Agree completely.
But aside from the ineffectiveness of programs, there is a ton of money that just is flat out wasted by an unnecessary layer of bureaucracy. A good case in point was published last month in AARP's "What An Outrage! - The Money That Got Away" by Elizabeth N. Brown.
A 2007 Audit revealed that the government overpaid lending corporation Nelnet 278 million dollars, thanks to a loophole that allowed the company to bill the government at a higher-than-market 9.5 percent interest rate.
But instead of re-couping the money, the Education Dept. struck a deal whereby Nelnet would stop collecting at this rate - if the dept. agreed not to seek reimbursement. And it didn't stop with Nelnet - Potential overpayment's to other lenders could reportedly total an additional 330 million.
Education secretary Margret Spellings shut down any future payments at the high interest rate but has said that the dept. doesn't plan to investigate exactly how much was overpaid!
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Agree completely. But aside from the ineffectiveness of programs, there is a ton of money that just is flat out wasted by an unnecessary layer of bureaucracy. A good case in point was published last month in AARP's "What An Outrage! - The Money That Got Away" by Elizabeth N. Brown. A 2007 Audit revealed that the government overpaid lending corporation Nelnet 278 million dollars, thanks to a loophole that allowed the company to bill the government at a higher-than-market 9.5 percent interest rate. But instead of re-couping the money, the Education Dept. struck a deal whereby Nelnet would stop collecting at this rate - if the dept. agreed not to seek reimbursement. And it didn't stop with Nelnet - Potential overpayment's to other lenders could reportedly total an additional 330 million. Education secretary Margret Spellings shut down any future payments at the high interest rate but has said that the dept. doesn't plan to investigate exactly how much was overpaid!