Monday, May 4, 2009

Government Waste, Yet Again

Will we never learn? Because government is so unaccountable for its use of money, so incapable of policing whether our taxpayer dollars are spent properly, our tax dollars nearly always buy far less than what we could get if we rather than the government decided how to spend it.

This latest example is reported in the current (May 4) issue of Time magazine.

"In an April 21 report to Congress, the special inspector general overseeing the government's $700 billion financial bailout offered some grim news and a stern warning. Neil Barofsky said he had begun 'almost 20 preliminary and full criminal investigations' into allegations of fraudulent use of bailout funds. He urged the government to revamp the bailout rules so it can better track spending. According to Barofsky, the bailout's Public-Private Investment Partnership program, in particular, is 'inherently vulnerable to fraud, waste and abuse.'"

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