And while we are on the subject of out-of-control government spending, why are congressional Democrats refusing to investigate and prosecute COVID relief money that found its way into the pockets of fraudsters, scam artists, and other assorted criminals – here and abroad?
Biden said in his SOU speech we would track down the fraud, but the GOP members of the House Ways & Means Committee (with the help of agency Inspector Generals), released their findings which discovered that in the unemployment benefit program, only $1 billion (out of up to $163 billion in fraud) has thus far been recovered. So 99.1% of fraudsters got away with it.
The UI fraud rate was 18%. Private insurance companies, credit card companies, and banks have fraud rates of roughly 2%. If they were anywhere 18% they’d be out of business tomorrow. But, Uncle Sam keeps passing out the free money.
As for “stimulating the economy,” reports show that tens of billions of dollars went to fraudsters in Africa and China. Some stimulus!