- A sampling of credit card usage found that almost two dozen Pentagon employees charged $8,544 to their government credit cards for personal use, of which some of those dollars were obtained by using ATMs at casinos.
- This came out in a follow up audit from 2015 where the inspector general found that over $1 million had been improperly charged to government credit cards by Pentagon employees.
- The latest inspector general probe confirmed that Pentagon management had not taken enough appropriate action after the first audit found the misspending.
- One Navy civilian employee was found to have misspent almost $30,000 of taxpayer wealth at casinos and other locations even though that employee had been explicitly identified in the first audit.
- In addition, the latest audit found that of the 29 employees reviewed, 22 were improperly reimbursed for 131 vouchers totaling $8,544 during the review period. Thus, over 70% of those audited had misused their government credit cards.
- The original audit found that 4,427 improper credit card transactions totalling $952,258 were done at casinos and 900 transactions were done at “adult entertainment establishments” between July 2013 and June 2014.
- The doubling of the national debt in eight years.
- Four consecutive years of having an annual Federal budget deficit of over a trillion dollars.
- So far, incurring the seven highest annual Federal budget deficits in the history of the country.
- Raising the national debt to annual total GDP ratio to over 100% from only 60% when Obama took office.
- Horrific budget management that will burden future generations of Americans with really heavy debt loads and interest payments.
- The budget deficit in 2016 is likely to rise again after falling for a few years down, from the whopping trillion dollar deficits earlier in the Obama Presidency.
- Not only are the budget deficits likely to start rising again but a recent analysis from the Congressional Budget Office (CBO) predicted that this year’s budget deficit will be $50 billion higher than they last estimated.
- This year’s budget deficit is now estimated at $590 billion, a deficit that would require every U.S.household to pay an additional $5,000 or so in incremental income taxes to cover.
- This is a 35% deficit increase in just one year from 2015 to 2016.
- The CBO expects trillion dollar deficits to return by as soon as 2024 unless Washington gets its act together.
- Within ten years, at the current spending rate, the national debt load will be up to $28 TRILLION, almost triple what it was when Obama took office.
- If interest rates jump up unexpectedly, then the debt increase would be even more dramatic.
- And no amount of tax increases will overcome the anticipated spending increases of the Federal government.
- Only four spending categories, Social Security, Medicare, Medicaid, and interest on the debt will eat up the majority of Federal government spending, going from 69% of the Federal budget today to 77% in ten years.
- Think about that last number: three out of every four dollars spent in ten years will be on these programs with far less left for the military, infrastructure improvements, welfare assistance, education, and other functions.
- Annual interest on the national debt by itself will triple over the next ten years.
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