In this day and age of inflation, it’s frustrating when a huge amount of money goes to waste. This is particularly true with unemployment insurance, as a recent report from the Department of Labor suggests that a large amount of payments were made improperly.
Per a recent report from The Epoch Times, the report from the DOL’s Inspector General suggests that more than $77 billion of employment insurance payments last year were made improperly – out of $413 billion, overall. It also notes that “DOL published an unknown payment rate of 0.21 percent, which resulted in estimated unknown payments of $865 million. These estimates were based on a statistical estimation approach that met a 95 percent confidence level, plus or minus three percent.”
As a result, Rep. Rick Allen (R-Ga.) noted that he’s looking into co-sponsoring legislation to fight back against what he deems “wasteful federal spending.” He said, “It’s unacceptable that criminals utilized a global health crisis to defraud the United States government’s unemployment programs. Even worse, the misguided Biden administration policies, which discouraged people from going back to work, incentivized scammers to steal more money from the American taxpayer. Congress must now fulfill its oversight duties and help hold these criminals accountable.”
Joining us now to discuss this matter is Devlyn Steele, who currently serves as director of education for Augusta Precious Metals. His company specializes in following economic matters, so his insight on this topic should prove particularly useful.
- How frustrating is it to see criminals take advantage of an unemployment system when so many other people are in need of that money, especially now?
- What resolution do you believe could work best when it comes to balancing out how unemployment insurance is paid out? Or is there one that can be found?
- Do you believe that so much money slipped through the fingers of insurance agents merely because of how they accepted what COVID-19 conditions were? Or do you believe those filing false cases tried something more elaborate?
- Could this trend of “improperly paid payments” continue for this year? We haven’t heard too much on it yet, but COVID’s still out there.
- You work for Augusta Precious Metals. What might Augusta offer folks who perhaps are looking for ways to shore up their holdings in the face of a growing number of economic challenges right now – to include those stemming from the possible mismanagement of taxpayer revenue and other of the nation’s financial resources?
- Where may we get more information on acquiring tangible assets that may act as a hedge against inflation, in particular?
Answer: AugustaPreciousMetals.com. On a side note, former professional football player Joe Montana serves as one of our spokespersons.
About Devlyn Steele:
Devlyn Steele began in 1983 as a financial analyst for Butler Aviation and went on to work for UPS and People’s Express Airlines. As his career has progressed, he’s been an analyst in various industries, from finance, manufacturing, and technology to venture capital and more. He has sat on the boards of several Silicon Valley and technology companies and still does.
He is a member of the Harvard School of Business analytics program and predicted the housing crash in 2008 and the rise in gold and silver that followed.
Devlyn is an avid investor in all markets: real estate, stocks, gold and silver, and cryptocurrencies, and is a gold bull.
Devlyn is the director of education for Augusta Precious Metals. His focus as an analyst is primarily on Federal Reserve policies that can affect the dollar and precious metals.
CONTACT: To schedule an interview with Devlyn Steele, email jerry.specialguests@gmail.com.
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