Academic

IMPROPER FEDERAL PAYMENTS CONTINUE TO INCREASE: ?According to the 2010 Financial Report of the Unit?

By Glenn Reynolds

IMPROPER FEDERAL PAYMENTS CONTINUE TO INCREASE: “According to the 2010 Financial Report of the United States Government, $ 2.3 trillion in outlays were reviewed by federal executive branch entities for improper payments last year; 5.5% of these payments, or $125.4 billion were found to be improper. This represents an increase of $16.2 billion from the fiscal year 2009 estimate of $109.2 billion. Furthermore, the GAO estimates that at 5.49%, the rate of error across the entire federal government is roughly the same. Put differently, this means that in fiscal year 2010, $189.7 billion in federal spending, or 5.49% of $3.5 trillion, was overt waste.”

Full post as published by Instapundit.com on February 22, 2011 (boomark / email).