10/20/15 Wasted Spending
What if I told you Washington bureaucrats mistakenly paid 12 billion dollars last year to unqualified recipients?
Imagine the howls of public protest. Calls for Congressional investigations. And scathing newspaper editorials.
Well, money is being wasted. But, it’s not 12 billion dollars. But ten times that amount. According to the GAO, Washington wasted nearly 125 billion dollars just last year!
About $3.25 of every 100 taxpayer dollars is completely wasted.
So why no outrage? For one, most news organizations havenâ€™t bothered reporting on the GAO findings. The public canâ€™t complain about what it doesnâ€™t know.
What about Congressional investigations? Are you kidding me? Spending money â€“ even if itâ€™s wasted â€“ is the most powerful thing they do.
The three programs with the largest amount of money sent to improper recipients include $60 billion for Medicare, seventeen and a-half billion to Medicaid and the Earned Income Tax Credit program. In the EITC program, millions who donâ€™t pay federal income tax actually get money from Uncle Sam. For them, April 15th isnâ€™t Tax Day â€“ itâ€™s pay day. In this case, people who don’t officially qualify for the free money program received nearly $18 billion last year.