President Trump ordered a full audit of the DOD (Department of Defense) when he took office. That audit is in full swing now and is being handled by over 1200 outside auditors.
Businesses typically are audited yearly. Not so the government or it’s different departments. Any entrepreneur worth their salt knows that regular audits are part of running things efficiently.
Years (in this case DECADES) of avoiding that audit have come to a halt under President Trump. A full and complete audit has been ordered. The DOD is so massive it is being handled by 1200 outside auditors.
Forbes Magazine Writer Laurence Kotlikoff, and Mark Skidmore, a Professor of Economics at Michigan State University first published the discrepancy of the money early in 2016.
According to Professor Skidmore, he discovered: “Given that the entire Army budget in fiscal year 2015 was $120 billion, unsupported adjustments were 54 times the level of spending authorized by Congress”.
“Given that the entire Army budget in fiscal year 2015 was $120 billion, unsupported adjustments were 54 times the level of spending authorized by Congress” – Professor Mark Skidmore
According to the article in Forbes,“Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?” By Laurence Kotlikoff
Forbes magazine, Dec 8, 2017
Quoting from the article, with [inserts by this author]
“I am co-authoring this column with Mark Skidmore, a Professor of Economics at Michigan State University.”
Note, after Mark Skidmore began inquiring about OIG [Office of the Inspector General]-reported unsubstantiated adjustments, the OIG’s webpage, which documented, albeit in a highly incomplete manner, these unsupported “accounting adjustments,” was mysteriously taken down.[in 2016]
Fortunately, Mark copied the July 2016 report and all other relevant OIG-reports in advance and reposted them here. Mark has repeatedly tried to contact Lorin Venable, Assistant Inspector General at the Office of the Inspector General. He has emailed, phoned, and used LinkedIn to ask Ms. Venable about OIG’s disclosure of unsubstantiated adjustments, but she has not responded.
Given that the entire Army budget in fiscal year 2015 was $120 billion, unsupported adjustments were 54 times the level of spending authorized by Congress. The July 2016 report indicates that unsupported adjustments are the result of the Defense Department’s “failure to correct system deficiencies.”
The result, according to the report, is that data used to prepare the year-end financial statements were unreliable and lacked an adequate audit trail.” — states the article by Kotlikoff and Skidmore
It is unclear if the findings of Kotlikoff and Skidmore triggered the audit or if President Trump just decided it was about time.
In any case FINALLY an audit is happening.
The news coming out of that audit is that they are looking for that 21 TRILLION Dollars in potentially secret DOD spending. Let that sink in 21 TRILLION. This is what that number looks like:
Let’s look at what 1 billion dollars ( in $100 bills) looks like.
1 million dollars $1 BILLION in $100 bills double stack pallets
Now that you have the scale.
Here is 1 TRILLION
$1 TRILLION Dollars in double stacked $100 bill pallets – check the person on the lower left side
It is not clear if the 21 Trillion is truly missing yet or just “recorded wrong”. Oops. My bad, just missed putting that in. (a little hard to do with a number that has 12 ZEROS)
The Army did step up and say they had “lost and found” a few pieces of equipment.
They had “misplaced” $830 million worth of helicopters.
The years being audited are from 1998-2015.
Source: CSC MediaGroup USA