In November 2010, Vice President Joe Biden said fraud and abuse of the stimulus bill had been kept “to a surprisingly low level.” This came a year after Barack Obama bestowed VP Joe Biden with the title of the stimulus “Sheriff.”
Fast forward five years – Investigators have proven 1,268 cases of fraud in the $840 billion stimulus program.
Nice job, Sheriff.
USA Today reported:
Despite thousands of fraud cases, the financial losses under the 2009 Recovery Act have been just a fraction of what the government expected.
Five years after President Obama signed the American Recovery and Reinvestment Act into law, investigators have proven 1,268 cases of fraud in the $840 billion stimulus program, resulting in $57 million in recovered funds.
Still, the amount of fraud discovered so far is far less than what investigators said they expected when Congress passed the stimulus package.
“We have not seen the level of fraud that I think many people feared,” said Kathleen Tighe, the chairwoman of the board. The board, created by the Recovery Act, is charged with monitoring all the money spent in the stimulus and disaster relief funds from Superstorm Sandy. She credited unprecedented transparency, aggressive prosecutions and an emphasis on fraud prevention.
Vice President Joe Biden will visit the St. Louis region this week on the fifth anniversary of the failed Obama Stimulus program. Don’t expect him to talk about all of the fraud in the failed Keynesian experiment.
Uncle Sam – AKA the federal government – went on a New Year’s Eve binge, adding a net of $125,202,709,546.99 to its total debt in just the one day of Dec. 31, 2013, according to the U.S. Treasury.
That equals approximately $1,088.60 for each of the 115,013,000 households the Census Bureau currently estimates there are in the United States.
Overall, in the first quarter of fiscal 2014, which ended on Dec. 31, the total debt of the federal government jumped $613,787,258,252.83
That equals $5,336 for each household in the country.
At the close of business on Dec. 30, 2013, the total debt of the federal government was 17,226,768,075,403.16. By the close of business on the next day – New Year’s Eve – the debt had risen to 17,351,970,784,950.15 – a one-day jump of $125,202,709,546.99.
At the close of business on Sept. 30, 2013 – the last day of fiscal 2013 – the federal debt had been $16,738,183,526,697.32. By the close of business on Dec. 31, 2013—the last day of the first quarter of fiscal 2014 – the federal debt had climbed to $17,351,970,784,950.15.
That represented an increase of $613,787,258,252.83 during the quarter – or $5,336 for each of these 115,013,000 households in the country.
In the five-month period from May 17 and October 16, 2013, the Treasury reported that the portion of the federal debt subject to a legal limit set by Congress closed every business day at $16,699,396,000,000, or approximately $25 million below the then-legal limit of $16,699,421,095,673.60.
During this period, Treasury Secretary Jacob Lew informed Congress that the Treasury was using “extraordinary measures” to prevent the debt from exceeding the statutory limit.
On October 16, Congress enacted legislation that suspended the debt limit through Feb. 7.
The debt of the federal government, which is normally subject to a legal limit, jumped by $409 billion in the month of October, according to the U.S. Treasury.
That equals approximately $3,567 for each household in the United States, and is the second-largest one month jump in the debt in the history of the country.
In the continuing resolution deal sealed by President Barack Obama and the Republican congressional leadership last month, the legal limit on the federal debt was suspended until February 7 of next year.
The single greatest one-month increase in the federal government’s debt came in October 2008, when Congress enacted the Troubled Asset Relief Program to bail out the financial industry.
In that month, the debt subject to the legal limit climbed by about $545 billion.
At the close of business on Sept. 30, 2013, the last day of fiscal 2013, the federal debt subject to limit stood at $16,699,396,000,000. At the close of business on Oct. 31, 2013, the first month of fiscal 2014, the debt subject to limit stood at approximately $17,108,378,000,000.
Thus, during October, the debt increased $408,982,000,000 – or about $3,567 for each of the 114,663,000 households the Census Bureau estimates there are in the United States.
From May 17, when the Treasury was approaching the previous debt limit, until Oct. 17, when Congress enacted the CR suspending the debt limit until February, the Treasury reported that the debt closed each business day at $16,699,396,000,000 – or about $25 million below the then-legal-limit of 16,699,421,095,673.60.
We already knew:
** Barack Obama is the worst jobs president since the Great Depression.
** Poverty is at its highest rate since 1960′s.
** America is experiencing its worst economic recovery ever.
** There are more Americans on food stamps than entire population of Spain.
** A record number of Americans are seeking jobs.
** Obama’s trillion dollar stimulus failed.
** Under Obama’s leadership we had four straight years of trillion dollar deficits.
** 8.8 million Americans are on disability.
Now we can confirm that Barack Obama is the Worst Economic President in US history.
In fact, if President Obama could go back in time and find a way to double his GDP performance, he’d still hold the record for the worst economic president in the past 60 years.
You don’t have to be a financial whiz to know that the economy isn’t good. Times are tough, and they’ve been tough for some time. The middle class has shrunk; wealth has diminished; poverty is up; and unemployment, especially for minorities, is nothing short of miserable.
But how bad is it, really?
Up until very recently, this was hard to quantify and thus became in large part a political argument. Today, however, enough time has passed that economists now have data points to scientifically put President Barack Obama’s economic policy in its proper place.
On the old legacy-o-meter, things aren’t looking good for Obama and his supporters, who so desperately wanted him to succeed…
…In an article for Investor’s Business Daily, Anderson writes: “Prior to Obama, the second term of President Bush featured the weakest gains in the gross domestic product in some time, with average annual (inflation-adjusted) GDP growth of just 1.9 percent … but average annual real GDP growth during Obama’s entire first term was less than half as much at a pitiful 0.8 percent.”
That performance will establish Obama firmly as the worst president ever on the economy.
Obama’s GDP growth is less than half as much as the worst president in the past 60 years.
Let that process slowly. That means that if President Obama could go back in time and find a way to double his GDP performance, he’d still hold the record for the worst economic president in the past 60 years.