[Ed. – Your tax dollars at work]
Since 2004, twenty large federal agencies have admitted to disbursing an astonishing $2.25 trillion in improper payments.
Last year, these improper payments totaled $175 billion – that’s about $15 billion per month, $500 million per day, and $1 million a minute.
But what exactly is an improper payment?
Federal law defines the term as “payments made by the government to the wrong person, in the wrong amount, or for the wrong reason.”
When people or companies receive incorrect payments, it erodes trust and hinders the government’s ability to finance everything from defense to health care.
Recently, our auditors at OpenTheBooks.com published a 24-page oversight report analyzing why, how, and where federal agencies wasted our tax dollars last year.
Here are the top 10 takeaways. …
2. Worst Programs – $121 billion (approximately 69 percent) in improper payments occurred within three program areas – Medicaid, Medicare, and Earned Income Tax Credit.