US Wasted $247 Billion in Taxpayer Last Year

dollar banknote on white table

It’s crazy how the US government is handling money. The US government wastes at least $247 billion of taxpayer money every year due to improper payment, with a loss of around $2.4 trillion over the last 2 decades.

They are so bad with money that the country has to hire 20,000 IRS agents with $80 billion funds for managing taxpayer funds. What’s going on here, is 2 + 2 = 4, or is 2 + 2= 3 now? Where did all that money go?

Why this Matters

While many Americans may think that they are the ones heavily affected by this issue. It actually affects the whole global economy on a bigger scale.

As we all know, America is never going to pay off its debt, and to look like it can pay off its debt, the FED can simply “make it look like the debt is okay”. What that means is that as long as the US government can show it has the ability to pay off its debt, then nothing is going to happen.

So let the money printing system go BRRRR

When the U.S. government wants to increase its debt spending, it typically issues Treasury bonds and notes to investors. The Fed can indirectly support this debt issuance by buying these securities in the open market, which can help keep interest rates low and make it easier for the government to borrow money.

It’s actually pretty easy to show on paper that they are able to pay off its debt. To show that it has the ability to pay off its debts, the U.S. government relies on its ability to generate revenue through taxes and other sources of income(which is providing US dollar as the world reserve currency for circulation), as well as its reputation for financial stability and economic growth. The government also has the ability to print more money, although this can lead to inflation if done excessively.

Who is going to take the big L(it means loser if you don’t know😅)? Well, it’s actually the other countries that use the US dollar.

How that Works

You see, countries like Sri Lanka needs to buy oil using USD to run their economy. Since they themselves can’t print money, the only way they can make money is through earning from selling export and services to the global economy.

Since America has control of the US dollar, money printing that causes inflation isn’t going to affect them as much as developing countries. So one can say that the reason for Sri Lanka’s economic fall was largely due to the instability of the dollar.

Other Countries are now saying NO

Many communist countries and developing countries are starting to take notice of how bad the monetary system is in America. And that’s why Saudi Arabia has declared it will be selling its oil in RMB.

It’s obvious, if a country has a lot of trade goods or services they can provide, wouldn’t it make a lot more sense to use their currency for trade?

The US has always been the bad boy in controlling other countries through sanctioning and canceling trade deals. Geopolitical war has always been an in-out fight between China and US.

With oil not being the card that the US can play against, all that is left for the US is TSMC. The US plans to bomb it to prevent China from taking it if they were to invade Taiwan.

What the US Could Do

The most sensible action that the US should actually be doing is showing the world that they can provide stable economic growth. But it looks like they would not be able to do that any longer.

Countries around the world have started losing confidence in the dollar. With more screw-ups happening to the money system and fraudulent acts in America with money handling (Credit union fraud rates increased by more than 70% in 2022). The de-dollarization is happening faster than we can anticipate.

So to the IRS, 2 + 2 =4 and there shouldn’t be any debate about that. Work on building trust in your economic system if you want countries to work with you.

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