Forty years ago, President Reagan addressed the issue of waste, fraud, and abuse in the federal government, but the problem has only worsened over time. The Government Accountability Office (GAO) recently reported that taxpayer dollars lost to fraud amount to between $233 billion and $521 billion annually.
This is equivalent to over half of the US defense budget for fiscal year 2024. The GAO also found that improper payments have increased by 133% since 2013, with an estimated $2.7 trillion spent erroneously since 2003.
The Government Accountability Office (Credits: Federal Times)
The current situation is unacceptable and demands action. The House Budget Committee will announce a plan to address improper payments, focusing on serial offenders such as Medicare, Medicaid, and the Earned Income Tax Credit.
The plan will realign incentives to encourage states and agencies to recoup and recover improper payments and propose changes to the Congressional Budget Office’s scoring of efforts to reduce improper payments.
Additionally, the plan will strengthen oversight of new and emergency spending to prevent fraud and misdirected funding. The consequences of inaction are clear: the federal government is likely to spend another $2 trillion in improper payments over the next decade. By acting now, we can save billions and restore fiscal integrity.
Government Accountability Office (Credits: LinkedIn)
The article concludes that every dollar lost to improper payments and fraud represents a theft from the American people, and it’s time for less talk and more action to address this issue. The proposed plan aims to stem the rising tide of waste, fraud, and abuse, and hold Washington accountable for its financial management.
