Source: Independent Institute
by Craig Eyermann
“Historically speaking, Uncle Sam isn’t very good at managing money. Because the politicians and bureaucrats who run the U.S. government aren’t good at managing money, they’ve opened the door to massive losses through fraud. In 2024, the GAO estimated that from 2018 through 2022, the U.S. government lost between $233 billion and $512 billion dollars per year to fraudsters. These are not small amounts of money. … If fraud comes in at the low end of the GAO’s estimates, it would reduce the federal deficit by 12.5%. At the high end, it would reduce the U.S. government’s budget deficit by 28%. Either way, reducing its fraud losses to zero would not be enough to eliminate 2026’s budget deficit.” (08/05/26)
https://www.independent.org/article/2026/08/05/stopping-fraud-isnt-enough/