Government Agencies Which Lost More Than $1 Billion
February 24, 1999
According to the federal government's inspectors general, those agencies which lose or waste more than $1 billion a year form quite a club.
- Medicare heads the list for squandering $20.3 billion in 1997.
- Roughly $4.4 billion was paid out in false earned-income tax credit claims in the 1994 fiscal year.
- The Supplemental Security Income program has lost $5.5 billion over the years -- while the Food Stamp program shelled out $1.4 billion in overpayments in 1997, mostly to prisoners and the deceased.
- Last year, the first consolidated federal financial audit revealed that bureaucrats couldn't account for more than $100 billion in taxpayer money.
Critics contend the problem will only be solved when government agencies get less money, or better still, when unnecessary programs are eliminated altogether.
Source: Editorial, "Fighting Waste With an Ax," Investor's Business Daily, February 19, 1999.
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