The United States government is $23 trillion in debt but sends out approximately $40 billion in foreign aid every year.
Some of this aid is justifiable -- there are national security reasons we might want to send money to the governments of poor countries. But a new study suggests that a large percentage of that money never reaches the people it's supposed to serve.
According to The Daily Signal:
Wealthy elites pocket more than 7.5% of financial aid coming into their economically struggling countries, according to new research from the World Bank.
To reach these disturbing findings, researchers measured the increase in deposits into offshore bank accounts in countries known for high levels of bank secrecy by people in countries receiving disbursements of foreign aid.
They discovered that roughly 7.5% of foreign aid from the World Bank to poor countries is diverted from the intended beneficiaries into offshore bank accounts of wealthy elites and corrupt government officials.
The siphoning of foreign aid into offshore bank accounts was found to increase as the ratio of aid to gross domestic product in recipient countries grew, rising to as much as 15% for the most aid-dependent countries.
Since the World Bank report includes only foreign aid that winds up in offshore bank accounts, it can be considered the lower boundary on the amount of foreign aid that ends up lining the pockets of corrupt officials or elites in aid-dependent countries.
The total does not include aid diverted locally to buy real estate or sports cars, for example.
In other words, the American taxpayers are paying for foreign leaders to buy sports cars while our children and grandchildren consider the prospect of paying back the $23 trillion national debt.
Of course, $40 billion is just a drop in the federal budget, but it represents one of hundreds of expenses that the federal government fails to oversee. The feds waste billions of taxpayer dollars every year, money that hardworking Americans could use to expand their businesses, take care of their families, or save for retirement.
It's time to force Congress to balance the budget. It's time to force them to cut spending. It's time to force them to act responsibly with our money.
An Article V Convention of States is called and controlled by the states and the people and has the power to propose constitutional amendments. These amendments can make Congress spend our money wisely by imposing a balanced budget requirement that also includes prohibitions against raising taxes. With these amendments in place, the federal government will have no choice but to take a hard look at how they're spending our money and make cuts.
Our children and grandchildren are relying on us to get the national debt under control. If we can't, they'll be the ones who pay the price. The Founders gave us the tool we need in Article V, and it's time we used it.
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