GAI Research Director Seamus Bruner appeared on Newsmax to talk about transparency in government spending and try to answer the question: How did the Pentagon Lose $2 trillion?
Bruner highlights how government agencies exploit Statement of Federal Financial Accounting Standards (SFFAS) subsection 56 to obscure spending details under the guise of national security, leading to discrepancies in financial reporting. He points out the Pentagon’s inability to pass audits, with over $2 trillion unaccounted for, and mentions similar issues in other departments like HHS. The conversation also touches on Elon Musk’s approach to government spending, comparing it to his successful cost-cutting at Twitter, suggesting potential reforms could significantly reduce waste and improve efficiency in government operations.