Welcome back to On The Point, I’m Greg C. Truax.
Washington loves to talk about “investments.” Let’s talk today about losses.
The Government Accountability Office estimates taxpayers lose up to $521 billion a year to improper payments—fraud, waste, and sheer incompetence.
Yes, every program with a pulse should be audited. Now here’s the hard truth: Even if we end the highest estimate of improper payments—about $5 trillion over a decade—that still wouldn’t fix a projected $24 trillion deficit. The real drivers? Social Security, Medicare, Medicaid, and exploding interest costs.
Misspent taxpayer dollars is outrageous. But arithmetic is stubborn. If we are serious about balancing the books, entitlement reform isn’t optional—it’s inevitable.
From the NewsTalk 1040 studios, I’m Greg C. Truax.
Greg C. Truax is president of GCTMediaGroup, a film production studio, online magazine publisher, radio commentator, and creator of written and broadcast opinion commentary.