Connect with us

Uncategorized

House Committee Chair Calls For Probe Into ‘$60 Billion’ In Fake COVID-19 Unemployment Claims

House Committee Chair Calls For Probe Into ‘$60 Billion’ In Fake COVID-19 Unemployment Claims

Authored by Katabella Roberts via The Epoch…

Published

on

House Committee Chair Calls For Probe Into '$60 Billion' In Fake COVID-19 Unemployment Claims

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

House Ways and Means Committee Chairman Jason Smith (R-Mo.) is calling for an investigation into the “historic theft of taxpayer dollars from COVID-era unemployment programs” after a report by the Government Accountability Office (GAO) found that as much as $60 billion may have been spent on fraudulent claims for unemployment insurance during the pandemic.

People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, on June 18, 2020. (Bryan Woolston/Reuters)

The report, released on Jan. 23, said that the Department of Labor (DOL) stated that about $878 billion in total unemployment benefits were paid from April 2020 through September 2022.

GAO said that at least $4.3 billion in unemployment insurance (UI) fraud has been formally confirmed by state workforce agencies, while at least $45 billion in payments have been flagged for potential fraud by the DOL’s Office of Inspector General.

The federal government started an unemployment aid program in March 2020. GAO added that it’s difficult to know for sure the extent of fraud in unemployment insurance programs across the system during the pandemic.

For example, it noted that the Labor Department, based on states’ reviews of samples of claims, estimates that as much as $8.5 billion was spent on fraudulent UI claims in 2021.

According to GAO, if that level were to be extrapolated to total spending across all UI programs during the wider pandemic period, it would suggest more than $60 billion in fraudulent payments were made.

People who lost their jobs wait in line to file for unemployment at an Arkansas Workforce Center in Fayetteville, Ark., on April 6, 2020. (Nick Oxford/Reuters)

‘Hard-Earned Tax Dollars Lost to Criminal Activity, Fraud’

The report notes, however, that the figure is an estimate, subject to limitations regarding its validity and accuracy, and should be “interpreted with caution” while the actual amount is unclear.

In a statement on Monday, Smith said that the GAO report “only scratches the surface of what is publicly known about the unprecedented scope, size, and severity of the fraud.”

This report proves what Republicans have already been saying. American families, whose wages have eroded under President [Joe] Biden’s inflation crisis, have watched as hundreds of billions of their hard-earned tax dollars were lost to criminal activity and fraud because Democrats refused to acknowledge the problem and repeatedly rejected Republican efforts to put basic safeguards in place to protect against this activity,” Smith said.

“Congressional Democrats walked away from their oversight responsibilities of getting to the bottom of how this happened, what they could do to prevent it, and even how much has fully been lost, leaving criminals to profit off the backs of taxpayers. Republicans are committed to investigating fraud and conducting rigorous oversight on behalf of working families,” he added.

The Missouri lawmaker also pointed to testimony (pdf) by DOL Inspector General Larry D. Turner in March last year stating that at least $163 billion in pandemic UI benefits could have been “paid improperly, with a significant portion attributable to fraud.”

According to The Washington Post, the government has so far recovered just over $4 billion of that, which amounts to just 2.4 percent of the wrongful payments.

In this photo illustration, a person files an application for unemployment benefits in Arlington, Va., on April 16, 2020. (Olivier Douliery/AFP via Getty Images)

Actual Unemployment Fraud Figure Could Be Much Higher

Smith also pointed to estimates by experts including Blake Hall, CEO of ID.me, who told Axios in 2021 that as much as $400 billion went on fraudulent unemployment claims. Half of all unemployment spending may have been stolen, Hall told the publication.

A statement issued in September 2022 by the DOL inspector general said that more than 190,000 investigations relating to UI fraud have been opened since the start of the pandemic, but so far just over 1,000 individuals have been charged.

While GAO noted in its report that the DOL has taken steps to address fraudulent jobless benefits, such as issuing guidance, providing funding to states, and deploying teams to recommend improvements to state unemployment insurance programs, the watchdog noted that as of December 2022, the department has “not yet developed an antifraud strategy based on leading practices in GAO’s Fraud Risk Framework.”

Read more here...

Tyler Durden Wed, 01/25/2023 - 17:40

Read More

Continue Reading

Uncategorized

Macro: Consumer Sentiment — K-shaped

Here’s a good visual of the K-shaped recovery from the pandemic. This is top the 1/3 in income versus the bottom 1/3 (terciles). The K would likely get…

Published

on

Here’s a good visual of the K-shaped recovery from the pandemic. This is top the 1/3 in income versus the bottom 1/3 (terciles). The K would likely get even more distinct if we looked at quartiles, quintiles and deciles.

 

 

Disclaimer: This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at info@alhambrapartners.com.

Read More

Continue Reading

Uncategorized

Tri-City to partner with UC San Diego Health in delivering world-class medical care

After open public discussion and a unanimous board vote, Tri-City Healthcare District (“Tri-City” or “District”) announced yesterday that UC San…

Published

on

After open public discussion and a unanimous board vote, Tri-City Healthcare District (“Tri-City” or “District”) announced yesterday that UC San Diego Health has been selected as the District’s future health care partner. A Joint Powers Agreement will now be co-developed that allows UC San Diego Health to provide administrative, clinical and operational management for all health care services with direct input and guidance from a diverse community board. Under the future agreement, UC San Diego Health will partner with Tri-City’s Board, medical staff, employees and the community to offer the region affordable, accessible and high-quality health care services across the full range of specialties. 

Credit: Tri-City Healthcare District

After open public discussion and a unanimous board vote, Tri-City Healthcare District (“Tri-City” or “District”) announced yesterday that UC San Diego Health has been selected as the District’s future health care partner. A Joint Powers Agreement will now be co-developed that allows UC San Diego Health to provide administrative, clinical and operational management for all health care services with direct input and guidance from a diverse community board. Under the future agreement, UC San Diego Health will partner with Tri-City’s Board, medical staff, employees and the community to offer the region affordable, accessible and high-quality health care services across the full range of specialties. 

“We are delighted that Tri-City has chosen UC San Diego Health as its strategic and operational partner in its efforts to revitalize its 60-plus year legacy as an award-winning community hospital,” said Patty Maysent, CEO of UC San Diego Health. “We recognize that the Board and Tri-City’s team of physicians, nurses and staff care deeply about delivering care close to home — and UC San Diego Health shares this vision. We look forward to collaborating with the Tri-City team to stabilize, expand and transform access to the hospitals’ services and facilities so that all patients throughout North County can continue to access high-quality care, locally.”

“Yesterday, the Board executed a vision to better the lives of North County residents, creating a monumental shift in the way health care will be delivered for generations to come. In choosing UC San Diego Health, Tri-City Medical Center augments its renowned stroke, heart attack, orthopedic, spine and robotic care with world-class specialty care,” said Gene Ma, CEO, Tri-City Medical Center. “UC San Diego Health’s national recognition for quality outcomes and innovation in information technology, along with its status as the region’s only academic medical center, were key drivers of the decision. Ultimately, patients will benefit from access to a leading-edge health care destination.”

“I want to express our profound appreciation for the unwavering dedication of our board members and the invaluable input from our community throughout this pivotal decision-making process,” said Tracy Younger, chairperson, Tri-City Healthcare District Board of Directors. “The active participation of our community members has been instrumental in shaping our choice, ensuring that high-quality health care services in North County remain accessible.”

Once a final agreement is in place, UC San Diego Health expects to support and strengthen Tri-City’s full-service community hospital vision and ongoing stewardship of community health care needs through investment in the medical campus, clinical programs and provider network. UC San Diego Health will collaborate with Tri-City’s existing staff and regional providers to develop and supplement specialty programs and broaden primary and specialty care networks. 

“This partnership with Tri-City represents a unique and compelling opportunity for two public organizations to come together with the common goal of expanding and deepening the network of care in North County,” said UC San Diego Chancellor Pradeep K. Khosla. “We look forward to working with the talented team at Tri-City to reliably increase North County residents’ access to nationally-recognized care and develop new access points in the communities where patients live and work.” 

“We are proud to join forces with Tri-City, an organization that shares UC San Diego Health’s longstanding mission to ensure comprehensive, equitable care for all members of the communities we serve. This partnership builds off our recent acquisition of Alvarado Hospital Medical Center, a community hospital serving eastern San Diego, and will enable UC San Diego Health to continue to grow its health care network throughout the county and provide more San Diegans with access to affordable, world-class medical care, right where they live,” said John Carethers, MD, vice chancellor of Health Sciences, UC San Diego. 

Expanding Specialty Programs at UC San Diego Health – Tri-City

In collaboration with Tri-City’s medical staff and regional providers, UC San Diego Health plans to expand new and existing specialty programs at Tri-City, including services for pregnancy and gynecology, cancer, cardiovascular, neurosurgical, behavioral health and other needs. 

“Through investments intended to modernize facilities and technologies designed around the future of care delivery, UC San Diego Health expects to partner with Tri-City to enhance its clinical quality and patient experience as well as its cyber security infrastructure. This will be achieved, in part, by restarting or introducing critical medical and surgical services while simultaneously upgrading and protecting its technology infrastructure and information systems,” said Christopher Longhurst, MD, chief medical officer and chief digital officer at UC San Diego Health. “As a pediatrician living in North County, I am absolutely thrilled to be part of the journey forward with the Tri-City team.”

Labor and Delivery will be an immediate focal point of the future agreement, with the goal of re-establishing the service, enhancing the capabilities of the hospital and ultimately positioning the campus as a destination center for pregnancy care in North County. Leveraging the capabilities of UC San Diego Health’s obstetrics and gynecology program, which is ranked No. 15 nationally, UC San Diego Health will immediately begin the planning process to establish a wide array of programs and services at Tri-City, including eventually reopening the Labor and Delivery service.

“With close to 5,000 deliveries a year and a top-20 ranking program nationally, we are very proud of the obstetrics and gynecology care services we provide at UC San Diego Health. As a North County resident myself, I am incredibly excited to partner with the Women’s Health Services team at Tri-City to plan to resume labor and delivery services and expand the infrastructure serving mothers and newborns in North County,” said Cynthia Gyamfi-Bannerman, MD, chair of the Department of Obstetrics, Gynecology, and Reproductive Sciences at UC San Diego School of Medicine.

As the only NCI-Designated Comprehensive Cancer Center in San Diego, UC San Diego Health also hopes to extend its capabilities to Tri-City to provide patients with access to the latest advancements in cancer care. The redevelopment plans for Tri-City could include services including infusion center, radiation oncology, cancer clinics, clinical trials, genetic counseling and testing, and patient counseling and therapy.

Partnership Model

Under the Joint Powers Agreement, UC San Diego Health has proposed to assume rights and title to District-owned assets as well as day-to-day operational responsibility for the operation of health care services for the District. The intention is to create a nine-member Community Board, which will be comprised of two appointees from the District Board, two members from the Tri-City medical staff and five members appointed by the UC San Diego Health Executive Governing Board. The Community Board would provide advice and recommendations to UC San Diego Health on strategic, operational and financial decisions relevant to its growth strategies in the District’s communities. Providers would participate in an open medical staff. 

About UC San Diego Health

UC San Diego Health is one of five academic medical centers within the University of California. It is a 799-bed academic health system with primary, same-day and specialty care clinics throughout the region.

As part of its 10-year vision, UC San Diego Health is taking a systematic approach to improving timely access to its services and care. Already underway, UC San Diego Health is revitalizing its medical center campus in Hillcrest, where a new outpatient surgical center is scheduled to open in 2025. Planning for a new replacement hospital is occurring now. Simultaneously, new clinics are opening throughout the region. 

UC San Diego Health is comprised of UC San Diego Medical Center in Hillcrest and Jacobs Medical Center, Sulpizio Cardiovascular Center, Moores Cancer Center, Shiley Eye Institute, Koman Family Outpatient Pavilion and Altman Clinical and Translational Research Institute, all in La Jolla. UC San Diego Health has an existing presence in North County with an office in Vista that focuses on express care, lab services, cancer services, infusion therapy and internal medicine.

UC San Diego Health is the No. 1 ranked hospital in San Diego by U.S. News & World Report and recently achieved the prestigious national honor roll status. It was recognized as a top performer in the 2023 Bernard A. Birnbaum, MD, Quality Leadership Ranking by Vizient, Inc.

UC San Diego Health is also recognized as having the highest level of safety from The Leapfrog Group, with “A” grades. Further, the Centers for Medicare & Medicaid Services recognized UC San Diego Health as a five-star institution for the quality of our care. More information will be shared on health.ucsd.edu. 

# # #


Read More

Continue Reading

Uncategorized

Bitcoin’s price surge not reflected by on-chain activity

While Bitcoin’s price saw a substantial increase in the past two weeks, there was a simultaneous decrease in the creation of new addresses and the transaction…

Published

on

While Bitcoin’s price saw a substantial increase in the past two weeks, there was a simultaneous decrease in the creation of new addresses and the transaction count on the network.

Between Oct. 15 and Oct. 27, Bitcoin’s price surged from $27,140 to $34,160. Historically, such price upticks are accompanied by heightened network activity, as an influx of users engages with the network, either by generating new addresses or initiating transactions. However, in this period, the 30-day Simple Moving Average (SMA) of new addresses and transaction count declined.

Graph showing the 30-day SMA (red) and 365-day SMA (blue) of new addresses on the Bitcoin network from Jul. 30 to Oct. 26, 2023 (Source: Glassnode)

Specifically, the 30-day SMA of new addresses dropped from 457,371 to 415,336, and both metrics saw their 30-day SMA fall below their respective 365-day Daily Moving Average (DMA), persisting in that state.

bitcoin transaction count momentum 3mo
Graph showing the 30-day SMA (red) and 365-day SMA (blue) of the transaction count on the Bitcoin network from Jul. 30 to Oct. 26, 2023 (Source: Glassnode)

In the crypto market, daily metrics often exhibit significant volatility due to myriad factors, making them less informative when considered in isolation. For instance, daily on-chain activity can be influenced by events such as large transactions by whales, exchange maintenance, or short-term news events. Hence, it’s more insightful to examine moving averages to gain a clearer picture of the underlying trends. The 30-day (monthly) SMA offers a smoothed representation of a month’s worth of data, while the 365-day (yearly) DMA provides a broader perspective, encapsulating a year of activity. By comparing the two, we can identify shifts in the dominant sentiment and infer whether network activity is expanding or contracting relative to historical benchmarks.

The rise in Bitcoin’s price, juxtaposed with the dip in on-chain metrics, suggests that the current price movements may not be underpinned by an equivalent surge in on-chain usage. One potential explanation for this discrepancy is the role of speculative activity. The upward price trajectory could be fueled more by speculative trades on exchanges rather than genuine on-chain use. Since centralized exchanges often handle trades off-chain, a spike in trading volume would not necessarily manifest on the blockchain.

This speculation could be caused by various external influences. Macroeconomic factors, regulatory developments, or news in the broader crypto ecosystem might drive the price, independent of Bitcoin’s on-chain metrics. This dynamic suggests that Bitcoin’s value is influenced by a broader set of factors beyond its network activity.

Additionally, the reduced on-chain activity might indicate a behavioral shift among Bitcoin users. Existing users might be retaining their Bitcoin, hodling in anticipation of future appreciation. This signifies a long-term belief in Bitcoin’s value proposition and an evolving perspective on its role in portfolios.

Lastly, technological developments could also be contributing to the observed trend. The proliferation of second-layer solutions or sidechains, like the Lightning Network, could result in fewer on-chain transactions. These platforms enable transaction aggregation off-chain, reflecting a shift in how transactions are conducted but not necessarily a reduction in overall Bitcoin activity.

The post Bitcoin’s price surge not reflected by on-chain activity appeared first on CryptoSlate.

Read More

Continue Reading

Trending