COVID bailouts and aid were a genuine fraud machine that ripped off taxpayers on an almost incomprehensible scale. The latest partial numbers are up to $200 billion and those are just estimates that will just keep climbing.
A Small Business Administration inspector general released the numbers Tuesday, finding that “fraudulent actors” stole more than $136 billion from the Economic Injury Disaster Loan Program and $64 billion from the Paycheck Protection Program, two government initiatives that worked to keep small businesses afloat during the pandemic. Those figures mark a whopping 17 percent of all funds issued under the two programs, with a third of all Economic Injury Disaster Loan Program funds being stolen, according to the report.
17%. Incredible. But then the whole system was based on handing out money while asking as few questions as possible. And we know much of that money was stolen and transferred abroad.
While generally everyone, except those most in denial, will admit that the fraud was massive, what happened was just the welfare state on steroids. Money was handed out with more urgency, less accountability and fewer standards. But we’re still living in a fraudtopia where zoom college is haunted by ghost students run by bots out of Africa or Russia while ripping off American taxpayers and every new program ends up being stripped down the bone.
Inspector General Mike Ware earlier this month told the outlet that he has tens of thousands of “actionable leads into pandemic relief fraud,” leads that would take a century to sort through.
Suffice it to say we won’t. Some low hanging fruit will be caught. There will be the usual morons who become the public face of it even though they won’t even represent 0.0000000000% of the fraud.
And the same thing will keep happening.