of 2021 we ll remind you $900 billion was paid out in covid relief funds and on average individuals relieved $46,000 in unemployment benefits but if you think that s a lot of money, a lot didn t land in the right hands. the department of labor admits that $163 billion was lost, gone. including to fraud and this estimate is just on the low end so where is the money actually? matt wrote an op-ed about this on fox news digital and he s a senior fellow and rose scholar in poverty studies at the american enterprise institute and he joins us now with reaction. matt, that s the lead question, where did it go? like you mentioned, the $163 billion is a lowball. the department of labor and inspector general admitted that omits some of the worst abused
criminals that are willing to rip off the system. pete: looking at numbers and $900 billion almost $1 trillion, you re looking@least a quarter, maybe more of that money spent out is fraud. i mean, is that on par with how government spends money? we ll spend it but know about 30% will go to fraud sterling heightses. clearly it was a worst case scenario for the unemployment system and it was in part how the systems were designed to spend for the pandemic and one thing the federal government did at the pandemic is creating an entirely new unemployment program and the problem with the program was it didn t confirm that people claiming benefits work before it let people do what was self-certifying eligibility and create add wide open door for criminals who were willing to defraud the system and as your listeners may
the university of southern california s school of social worker bans the world field from curriculum over the words racist connotation. the school justifies the ban saying language can be powerful if phrases such as going into the field or field work may have maybe have connotations for descendents of slavery and immigrant workers that are not benign. officials say the goal of the change was, quote: to honor and acknowledge inclusion and reject white supremacy, anti-immigrant and anti-blackness ideologies. field is out. billionaire investor baths battling on a seat on disney s board in an attempt to make the company more efficient. his firm buying up half a percent of disney shares valued at $900 billion. the team insists they only want to cut costs claiming the company is wasting money, pays executives too much and has no succession plan. this as disney announces long
volumes are pretty low right now, a lot of people are on vacation. it doesn t take much to move it up or down, either direction, despite the big gains today, though, markets are still deeply in the red for the year. the s&p 500, it s down by about a fifth so far this year. the nasdaq has lost a third of its value. those are big losses. this would actually be by far the worst year for u.s. stocks since 2008 and some of the household tech names, they ve lost just staggering amounts in their market value. tesla also $800 billion in market value down this year. alphabet, amazon, more than 800 billion. apple, more than $900 billion. now, clearly investors are worried about next year. they re worried about the economy and worried about the fed and what it s doing to fight inflation, but, abby, thankfully this year is almost over for the stock market. we start with a clean slate next
the value this year on track for the worst year ever. this is because of concerns about demand for tesla vehicles and concern about elon musk being distracted by his ownership of twitter. and elon, he addressed this issue in a memo to employees yesterday. obtained by cnbc and reuters, don t be bothered by stock market craziness. long-term i believe that tesla will be the most valuable company on earth. another bold claim there from elon. now his company, tesla, has lost almost $800 billion in market value so far this year. just a staggering amount of money. and tesla is not alone. more than $800 billion wiped out from alphabet, which owns google and $900 billion for amazon and for apple, just enormous losses. clearly markets are pricing in a