Obamacare Stashed $9 Billion In Private Bank Accounts

The controversial “Obamaphone” program, which pays for cellphones for the poor, is rife with fraud, according to a new government report released Thursday that found more than a third of enrollees may not even be qualified.

Known officially as the Lifeline Program, the phone giveaway became a symbol of government waste in the previous administration. Now a new report from the Government Accountability Office bears out those concerns.

The report, requested by Sen. Claire McCaskill, Missouri Democrat, also says the program has stashed some $9 billion in assets in private bank accounts rather than with the federal treasury, further increasing risks and depriving taxpayers of the full benefit of that money…

“We’re currently letting phone companies cash a government check every month with little more than the honor system to hold them accountable, and that simply can’t continue,” she said.

If we are not getting the benefit of that money, that means it is accruing interest that somebody is enjoying. Where is that interest going? What private accounts has it been placed in? How is its spending being tracked? Why was it done that way?

And on top of it, there are almost certainly a lot of ghost Obamaphones out there that don’t actually exist, but which the government has paid for.

Not really surprising. Peak r is going to be marked by corruption and graft of the highest order, because when resources are free, nobody cares enough about them being wasted to fight it.

It gives you an idea how much Trump has to deal with though.

Tell everyone about r/K Theory, because unlike government, it isn’t ripping you off