More Government. More Fraud. More Waste. More Debt. Taxpayers lose.
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ZeroHedge, Feb 20, 2021 – Excerpts:
With so many people needing unemployment benefits during the pandemic, it comes as no surprise that the U.S. Department of Labor, Office of Inspector General (DOL-OIG) has found an unprecedented amount of fraud in the unemployment program created by the CARES Act, according to NBC News.
The DOL-OIG estimates at least $63 billion of the $630 billion in disbursements were squandered by fraudsters. The agency warns that taxpayer funds loss could be higher, with some figures suggest north of $100 billion.
Readers may recall Paycheck Protection Program (PPP) fraud exploded across the country last summer because there were virtually no checks and balances, allowing criminals to file fraudulent loans.
Fraudsters were buying mansions, exotic cars, fancy clothing, and even Bitcoin. Some of these folks were caught; others remain on the loose as their fraud’s complexity has yet to be uncovered.
California observed a great deal of unemployment fraud. One rapper netted $1.2 million in an unemployment benefits scheme. He even made a video about the scam. He gave a “shoutout” to President Trump for the CARES Act.
Orange County District Attorney Todd Spitzer said this “isn’t just a California problem – it’s a breakdown of catastrophic proportions that has failed the American taxpayer.”
The Justice Department has launched a task force to find pandemic aid fraudsters across the country – it’s only now that the true extent of the loss is being realized.
“Early indications in some states point to massive problems,” said NBC.
A shocking review of pandemic aid payments last June revealed Nebraska’s auditor found two-thirds of unemployment payouts were misspent. Kentucky’s auditor found that its vetting process was so inadequate that it breached federal law.
NBC reached out to state workforce agencies across the country to gather some intel on how much money they have lost to fraud. Most labor agencies said there are no figures on the true extent of the losses as they’re still being investigated.
ID.me said some fraudsters resorted to the dark web to obtain Social Security numbers and other personal information to create false claims.
“It’s so widespread and indiscriminate that they even target people who are heads of law enforcement agencies,” Illinois Attorney General Kwame Raoul told NBC.
A Labor Department spokesperson told NBC: “We are working on a comprehensive approach to partnering with states to minimize fraud, waste and abuse, while making sure Americans who have lost their jobs through no fault of their own are able to receive the benefits they deserve and desperately need.”
Some fraudsters took their PPP checks and fled the country.
The CARES Act, commonly referred to as a “helicopter drop” by some economists, was just that – and has proven so far to be a disaster in stimulating long-term growth but instead produced a sugar high in the economy with an eventual cliff.
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