While everyone has been busy keeping distracted by various other news headlines, the Pentagon quietly made this shocking admission.
On Tuesday, June 20 the Pentagon revealed that they made a massive error in the estimation of value of weapons sent over to Ukraine in the past two years.
This has resulted in an extra $6.2 billion of American’s taxpayer money being sent over to the European country…this figure is double what had been originally estimated.
Pentagon spokesperson Sabrina Singh spoke on the massive error, stating that the military services used the replacement cost instead of the book value of equipment.
Following a detailed review of the accounting process, the error was finally identified…
Singh explained during a news briefing:
“We discovered inconsistencies in equipment valuation for Ukraine. In a significant number of cases, services used replacement costs rather than net book value, thereby overestimating the value of the equipment drawn down from U.S. stock and provided to Ukraine.”
As if this explanation makes anyone feel better, she continued on to state that the error was split over two fiscal years: $3.6 billion during the current year and $2.6 billion last year.
Singh stated:
“Once we discovered this misvaluation, the comptroller reissued guidance on March 31 clarifying how to value equipment in line with the Financial Management Regulation and DoD policy to ensure we use the most accurate of accounting methods. We have confirmed that for FY 23, the final calculation is $3.6 billion and for FY 22 it is 2.6 billion, for a combined total of $6.2 billion.”
BREAKING: 'Accounting error' provides extra $6.2 BILLION for Ukraine, Pentagon says pic.twitter.com/75022IXg9k
— Breaking911 (@Breaking911) June 20, 2023
Understandably, many U.S. taxpayers have expressed their frustration on the topic, as well as sparking a debate on whether the error was accidental or intentional.
