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U.S. improper payments reach $186 billion and borrowing climbs to $1.8 trillion, Marc Goldwein notes
Marc Goldwein draws attention to large sums of federal funds lost to improper payments and significant government borrowing.
He notes that the United States made an estimated $186 billion in improper payments last year while borrowing nearly ten times that amount, totaling $1.8 trillion. Goldwein welcomes the Vice President's focus on fighting fraud but cautions that these actions alone will not be sufficient to balance the federal budget.
Goldwein has previously cautioned that persistent U.S. interest rates could add $2 trillion to the federal debt and push interest costs to 30 percent of government revenue, according to a recent analysis. He also warned that current yields are surpassing projections, which may cause U.S. debt to grow by $2 trillion if the trend continues, as noted in an earlier report. These concerns echo his ongoing focus on fiscal risk from rising borrowing and interest expenses.
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