A shocking new study reveals a staggering 50% of the pandemic relief money may have been “stolen” or fraudulently obtained during the COVID-19 crisis.
“Criminals may have stolen as much as half of the unemployment benefits the U.S. has been pumping out over the past year, some experts say,” reports Axios. “Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security.”
— New York Post (@nypost) June 10, 2021
“Blake Hall, CEO of ID.me, a service that tries to prevent this kind of fraud, tells Axios that America has lost more than $400 billion to fraudulent claims. As much as 50% of all unemployment monies might have been stolen, he says,” adds the website.
Read the full report here.
INFLATION NATION: Prices Rise at Fastest Pace Since OBAMA’S First Year, Inflation Up 4.2% in April
The Consumer Price Index surged by the fastest rate since 2008 in April according to new statistics released by the federal government; raising serious concerns over inflation as the government spends trillions in new debt.
“Inflation in April accelerated at its fastest pace in more than 12 years as the U.S. economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday,” reports CNBC.
“The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year earlier. A Dow Jones survey had expected a 3.6% increase. The month-to-month gain was 0.8%, against the expected 0.2%,” adds the financial website.
“As the cyclically-sensitive components of CPI are still rising at a modest pace, we doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics. “It’s just that there’s a lot more ‘transitory’ than they were expecting.”
This is a developing story. Check back for updates.
INFLATION NATION: Prices Rise at Fastest Pace in 28 YEARS, Numbers Not Seen Since 1993
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”