost analysis on "wasteful"?
Posted on 4/17/24 at 4:12 pm to djmed
quote:
If fraud was an agency, it would be federal government’s sixth largest
U.S. taxpayers lose up to $521 billion a year to fraud across the federal government, according to a first-of-its-kind estimate.
If you remove deficit spending by the federal government US GDP is probably -4%, remove government hiring and the jobs report is likely less than 100k/month.....and falling.
Posted on 4/17/24 at 5:08 pm to djmed
But we can’t get the pentagon to tell us what they spent their budget on….
Posted on 4/17/24 at 6:28 pm to Indefatigable
You just cannot make this stuff up if you tried. And it is getting worse every day.
Posted on 4/17/24 at 6:44 pm to djmed
quote:
The U.S. Government Accountability Office estimated annual fraud costs taxpayers between $233 billion and $521 billion annually, according to a new report published Tuesday. The fraud estimate’s range represents 3% to 7% of average federal obligations. The estimate was based on data from fiscal years 2018 through 2022.
Posted on 4/17/24 at 8:22 pm to djmed
quote:
The U.S. Government Accountability Office estimated annual fraud costs taxpayers between $233 billion and $521 billion annually, according to a new report published Tuesday.
The US government accountability office went on to say that this report cost the taxpayers 97 million dollars and they pulled the numbers out of their arse.
This post was edited on 4/17/24 at 11:44 pm
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