Washington, D.C. – A new report analyzing the budgets of both the Department of Defense (DOD) and the Department of Housing and Urban Development (HUD), found that between 1998 and 2015, these two departments alone lost over $21 trillion in taxpayer funds.
The shocking report was authored by Dr. Mark Skidmore, a professor of economics at Michigan State University, and Catherine Austin Fitts, former assistant secretary of housing. It notes that the missing funds are a direct result of “unsupported journal voucher adjustments” made to the departments’ budgets.
According to an Office of the Comptroller report:
“Unsupported journal voucher adjustments” are defined as “summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment [receipts, etc.] or are not tied to specific accounting transactions.”
The report notes that, in both the private and public sectors, the presence of such adjustments is considered “a red flag” for potential fraud.
As The Free Thought Project reported last year, the U.S. DOD, specifically the U.S. Army, could not account for $6.5 trillion in 2015 due to “wrongful balance adjustments.”