America’s Missing Money

The federal government can’t account for $21 trillion—but does anybody care?

Source: America’s Missing Money

In short: the military doesn’t know how its budget is being spent. The “total military expenditures” that analysts so confidently cite are whatever the Treasury Department says they are, and the individual line items, at least for the army, are for the most part unknown. If money is being diverted from the armed forces, the losses are degrading our defense capability in ways difficult to observe. The same is true on a smaller scale for the Department of Housing and Urban Development, where billions in missing expenditures could have gone to support the perennially cash-strapped federal mortgage-loan program, and possibly other unrelated programs, without congressional knowledge or approval.


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