The US government accidentally sent out a whopping $162 billion in erroneous payments during the 2024 fiscal year (October 1, 2023 – September 30, 2024), according to a new report by the Government Accountability Office (GAO).
What Went Wrong?
These payment errors cover a wide range of mistakes, from simple administrative flubs to outright fraud. Some payments were too high, some too low, and in some cases, the government couldn’t even figure out if the payment was correct due to poor record-keeping. Even when the right amount was sent, the payment might have violated government rules.
The Scale of the Problem
The GAO’s report highlights a serious issue: twelve out of twenty-four federal agencies had major problems with their payment systems. This is especially concerning since the government already spent $1.8 trillion more than it earned that year. With a national debt exceeding $36 trillion, these errors add insult to injury.
Fixing the Problem
The GAO is urging federal agencies to seriously overhaul their financial processes. They emphasize the importance of sound financial management for the country’s economic stability and ability to handle unexpected events. The message is clear: better bookkeeping is crucial.