Reuters: Pentagon Has “Lost” $8.5 Trillion Of Taxpayer Money Since 1996

Reuters: The Pentagon has “lost” $8.5 trillion of taxpayer money since 1996

"The Pentagon, headquarters of the United States Department of Defense, taken from an airplane in January 2008." Picture by David B. Gleason, Wikimedia Commons (CC_BY-SA_2.0) https://creativecommons.org/licenses/by-sa/2.0/deed.en
“The Pentagon, headquarters of the United States Department of Defense, taken from an airplane in January 2008.” Picture by David B. Gleason, Wikimedia Commons (CC_BY-SA_2.0) https://creativecommons.org/licenses/by-sa/2.0/deed.en

An often-repeated mantra in American politics, mostly (but not exclusively) coming from Republicans, is that the U.S. government should stop “wasting” the hard-earned tax dollars of its citizens.

Usually the proposed solution in Washington then involves some cuts to social programs that disproportionately affect the poor and middle classes. Examples of this modus operandi are cuts to food stamp programs as earlier in 2013.

One department to spend it all

But there is one institution that, according to the mainstream consensus in both the GOP and the Democratic Party, can never have enough funding: the Department of Defense.

Despite the fact that the official military spending of the U.S. unmistakably dwarves that of all other potential rival nations, i.e. China and Russia, lobbyists from defense contractors and the politicians who cannot wait to enter the revolving door after retiring from politics would have the American public believe that unless military spending increases, or is at least kept at its current level, the terrorists and communists might invade Kansas next week.

Don’t audit me, bro!

According to an investigative report by Reuters, the Pentagon cannot account for $8.5 trillion in military spending since 1996. That money is gone and supposedly nobody knows where it went.

Just in case you wonder: In 1996, a law was passed by Congress to audit the Pentagon. But the Pentagon never complied.

Just let that sink in. It is not hundreds of thousand of dollars. It’s not millions of dollars. It’s $8.5 trillion!

My hunch is that if one were to look for “wasteful government bureaucracies,” the DoD would be an excellent place to start.

Read more:

[Video + Article] “Want to Cut Government Waste? Find the $8.5 Trillion the Pentagon Can’t Account For.” (Lauren, Lyster, Daily Ticker, Yahoo Finance, 2013/11/25)

 

Wall Street Threatens To Cancel GOP Fundraising

Wall Street firms are threatening to cancel GOP fundraising over banking tax proposal

Image: "Wall Street sign on Wall Street" by JSquish, Wikimedia Commons (CC_BY-SA_3.0) http://bit.ly/1kvyKWi
Image: “Wall Street sign on Wall Street” by JSquish, Wikimedia Commons (CC_BY-SA_3.0) http://bit.ly/1kvyKWi

Wall Street firms are threatening to turn off the money hose that fuels Republican election campaigns, according to a recent article in Politico. One GOP lobbyist told Politico that “commitments for big-dollar fundraising have been “canceled for the foreseeable future.”

What happened? Rep. Dave Camp had proposed a tax bill that would cut into the profits of large private equity firms.

Lobbyists from the big banks, among them Bank of America, Goldman Sachs, and JPMorgan, are trying to stop the proposal in its tracks.

And they seem to be quite successful. House Majority Leader Eric Cantor (R-Va.) backpedaled and told lobbyists that Camp’s proposal was just a “draft.”

At the same time, Democrats are rubbing their hands over potential campaign funds coming their way. The head of the Consumer Bankers Association put it this way:

[T]here’s no doubt some champagne corks were unleashed in Democratic circles last night. They got an early election gift

Democracy in America, 2014.