Half of Unemployment Money May Have Been Stolen... Including by China
The decision to spend much of the pandemic throwing around money like it was an imaginary thing was a disaster. We're now facing inflation, a weakened job market, and a country much closer to the crash point having piled up a whole lot more debt.
And none of this actually fixed much of anything.
The beneficiaries of the crisis, as usual, included our enemies. Especially the People's Republic of China.
Criminals may have stolen as much as half of the unemployment benefits the U.S. has been pumping out over the past year, some experts say.
Why it matters: Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security.
Hundreds of billions of dollars have gone to Communist China, to Russia, and to Nigeria, where Islamic terrorists rule, and to domestic organized crime which has been booming on a massive scale. We've been funding our enemies and our own crime wave.
Haywood Talcove, the CEO of LexisNexis Risk Solutions, estimates that at least 70% of the money stolen by impostors ultimately left the country, much of it ending up in the hands of criminal syndicates in China, Nigeria, Russia and elsewhere.
"These groups are definitely backed by the state," Talcove tells Axios.
Much of the rest of the money was stolen by street gangs domestically, who have made up a greater share of the fraudsters in recent months.
We made a lot of bad decisions in 2020. The problems we're facing now and will be facing for the next few years arose from there.
China unleashed a virus and exploited our weaknesses, fractures, and poor decisions in every way that the Communists could.