Federal Agencies Blow $50 Billion In Seven Days To Close Out FY 2017 Budgets – ValueWalk Premium
Big Government

Federal Agencies Blow $50 Billion In Seven Days To Close Out FY 2017 Budgets

Every September, U.S. government bureaucrats go on a spending spree to burn through all of the money they’ve been approved to spend by Congress before the federal government’s fiscal year ends at the end of the month.

Know more about Russia than your friends:

Get our free ebook on how the Soviet Union became Putin's Russia.

We respect your email privacy

Q2 hedge fund letters, conference, scoops etc

Big Government

Proulain / Pixabay

2018 is no different, except for the magnitude of this year’s federal spend-a-thon, where the bipartisan budget deal President Trump signed in February authorized much more spending than would have happened without the deal.

Given that kind of license to spend, bureaucrats are now making a lot of really questionable purchases using your tax dollars and money they’ve had to borrow just to spend as much as they’re now allowed to spend. Elizabeth Harrington of the Washington Free Beacon reports on some of the more wasteful ways that Washington D.C.’s bureaucrats spent money before the clock on the 2017 fiscal year ran out last September:

Federal agencies spent millions on cars, scooters, fidget spinners, and shuffleboards in an attempt to exhaust their budgets before they ran out at the end of the fiscal year.

An analysis of federal spending by OpenTheBooks.com shared with the Washington Free Beacon reveals 67 agencies and departments spend nearly $50 billion closing out their fiscal year 2017 budgets.

The “spending frenzy” totaled nearly $50 billion in seven days.

That was during the last seven days of September 2017, when federal bureaucrats spent $1 of every $9 the U.S. Congress had authorized for them to spend in the entire 2017 fiscal year.

In 2018, the numbers are going to be even bigger!

This article was reprinted with permission from the Independent Institute.

This article was originally published on FEE.org. Read the original article.

Saved Articles