$200 Billion in COVID-19 Funding Missing

What the hell is the US government doing with our tax dollars? We just heard that the Pentagon managed to misplace $600 billion in funds to Ukraine. They simply have no idea where $600 billion wandered off to and are not investigating. Now, a watchdog group revealed that over $200 billion in COVID-19 relief funds also went M.I.A.

We already knew paycheck protection funding was widely abused. But an inspector general from the US Small Business Administration now believes AT LEAST 17% of all COVID-EIDL and PPP funds were “disbursed to fraudulent actors.” Fraud estimates for COVID-19 Economic Injury Disaster Loans reached $136 billion, or 33% of the entire program. Then it is estimated that an additional $64 billion was stolen from Paycheck Protection Fraud.

Government agents deny mass fraud. They say that the recent report “contains serious flaws that significantly overestimate fraud and unintentionally mislead the public to believe that the work we did together had no significant impact in protecting against fraud.” The problem here is that this is the money of the American people. In less than two weeks, the US government just announced they lost nearly a trillion due to bad actors and/or accounting errors. We deserve a complete overhaul of government accounting and a thorough investigation into where these funds went. Chalking it up to an accounting error or being duped is not sufficient. They need to tell the people exactly how they are spending our money, especially since they continually ask for more each year while providing nothing in return.

The post $200 Billion in COVID-19 Funding Missing first appeared on Armstrong Economics.