the staff of the Ridgewood blog
Washington DC, GOP members of the House Ways & Means Committee (with the help of agency Inspector Generals), released their findings which discovered that in the unemployment benefit program, only $1 billion (out of up to $163 billion in fraud) has thus far been recovered. So 99.1% of fraudsters got away with it.
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In New Jersey we have reported many cases including a Paterson man who with the help of an alleged accomplice submitted more than 100 fraudulent claims for federal COVID-19-related unemployment benefits that resulted in more than $1.2 million in payments pleaded guilty to wire fraud on Friday, federal prosecutors said.
The UI fraud rate was 18%. Private insurance companies, credit card companies, and banks have fraud rates of roughly 2%. If they were anywhere 18% they’d be out of business tomorrow. But, Uncle Sam keeps passing out the free money.
As for “stimulating the economy,” reports show that tens of billions of dollars went to fraudsters in Africa and China. Some stimulus!