Fraud Costs US Taxpayers $500B Annually; Report…

Featured Story

BY SRH

The Foundation for Government Accountability (FGA) just released a new study that says fraud and wrong payments cost federal taxpayers up to $521 billion a year.

Just the News says that the report says the federal government has made about $3 trillion in wrong payments since 2003.

The Federal Government says that improper payments include payments that are the wrong amount, to the wrong person or someone who is not allowed to receive the payment, or that do not have proper paperwork to prove their accuracy.

I wrote the report and am a senior research fellow at FGA. I told The Center Square, “Fraud against federal programs now costs about $521 billion a year, which is seven percent of all the money Washington spends.” That’s more money than only five federal agencies have.

“And that’s just the fraud we know about,” Crocker said next. Every year, only 64 of the more than 2,200 federal payment programs are checked for wrong payments.

Every year, $521 billion is taken from federal programs. That’s 7% of all the money the government spends. That money was meant to help people who really need it, but it’s going to thieves instead. Liesel Crocker has new research on the FGA. 🤵You can follow The FGA (@TheFGA) at https://t.co/lfrSRacSxM.

Crocker says that a lot of the fraud goes through federal programs like Medicare, Medicaid, food stamps, the Earned Income Tax Credit, and a “pandemic grant for concert venues.”

As Crocker put it, “fraud shows up where the checks are easiest to get.”

The report shows that welfare and administration agencies at the state level often don’t want to be supervised by the federal government or don’t share enrollment and eligibility data that is needed to find fraud early.

The FGA says that attorneys general across the country are busy with more than 8,000 fraud cases. The report says that this is only a “small fraction” of the fraud that is going on.

The FGA says that 21 states are refusing to help the federal government check their food stamp programs for fraud, while 29 states are cooperating and finding people who aren’t allowed to be on the program and people who are collecting benefits fraudulently.

The report praised President Trump’s “War on Fraud” and other efforts to fight fraud, but it also said that states and the U.S. Congress need to do more.

From the report: “The bottom line: Congress and states should build on President Trump’s efforts to crack down on fraud and corruption and save taxpayers billions.”

 

Don't Miss

Citigroup Hit With $400 Million Fine Over AML Failures That Led To Mike Corbat’s Downfall

By StevieRay Hansen

The Comptroller of the Currency has finally handed down its punishment for the compliance failures that helped bring about an end to the tenure of…

World’s Top Oil Trader Is Now A Used Car Salesman

By StevieRay Hansen

Vitol Group, the world’s largest independent oil-trading firm, has been startled by the prospects of peak oil demand as it must diversify operations today to…

De-Dollarization Trend Remains Intact

By StevieRay Hansen

Global de-dollarization resumed in the second quarter according to data recently released by the International Monetary Fund (IMF). Read moreStocks Suffer Longest-Losing Streak In Over A Year As…

The SEC Is Making Deutsche’s CEO Personally Responsible For Bank’s Crimes

By StevieRay Hansen

Since launching its last major international expansion push in the late 1990s, Deutsche Bank has become knonw – particularly over the last ten years –…

“Digital Euro” as It Begins Experiments on Digital Currency Launch — the Banking Industry Is Very Concerned Digital Currency Will Kill the Banking Industry

By StevieRay Hansen

As the world obsesses over Trump’s taxes or whether or not he is using oxygen during his covid hospitalization, the biggest overhaul in monetary and…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published. Required fields are marked *