slaynews.com/news/biden-dod-lost-track-of-220-billion-equipment/
(SNews) – Democrat President Joe Biden’s Department of Defense (DOD) has “lost track” of a staggering $220 billion’s worth of military equipment.
According to a Government Accountability Office report, the DOD, one of the largest federal agencies, has admitted to losing the taxpayer-funded equipment after giving it out to military contractors.
The Pentagon often contracts with third parties for a range of services such as intelligence gathering, weapons development, and transportation.
The DOD will sometimes loan out government property to these contractors.
Such equipment includes ammunition, missiles, and torpedoes.
The purpose of the loaned equipment is to help the contractors accomplish their mission goals.
Unfortunately, the DOD has done a poor job of keeping track of these assets.
The report found that the $220 billion in equipment the agency has lost track of is likely “significantly understated.”
The report also cites lost equipment as one of the reasons the DoD can’t balance its books.
The agency has never passed an audit, and the agency could only account for 39% of its $3.5 trillion in assets during its last audit in November 2022.
This is not a new problem, with auditors first noting the agency had a material weakness in tracking assets in 2001.
Since then, leadership has tried multiple times to create a database to document its assets but has failed every single time.
It has begun the process of starting a database of assets for the eighth time, this time pledging to have a system in place by 2026.
It’s not only fiscally irresponsible for the Pentagon to lose track of $220 billion in assets, but it’s also a risk to national security when the Pentagon loans out weapons without ever following up on what happened to them.
Wow. What was that line from The Hunt For Red October? "Oh, Yuri, have you lost another submarine?" Something like that.
Our tax dollars at work, NOT!
bcheary wrote:
...This is not a new problem, with auditors first noting the agency had a material weakness in tracking assets in 2001...
Yet you claim that Biden lost all of it?
flip1948 wrote:
Yet you claim that Biden lost all of it?
Start with Afghanistan and work your way forward.
We lost a lot in Afghanistan, and quite a lot in the evacuation of Vietnam. I had a buddy, now gone, who was directing the helicopters and planes out of Saigon. Over lunch he figured he single-handed dumped about a half billion dollars of equipment in the China Sea. The parties change, the waste does not.
Disturbing if factual account.
bcheary wrote:
slaynews.com/news/biden-dod-lost-track-of-220-billion-equipment/
(SNews) – Democrat President Joe Biden’s Department of Defense (DOD) has “lost track” of a staggering $220 billion’s worth of military equipment.
According to a Government Accountability Office report, the DOD, one of the largest federal agencies, has admitted to losing the taxpayer-funded equipment after giving it out to military contractors.
The Pentagon often contracts with third parties for a range of services such as intelligence gathering, weapons development, and transportation.
The DOD will sometimes loan out government property to these contractors.
Such equipment includes ammunition, missiles, and torpedoes.
The purpose of the loaned equipment is to help the contractors accomplish their mission goals.
Unfortunately, the DOD has done a poor job of keeping track of these assets.
The report found that the $220 billion in equipment the agency has lost track of is likely “significantly understated.”
The report also cites lost equipment as one of the reasons the DoD can’t balance its books.
The agency has never passed an audit, and the agency could only account for 39% of its $3.5 trillion in assets during its last audit in November 2022.
This is not a new problem, with auditors first noting the agency had a material weakness in tracking assets in 2001.
Since then, leadership has tried multiple times to create a database to document its assets but has failed every single time.
It has begun the process of starting a database of assets for the eighth time, this time pledging to have a system in place by 2026.
It’s not only fiscally irresponsible for the Pentagon to lose track of $220 billion in assets, but it’s also a risk to national security when the Pentagon loans out weapons without ever following up on what happened to them.
slaynews.com/news/biden-dod-lost-track-of-220-bill... (
show quote)
bcheary wrote:
slaynews.com/news/biden-dod-lost-track-of-220-billion-equipment/
(SNews) – Democrat President Joe Biden’s Department of Defense (DOD) has “lost track” of a staggering $220 billion’s worth of military equipment.
According to a Government Accountability Office report, the DOD, one of the largest federal agencies, has admitted to losing the taxpayer-funded equipment after giving it out to military contractors.
The Pentagon often contracts with third parties for a range of services such as intelligence gathering, weapons development, and transportation.
The DOD will sometimes loan out government property to these contractors.
Such equipment includes ammunition, missiles, and torpedoes.
The purpose of the loaned equipment is to help the contractors accomplish their mission goals.
Unfortunately, the DOD has done a poor job of keeping track of these assets.
The report found that the $220 billion in equipment the agency has lost track of is likely “significantly understated.”
The report also cites lost equipment as one of the reasons the DoD can’t balance its books.
The agency has never passed an audit, and the agency could only account for 39% of its $3.5 trillion in assets during its last audit in November 2022.
This is not a new problem, with auditors first noting the agency had a material weakness in tracking assets in 2001.
Since then, leadership has tried multiple times to create a database to document its assets but has failed every single time.
It has begun the process of starting a database of assets for the eighth time, this time pledging to have a system in place by 2026.
It’s not only fiscally irresponsible for the Pentagon to lose track of $220 billion in assets, but it’s also a risk to national security when the Pentagon loans out weapons without ever following up on what happened to them.
slaynews.com/news/biden-dod-lost-track-of-220-bill... (
show quote)
Loss of assets may not be a great as the DOD for obvious reasons but if the other federal agencies ever did an audit of their assets, a similar conclusion would likely be reached.
FrumCA wrote:
Loss of assets may not be a great as the DOD for obvious reasons but if the other federal agencies ever did an audit of their assets, a similar conclusion would likely be reached.
That would not surprise me.
JohnFrim
Loc: Somewhere in the Great White North.
Some 30 years ago I "borrowed" an $80K aircraft power supply from the USAF under an International cooperation agreement so that I could test an item destined for use in fighter jets. The power supply was never returned because it was "tested to destruction" (certificate issued)... we had cut off the power connector and replaced it with our own. Hardly "destroyed," but officially off the USAF books! BTW, this item loan WAS tracked and traceable.
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