A new report analyzing the budgets of both the #DepartmentofDefense (#DOD) and the Department of Housing and Urban Development (HUD), found that between 1998 and 2015, these two departments alone lost over $21 trillion in taxpayer funds.
The shocking report was authored by Dr. Mark Skidmore, a professor of economics at #MichiganStateUniversity, and Catherine Austin Fitts, former assistant secretary of housing. It notes that the missing funds are a direct result of “unsupported journal voucher adjustments” made to the departments’ budgets.
According to an Office of the Comptroller report: “Unsupported journal voucher adjustments” are defined as “summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment [receipts, etc.] or are not tied to specific accounting transactions.” The report notes that, in both the private and public sectors, the presence of such adjustments is considered “a red flag” for potential fraud.
As reported last year by multiple alternative news outlets, the U.S. DOD, specifically the U.S. Army, could not account for $6.5 trillion in 2015 due to “wrongful balance adjustments.” According to a report by Reuters, the Army “lacked the receipts and invoices to support those numbers [the adjustments] or simply made them up” in order to “create an illusion that its books are balanced.” The DOD has officially acknowledged that its financial statements for 2015 were “materially misstated.” In an interview with USA Watchdog, co-author Fitts noted that the missing $21 trillion amounts to “$65,000 for every man, woman and child resident in #America.” The amount of money unaccounted for is enough to pay back the whole of the U.S. national debt, which currently stands at roughly $20.5 trillion, and still have a half a trillion left.
Even more startling, the total amount of missing funds—$21 trillion—is most likely much higher in reality, as the data used for the report was incomplete due to the researchers being unable to recover complete data for every year analyzed. 🖐🏾More in comments👇🏾