You likely have heard that an audit of the Department of Housing and Urban Development (HUD) by the Inspector General found a few small errors totaling… be sure you are sitting down… $520 billion (yes that is with a “B”).
The blogosphere gave Dr. Carson credit. Snopes went nuts and documented that the audit started before his confirmation as if who to credit is more important than THE FACT THERE WAS A $520 BILLION ERROR! And, by the by, the error was NOT IN YOUR FAVOR! (I’m definitely beginning to believe the rumors that Snopes is a left-wing shill.)
The errors occurred over 2015 and 2016. The report was “ready” in November. You remember November. It was time to vote for the new president. Strange that the report WASN’T ISSUED OR LEAKED BEFORE THE ELECTION. I think the Russians were hiding it!
Snopes says the following: The total dollar figure noted in the report — roughly $520 billion — is undeniably a very large amount of money (equivalent to approximately 13% of the entire 2015 federal budget). But the OIG report explains that figure was the absolute value of all numeric corrections made to HUD financial records, meaning all numeric adjustments… were added to create that aggregate figure.
Snopes position seems to indicate that “it’s OK” that the Obama administration “accountants” made this unbelievable total of errors because the errors could be in either direction? They said: A simple analogy would be to consider a bookkeeper who mistakenly entered the same $1,000 payment into a ledger six times: the aggregate value of those mistakes would be $5,000, but that would not mean the hapless bookkeeper actually “found” and/or “lost” $5,000 in real funds.
Let’s do a little math. I will take Snopes at their word and use their example – the same $1,000 payment into a ledger six times. That means that for a $1000 error there were six erroneous entries in HUD’s books. That calculates to 3.12 TRILLION bad entries!!!!!!!!! Allow me to say that again – 3.12 TRILLION MISTAKES (520,000,000,000 divided by 1000 = 520,000,000 $1000 mistakes times 6 bad entries for the $1000 mistake).
A little more math fun: there are 31,557,600 seconds per year. That calculates to more than 100,000 journal entry errors per second. Did Susan Rice hire these accountants?
Snopes’ attempted explanation of why these massive errors “weren’t that bad” makes the word “ludicrous” sound like a compliment! Even if the accountants were using the Sunway TaihuLight super computer (world’s fastest computer) and programmed it specifically TO MAKE MISTAKES, they probably couldn’t make 100,000 errors per second!