Minnesota Fraud - The Tip of the Iceberg
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Minnesota Fraud - The Tip of the Iceberg
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About this listen
What we are seeing in Minnesota is just the Very Small tip of a very large iceberg. If we use their numbers and extrapolate for a national figure we are a over a halt a Trillion dollars and I think in the final analysis it will be much larger.. However we have other contributing factors that make it much worse than just the amount of the Fraud. I call this whole thing the 4 whammy's
1- the fraud itself
2- The interest. We are in deficit spending in the U.S. so in fact every dollar stolen is borrowed money.
3-We have at ;east 14 states who are projected to have deficits this year so they will intern have to pay interest on their shortfalls.
4- Much of the fraud money is being sent out of the country according to FBI investigations. According to economists money earned ( or stolen here) and sent out of the country robs our economy of the economic benefit of that money. Theory says that money earned here and spent here in the economy has a 5X multiple effect. Our economy takes a big hit because of the actual loss of the money stolen but also the loss of that Multiplier effect..
If we can stop the fraud or at least minimize it we could eliminate much of our federal deficit. And deficit in many of the states as well.