Insights for Navigating an Uncertain World
“We are going to hold people accountable. We’re going to press this to the full extent possible…American taxpayers, for American families, the GAO, the General Accounting Office, believes that there is somewhere between $300B- $600B of annual fraud, roughly 10% of government spending, that disappears due to fraud…If we can recapture that, that is 1% to 2% of GDP.”
🚨 HOLY CRAP. Sec. Scott Bessent just confirmed up to $600 BILLION of annual fraud with taxpayer dollars, nearly 10% of spending
— Eric Daugherty (@EricLDaugh) January 8, 2026
Elon Musk called it!
END ALL FRAUD.
"We are going to hold people accountable. We're going to press this to the full extent possible…American… pic.twitter.com/E2njwKalG7
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times. View more posts
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