Waste, Fraud, and Abuse in Another Government Program
Wednesday’s Washington Post carried a front-page story of a “costly (loan) program for rural businesses yields dubious results” in the United States Department of Agriculture. The newspaper writes that "the loan program has endured nearly $1.5 billion in locsses while backing almost $14 billion in guarantees to private banks." It gets worse, though, since the article notes, "Actual losses are almost surely higher." According to the Post:
“More than three decades after the loan program was created, USDA officials still don't know whether it works. Funds have gone to firms that have hired foreign workers instead of Americans. Millions more have gone to failing and bankrupt businesses. Most of the jobs are not new. Many are low-tech and low-wage.
“In addition to the loan program, the USDA has handed out almost half a billion dollars in rural development grants to businesses and nonprofits since 2001.”
What’s frustrating is that once again, we have presidential candidates offering yet more government programs in exchange for our votes. It’s not as if this is the only government agency or program infused with waste, fraud and corruption. What taxpayers need to be asking is why anyone should be taking these candidates seriously?
HT to SwineLine from Citizens Against Government Waste.