"The US Office of Management and Budget estimated that the government lost more than $125 billion in improper payments in fiscal year 2010," and it's the taxpayer who ends up paying this bill. Part of the improper payments is obviously due to fraud. The government should be held to at least the same standards as a publicly traded company because as taxpayers, we are America’s shareholders.
The GAO, the Government Accountability Office, is set up to investigate all matters relating to the receipt, disbursement, and application of public funds,. The GAO's auditors conduct not only financial audits, but also engage in performance audits. The GAO has been referred to as "The Congressional Watchdog" and "The Taxpayers' Best Friend,” for its audits and reports that have uncovered waste and inefficiency in government. Despite its reputation and the billions of dollars in potential savings, the House and Senate are proposing a 7.6 percent cut from the GAO's 2011 budget.
"The GAO publishes more than 1,000 reports and audits annually and provides an invaluable asset to the taxpayer." The GAO has uncovered fraud in many of the government agencies. They have found improper or fraudulent farm-subsidy payments as much as half a billion dollars a year. In 2007, the GAO uncovered that the USDA paid $1.1 billion in subsidies over six years to 170,000 deceased individuals. Program audits have also found that about one-quarter of those receiving free and reduced-cost lunches are not eligible. Reviews have also found that almost one-third of Earned Income Tax Credit payments of $12 billion annually are improper or fraudulent. They have also found that more than $1 billion, of the payments made to people in the $30 billion Food Stamp Program were in excess of what they should receive.
"The GAO publishes more than 1,000 reports and audits annually and provides an invaluable asset to the taxpayer." The GAO has uncovered fraud in many of the government agencies. They have found improper or fraudulent farm-subsidy payments as much as half a billion dollars a year. In 2007, the GAO uncovered that the USDA paid $1.1 billion in subsidies over six years to 170,000 deceased individuals. Program audits have also found that about one-quarter of those receiving free and reduced-cost lunches are not eligible. Reviews have also found that almost one-third of Earned Income Tax Credit payments of $12 billion annually are improper or fraudulent. They have also found that more than $1 billion, of the payments made to people in the $30 billion Food Stamp Program were in excess of what they should receive.
Fraud in the two main federal health programs is extremely huge. Medicare and Medicaid have as much as $60 billion a year in fraud, waste and overpayments. The GAO estimates that there are about $17 billion of improper Medicare payments each year, including fraudulent and erroneous overpayments to health care providers.
The Department of Housing and Urban Development (HUD) provides subsidies to state and local governments, real estate businesses, financial institutions, and nonprofit groups. The largest share of HUD’s budget goes toward rental subsidies for low-income tenants. According to the GAO, there are about $1 billion in erroneous and fraudulent overpayments to these subsidies each year.
The federal budget has become victim to large-scale fraud and abuse. Why cut the one agency looking to protect taxpayers from government waste, corruption and fraud? This is one agency that monitors the spending of our government and saves tax dollars. The return on investment has been quite strong over the years as the GAO has detected fraud, abuse and waste in our governmental programs. There is a need for our tax dollars to be spent on an agency that reviews the "Governments Books." Just as accounting firms review publicly traded corporations, government agencies and programs need to be reviewed, audited and held accountable; they are spending our money.
No comments:
Post a Comment