The National Debt has Doubled in a Decade: So What Did We Buy?

–How is Our Tax Money Spent?

 

One Mystery After Another

Well, today I found an incredible online tool to tell you exactly how your tax money is spent. www.usaspending.gov has a tool that lets you know where you’re money is spent, and even more importantly how we don’t know which portions are spent. What are they spending it on? Well, using this tool, you can see as much transparency as you’re going to get. In spite of this, much of it isn’t up to date, but all of the available data paints in 4k.

 

For example, I made it my mission today to look into a peculiar entity called The Export-Import Bank of the United States. It has around a $780,000,000 budget. Of this budget, for the fiscal year 2018, $649,000,000 is unreported. The recipient of the highest reported amount was made to Guident Technologies Inc. You can visit Giudent on LinkedIn here, but if you try to link to their website, it hasn’t been set up. This is in spite of the fact that they are an IT company, specializing in government data storage. Still, they are a private contractor. You would think, like other recipients of the Export-Import bank’s money, they would at least have a website. For an IT company, lack of a website is not the best image.

What We Can Figure Out

To make the swamp-waters even nearly opaque, the $649 million dollars that isn’t accounted for. In 2017, the Export-Import bank only received $217 million dollars, $80 million of which is still unaccounted. Over 60 million went to pay salaries. This is aside from paying Guident Technologies well over a million dollars to run databases. The inspector general of the Export-Import Bank made $5.9 million dollars. Since Trump has claimed to drain the swamp, the budget for this organization has tripled, with nearly a billion dollars in unaccounted for expenditures.

Some of the smash hit investments this incredible institution has made include Enron and Solyndra. In 2012, the bank gave over 80% of its loans to Boeing customers. I would only surmise that among those loans, Ethiopia and a number of 737 airplanes were included. The whole institution appears to be a bipartisan slush fund for the Government to pay back the corporations that pay to elect them. So in order to be more fiscally responsible, we tripled the budget of this institution.

Get Rid of It

Frobes contributor Doug Bandow wrote in 2014,”The agency piously claims not to provide subsidies since it charges fees and interest, but it exists only to offer business a better credit deal than is available in the marketplace. The Bank uses its ability to borrow at government rates to provide loans, loan guarantees, working capital guarantees, and loan insurance.”

This one of many swamp waters that our President has promised to drain, but as of this year, the Export-Import bank has already spent nearly 40 million dollars.  $14,430,000 dollars have been spent on Personnel Compensation. I ask, “To do what exactly?” They have already given over $600,000 to the Omni hotel, a rather lavish place to stay in D.C. I have stayed there. It was a one-night thing because it is a luxury place where breaking a teapot may mean you have to sell your car to pay them back.

What these guys are doing with the budget is ludicrous. Trump has not mad good on his promise to drain the swamp. In fact, he has made it murkier. We’ve already spent 1.7 trillion dollars, and a significant chunk has gone to the Export-Import Bank, an entity that pays incredible salaries to do things of which no one is really sure. By all means, triple their budget again next year and then declare a budget cut. It’s time for the President to deliver on his promises. I would fear the wrath of supporters who may turn against him.

 

All stats can be found using this amazing tool.

Here is a video showing how Forbes tracked Department of Defense Lobster Spending: Lobsters eat fish dookie.

 

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