Posted on 04/16/2022 6:26:01 PM PDT by lasereye
As the federal government flooded the economy with nearly $5 trillion during the pandemic to avert recession, fraudsters have had a field day, filching tax credits, tax refunds, stimulus money and unemployment benefits in one of the biggest heists of federal and taxpayer funds in American history.
“We’ve never seen fraud at this scale before. We knew there was going to be more fraud with stimulus because fraud follows the money, but I don’t think anyone expected the absolute enormity of it,” says Linda Miller, a principal at Grant Thornton who served as deputy executive director from 2020 to 2021 on the Pandemic Response Accountability Committee at the U.S. Government Accountability Office, or GAO.
By the federal government’s count, improper payments made by its agencies amounted to $280 billion in 2021 and $206 billion in 2020, as reported on paymentaccuracy.com.
The government doesn’t try to estimate the total amount of fraud. “By its very nature the criminals are trying to hide it from you–how do you measure what you don’t catch?” says Johana Ayers, managing director of the GAO’s Forensic Audits and Investigative Service.
But certain agencies and private analysts are pushing out estimates. In late March, Department of labor Inspector General Larry Turner raised his low-end estimate of how much has been stolen out of the $900 billion paid in pandemic-related unemployment relief to $163 billion from $87 billion. Estimates by private companies are as high as $400 billion. So far, $1 billion has been recaptured.
Another big playground for swindlers is the stimulus paid out to individuals and businesses.
The root of the massive fraud problem is a basic lack of preparedness by government agencies, says Haywood Talcove, of LexisNexis Risk Solutions. “The public sector lacks the basic preparedness that you find in the private sector.”
(Excerpt) Read more at barrons.com ...
Don’t even know why I work anymore.
“Don’t even know why I work anymore.”
++++
I think that is exactly what a lot of people have been thinking. And, they are acting upon that thought. Some are pulling back and deciding that they have enough to live on, need nothing else more,and are minimizing their purchases.
I just wish I knew how to commit fraud.....we don’t zilch in this household for free....
Haven’t had a good filching for a few years now.
When morals are lost a nation fails...always.
Often violently.
I always joke about getting our tax return filed by late January to beat out any illegal aliens trying to get our refund.
I got a chuckle out of that one.
. “The public sector lacks the basic preparedness that you find in the private sector.”
EIC is one of the biggest frauds out there. It allows illegals to claim refundable tax credits for kids still in the home country, to include any claimed nieces/nephews/cousins under their “care”.
A refundable credit is where you get more money back than you had withheld, unlike other refunds that stop when you get to the limit of your tax liability.
The gummint wanted to dilute the value of the 'money' we use and that job was accomplished by merely printing it and handing it out.
To whom it was handed has no bearing at all.
This Fraud crap is a red herring diversionary tactic.
From the article: the federal government flooded the economy with nearly $5 trillion during the pandemic
I have a business degree with an accounting major. That's econ 101. Actually, I think it was covered in high school econ.
Not to worry. I'm sure the Secretary of Finance and Economics is some messycan born black guy who identifies as a woman. Probably claims his obesity as a disability, too.
As long as we're diverse and inclusive. Who cares if our economy collapses?
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