Staff Reports
The Biden administration has been caught in the act of committing a massive theft amounting to $280 billion due to the absence of adequate supervision in the allocation of COVID-19-related expenses. As reported by the Associated Press, this fraudulent activity is being dubbed the "greatest scam in U.S. history." Regrettably, this administration has done nothing but squander taxpayers' money.
'Greatest Grift in US History': New Report Estimates Just How Bad Covid Fraud, Waste Was
https://t.co/dT9EJTD2PL— Townhall.com (@townhallcom) June 13, 2023
New evidence has surfaced revealing that fraudsters have embezzled over $280 billion of COVID relief funds, while an additional $123 billion has been wasted due to mismanagement or improper use. This amounts to 10 percent of the government's total expenditure of $4.2 trillion on COVID relief. As further schemes are unveiled, the total stolen amount is expected to rise.
How did this happen? According to analysts, the government failed to exercise proper oversight in its haste to disburse a large sum of money quickly. There were insufficient restrictions on applications, and the government neglected to utilize the Treasury Department's "Do Not Pay" database to prevent funds from reaching felons, debarred contractors, and individuals convicted of tax fraud.
A significant portion of the embezzled funds was taken from three major pandemic relief initiatives initiated during the Trump administration. These programs were designed to assist small businesses and unemployed individuals in weathering the economic turmoil caused by the pandemic. However, due to the administration's inaction, it became an enticing opportunity for fraudsters.
While not all cases of theft involved millions of dollars, the prevalence of fraud and misappropriation underscores a pervasive issue of system abuse during a time when America was grappling with overwhelmed hospitals, school closures, and shuttered businesses.
The government's response to COVID-19 was unprecedented in terms of speed but was also plagued with errors. The Small Business Administration was tasked with managing two extensive relief efforts, yet there were inadequate safeguards in place to protect federal funds. Prospective borrowers were allowed to "self-certify" the accuracy of their loan applications without sufficient verification checks. Consequently, fraudulent activities went unnoticed.
The Biden administration's lack of action and proper oversight has resulted in American taxpayers losing trillions of dollars. It is disheartening that the magnitude of this fraud is so immense that it will take a century to fully investigate. While Biden did sign a budget deal reclaiming $27.1 billion in unspent COVID relief funds from various programs, it is an insufficient and belated measure. It is high time for this administration to step up and take responsibility for their fiscal negligence. The American people deserve better than this.
