Q&A of the Day – Would Combating Federal Fraud Fix the U.S. Deficit?

Today’s note comes on the heels of two significant related developments this week. The first was President Trump’s State of the Union announcement that the administration was launching a “war on fraud” and that Vice President JD Vance was being tasked to lead it. The second was the Senate Judiciary Committee’s estimate for the amount of federal spending that’s outright defrauding American taxpayers – is 10%.