Hey, buddy, can you spare $300 billion? $300 billion is the amount of money that the Government accountability office (GAO) has estimated that has been squandered. This is not money that we used for the bailout. Instead, this is money that we have appropriated to the Pentagon for weapons systems. These weapons systems have been underbid, over budget or in some cases not even built. Yet, the Pentagon keeps throwing money at these contractors. (GAO report – all 205 pages of it)
Great Video below.
Government auditors issued a scathing review yesterday of dozens of the Pentagon’s biggest weapons systems, saying ships, aircraft and satellites are billions of dollars over budget and years behind schedule.
The Government Accountability Office found that 95 major systems have exceeded their original budgets by a total of $295 billion, bringing their total cost to $1.6 trillion, and are delivered almost two years late on average. In addition, none of the systems that the GAO looked at had met all of the standards for best management practices during their development stages.
Auditors said the Defense Department showed few signs of improvement since the GAO began issuing its annual assessments of selected weapons systems six years ago. “It’s not getting any better by any means,” said Michael Sullivan, director of the GAO’s acquisition and sourcing team. “It’s taking longer and costing more.” (more… )